BNK Financial Group has launched a campaign aimed at invigorate the struggling local economy, particularly focusing on small businesses and self-employed individuals. On the 24th of the month, BNK announced its intention to promote consumption, indicating its support to help local entrepreneurs through difficult financial situations.
The initiative includes the participation of prominent subsidiaries such as Kyongnam Bank and Busan Bank, which have committed to holding scheduled gatherings, including company meals and year-end parties. Instead of utilizing their corporate cafeterias, they are encouraged to dine at local establishments near their headquarters and branches. This approach aims to boost the local economy by directing funds to nearby shops.
BNK Financial Group has also pledged to fast-track its budget for the new year, allowing for advanced payments to support local businesses. CEO Dae-in Bin expressed the group's commitment by stating, "We want every employee of the group to participate and contribute to the local economy." He continued, emphasizing the importance of collaboration, saying, "If we walk alone, we can walk fast, but if we walk together, we can walk far. BNK will pursue sustainable policies to grow alongside local small businesses and the self-employed.
BNK Financial Group’s history of supporting local small and medium businesses during crises is notable. Previous initiatives included the establishment of group lunch days, revitalizing traditional markets, and pre-payment programs for regular customers, assisting entrepreneurs during times of hardship such as the MERS outbreak and the COVID-19 pandemic.
Through its operations, BNK Financial Group has provided substantial financial support. Recently reported figures show the group has pledged 18.4 trillion KRW for financing projects aimed at easing the management burdens of SMEs and enhancing the local economy. BNK's initiatives also focus on developing specific industries relevant to regional specialties, like the airport construction project at Gadeokdo, for which they have been designated the principal bank for financing.
Efforts to expand services to local small businesses are reflected in the increased financial contributions made by Busan Bank. Recent reports indicated the bank captured the top position for social responsibility among local banks based on 2023 revenue figures, attributed to 14.5% of their profits directed toward community contributions.
BNK’s engagement didn’t stop at financial support. They not only provided direct financial services but are involved actively in supporting ESG (Environmental, Social, and Governance) initiatives. The establishment of the 'Regional Coexistence ESG Promotion Committee' exemplifies their efforts to integrate sustainability within their operational framework. BNK has also obtained 'A' grade ratings from the Korea ESG Standards Institute for their commitment to sustainable development.
Along with social contributions, BNK Financial Group plans to implement several innovative financial services, including those aimed at supporting climate-tech enterprises and the issuance of green bonds to facilitate future investments.
Not least, BNK is actively seeking expansion opportunities as it prepares to enter the global market, particularly with their anticipated expansion to Kazakhstan. The BNK leadership has prioritized building connections with local businesses to establish strong foundations for financial partnerships abroad.
Busan Bank, BNK’s leading subsidiary, has seen growth due to its comprehensive risk management and customer-focused approaches. Their revenue performance placed them at the forefront of regional corporate rankings, confirming their stature as significant local business contributors.
BNK’s consistent commitment toward community engagement enhances its reputation, having recently donated 100 million KRW to support local community initiatives during periods of economic hardship. With previous aid successfully exceeding intended goals—such as charity events which raised 12 billion KRW—BNK is poised to continue its role as a key player in regional recovery.
Looking forward, BNK Financial Group has outlined strategic plans emphasizing local growth, cybersecurity, and digital skills development for SMEs and self-employed individuals. These comprehensive strategies aim at fortifying connections with local customers and elevates its social responsibilities through innovative initiatives.
Each of these ventures strengthens BNK Financial Group's resolve to play a pivotal role within the regional economy, establishing it as more than just a financial institution but as a true supporter of local business and prosperity.
