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Biz News Korea(Eng)

IBK creates fund to troubled SMEs sustain family business

Collected: 2017.12.08

Distributed: 2017.12.11

Source: Go Direct

State-invested Industrial Bank of Korea (IBK) created a 51 billion won ($46.7 million) fund to help financially-stricken small and medium-sized enterprises keep up or rationalize their family business, the bank said Friday.

The private equity fund named ‘IBK-TS Exit PEF’ will be devoted to aid companies seeking to fold family business through mergers and acquisition or rationalize business or venture into another business.

The fund could seek management buyout or partner up with another for joint management to keep alive the business if deemed savable.

The bank will manage the fund together with Seoul-based venture capital firm TS Investment Corp. Local financial institutions including Kiwoom Securities Co. and IBK Capital are taking part as investors.

“We will help out in the transitional period so that companies with strong technologies do not go extinct due to financial troubles in hereditary succession process,” an IBK official said.

By Lee Seung-yoon and Cho Jeehyun

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