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IBK Industrial Bank of Korea to Write Off 120 Billion Won in Long-Term Overdue Debt
Finance · Major Banks · yonhap_finance · 2026-08-25
IBK will write off 120 billion won in long-term overdue debt by the end of the year to support the financial recovery of vulnerable groups.
What Happened
Debt Write-off Initiative: IBK Industrial Bank of Korea has announced plans to write off 120 billion won in long-term overdue debt by the end of the year. This move is designed to alleviate the financial burden on vulnerable individuals struggling with prolonged debt collection efforts.
First Phase: The first phase of the write-off, scheduled for next month, will cover 67.5 billion won in debt for approximately 3,600 people. Eligible debts include those held for over five years with balances under 5 million won, or over seven years with balances under 100 million won.
Second Phase: A subsequent round of write-offs will take place by December, targeting 52.5 billion won in debt for about 1,400 individuals. This phase focuses on debts held for more than five years with balances not exceeding 100 million won.
Commitment to Inclusion: An official from the bank stated that the decision reflects a commitment to supporting the economic recovery of the vulnerable. The bank aims to continue its efforts in inclusive finance to assist those in need.