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Woori Bank to set up 300B-won fund for promising innovative companies

South Korea-based Woori Bank will launch a 300 billion won fund in 2019 to finance promising innovative companies, Yonhap News Agency reported Dec. 13.

The fund will be expanded to 3 trillion won over the next three years.

Woori Bank will invest 150 billion won into the fund, with its affiliates responsible for the remaining 150 billion won.

The lender said in November that it plans to provide a 3 trillion won financial support package by 2022 for high-growth, midsized companies to help them develop technologies and penetrate foreign markets. The program will include 20 billion won of direct investment, loans and underwriting of overseas bond sales.

As of Dec. 13, US$1 was equivalent to 1,125.23 South Korean won.