IBK partners with Hungarian development bank to support small exporters

Industrial Bank of Korea (IBK) senior executive Kim Hyung-il, right, and Hungarian Development Bank Executive Director Zoltán Zsámboki, pose after signing a memorandum of understanding at the Hungarian bank’s headquarters in Budapest, Hungary, Oct. 2 (local time). Courtesy of IBK

Industrial Bank of Korea (IBK) signed a memorandum of understanding with the Hungarian Development Bank (MFB) in Budapest, Hungary, Oct. 2 (local time), the Korean state-run lender said Monday.

The agreement seeks to strengthen bilateral cooperation in supporting small and medium-sized enterprises (SMEs) from both countries, bolstering their entry into each other's market, as well as cooperation in financial research.

The agreement comes amid growing challenges faced by SMEs in the context of rapid changes in global trade conditions.

Hungary is a strategic gateway to the European market, positioning the SME-focused Hungarian development bank as a facilitator to strengthen lending, investment and guarantee programs and businesses.

The two agreed to collaborate in establishing a joint fund to provide financial support for businesses operating in both countries, especially Korean startups seeking to expand their presence in European markets.

They will also strengthen bilateral research and knowledge exchange on SME financing.

The partnership is expected to enable IBK to enhance its capabilities in investment and funding for Korean companies, reinforcing overall SME financing.

“This cooperation will help Korean and Hungarian companies expand their global presence and secure new growth momentum,” an IBK official said. “We will continue to support Korean firms in entering overseas markets through active international collaboration with policy and commercial financial institutions in key countries.”

Meanwhile, the agreement is part of IBK’s broader strategy to build a network connecting key countries in Europe.

Recent achievements include partnerships with France’s policy finance agency Bpifrance in 2023, Finland’s Finnvera in 2024 and Germany’s leading commercial bank Commerzbank in 2025.