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[THE INVESTOR] South Korea's Export-Import Bank unveiled a road map for overhaul on June 23, the same day Korea Development Bank released its own self-refom measures.
Eximbank's plans include streamlining of the organization, cost cutting and asset sales to improve finances.
The policy bank will pursue changes in its organization to be much more efficient yet competitive in the face of macroeconomic difficulties.
This “innovation plan” comes as the country is facing slow growth on low exports with the policy bank running short on capital amid increasing exposure to bad debts by traditional manufacturers.
“The bank will seek to lead by reigniting growth by backing new growth industries in an effort to overcome slow growth amid economic hardships,” the Eximbank said in a press statement.
“To this end, the bank’s innovation plan calls for an intensive overhaul.”
The policy bank’s organization will be evaluated by a consulting firm, and pursue organizational changes based on opinions and suggestions by experts.
It will also seek to lower the ratio of bad debts to below 2 percent of all loans by 2020, from 3.35 percent at the end of March.
By Lee Sun-young and Park Hyong-ki (milaya@heraldcorp.com) (hkp@heraldcorp.com)
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