IBK to Write Off 120 Billion Won in Long-Term Delinquent Loans...Cutting the Debt Burden for 5,000 People

[Financial News] Industrial Bank of Korea (IBK) said on the 25th that it will write off a total of 120 billion won in long-term delinquent loans by December.
The support measure was designed to ease the financial burden on vulnerable groups suffering from prolonged debt collection and to help them make a fresh economic start.
First, by September, the bank will write off 67.5 billion won in loans held by about 3,600 people. The loans eligible for write-off are those that have been classified as special assets for more than five years with balances of 5 million won or less, as well as those classified as special assets for more than seven years with balances of 100 million won or less.
By December, it will additionally write off 52.5 billion won in loans held by about 1,400 people. The eligible loans are those that have been classified as special assets for more than five years and have balances of 100 million won or less.
An IBK official said, "We carried out the debt write-off to help vulnerable groups who have been unable to escape the burden of long-term debt start over," adding, "We will continue to support marginalized neighbors through inclusive finance."

[email protected] Lee Jumi Reporter