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KB to offer low-interest loans for SK suppliers with top ESG initiatives

Collected: 2023.09.21

Distributed: 2023.09.22

Source: Go Direct

KB Kookmin Bank headquarter office in Seoul. [Courtesy of KB Kookmin Bank]

KB Kookmin Bank will provide low-interest loans to SK Group’s suppliers that excel in environmental, social, and governance (ESG) management, aiming to drive positive change in various industries and promote a more sustainable future.

The South Korean lender said on Wednesday it signed an MOU with SK Group to support the expansion of ESG practices within SK Group suppliers.

Under the MOU, KB Kookmin Bank will introduce a “sustainability-linked loan” program exclusively designed for SK Group’s suppliers who have received top marks on SK’s ESG assessment platform. These suppliers will be eligible for loans with interest rates reduced by up to 1.4 percentage points, offering them a financial incentive to further enhance their ESG management practices.

One of the primary objectives of this partnership is to jointly identify and support SK Group suppliers that have environmentally friendly technologies. KB Kookmin Bank will select eligible suppliers on SK’s recommendations, providing them with interest rate concessions of up to 2.7 percentage points.

By Lim Young-sin and Minu Kim

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