Woori Bank signs MOU with Taekwang Industrial to support partner firms

Woori Bank announced Monday that it has signed a mutual-growth finance MOU with Taekwang Industrial to support the companies' partner firms.

The signing ceremony was held at Taekwang Industrial's headquarters in Jung-gu, Seoul, and was attended by senior executives from both sides, including Bae Yeon-su, head of Woori Bank's corporate group, Jang Won-young, head of the central corporate sales division, and Taekwang Industrial co-CEOs Jeong In-cheol and Lee Bu-eui.

The agreement aims to ease the financial burden on Taekwang Industrial's partner companies and strengthen cooperative ties between large and small-to-medium enterprises.

Both companies plan to build a sustainable foundation for shared growth by providing productive financial support and tailored financial services to partner firms.

Woori Bank will extend mutual-growth loans to partner companies backed by a 20 billion won ($13.5 million) mutual-growth deposit placed by Taekwang Industrial, with eligible firms receiving preferential interest rates of up to 3.5 percentage points. The bank will also offer non-financial support, including business succession consulting and customized asset management services for partner company employees.

Woori Bank said it expects the agreement to improve partner companies' access to financing, strengthen the competitiveness of the overall supply chain and contribute to building a stable industrial ecosystem.

In May, the bank signed a similar mutual-growth finance MOU with Hanwha Ocean and has since been channeling 300 billion won in funds to Hanwha Ocean's partner companies.

"This agreement is a mutual-growth finance model that allows Taekwang Industrial and its partner companies to grow together," said Noh Yong-pil, head of Woori Bank's large-enterprise sales strategy division. "We will continue to provide tailored financial solutions so that partner companies can focus on investment and business expansion on the back of stable financial support."