Park Sang-jin Takes Office as New KDB Chairman with Inauguration Ceremony on Sept. 15

Newly appointed KDB Chairman Park Sang-jin delivers his inaugural address at the bank's headquarters in Seoul on Sept. 15. (Photos: KDB)

Korea Development Bank (KDB) appointed Park Sang-jin as the state-run bank’s new chairman. Park Sang-jin began his official duties as KDB chairman at its headquarters with an inauguration ceremony in Yeouido, Seoul, on Sept. 15.

KDB Chairman Park Sang-jin said in his inaugural address that KDB’s role as a leading policy finance institution is growing, as the importance of finance as a policy tool to support the real economy and foster future growth industries is increasingly emphasized.

Park said that KDB should concentrate all of its capabilities on transforming Korea’s finances by supporting cutting-edge strategic industries, fostering SMEs and venture companies, improving the quality of local industries for shared growth, and supporting productivity enhancement and industrial restructuring in traditional industries.

Park urged KDB employees to approach their work with a sense of ownership, have a sense of integrity, and communicate with an open mind.

Finally, Park expressed his intention to make KDB a “K-development bank.” Just as K-pop has elevated the status of Korean music, and K-food has elevated the value of Korean cuisine, KDB employees should work together to make KDB a “K-development bank” that can confidently compete with global players beyond Korea.

In a message to employees, Park expressed his condolences for the wounds employees experienced during the discussions and implementation of the KDB headquarters’ relocation, clearly stating his commitment to listening to their voices and better communication with employees.

“As a person who has worked with KDB for 30 years, I feel a strong sense of responsibility for this important job,” Park added.

“I will do my best, together with all members of KDB, to contribute to the growth of the Korean economy.”

Opening of Frankfurt Branch

KDB opened its Frankfurt branch on Sept. 1, marking its re-entry into the German financial market after a 26-year absence due to the aftermath of the Asian financial crisis.

The Frankfurt branch will directly procure Euros locally, supporting the smooth operation of Korean companies in Europe and securing a client base of global companies based in Germany.

Many large Korean companies and their partners in the automotive, battery, and tire industries have established local subsidiaries in Germany and Europe.

Therefore, the Frankfurt branch will address Korean companies’ need for Euros in the region.

The Frankfurt branch is planning to expand its high-quality foreign currency assets by collaborating with major local banks and state banks and engaging in transactions with major German companies through specialized German loan products (Schuldschein).

Schuldschein is a loan product similar to a syndicated loan, issued in the form of private placement bonds. Schuldschein are easily transferable, like marketable securities.

Furthermore, the Frankfurt branch will take the lead in specializing in green finance, including providing green finance support to Korean companies operating in Germany and Europe, leading the green finance market and investing in green funds in Europe.

With the opening of this branch, KDB has completed its overseas sales networks in major financial centers in North America, Asia, and Europe.

Through collaboration with branches around the world, the bank plans to foster the Frankfurt branch as a key sales hub in Europe.

KDB V: Launch in August

KDB announced on Aug. 20 that it held the 23rd session of its regional venture platform, KDB V:Launch that month at the KDB NextONE Busan IR Center.

The event was attended by approximately 60 local startup workers and venture investors.

The event featured an IR session to attract investment from startups, along with two special lectures by experts on Human Resources strategies, a key element of startup management.

In the startup IR session, KDB NextONE Busan alumni Livework and MarinaChain made IR presentations on an energy recovery solution and an AI-based ship carbon emissions management, respectively, attracting much attention from many venture investors in attendance.