Industrial Bank of Korea(hereinafter "the IBK") (President Kim Sung-tae) announced on May 23 that it has signed a 'mutual growth agreement' for win-win support for partner suppliers with SL Corporation(hereinafter "SL")(Chairman Lee Choong-Kon) at the Daegu-Gyeongbuk Headquarters of IBK.

With this agreement, the IBK and SL will create a fund worth KRW 20 billion to provide low-interest mutual growth cooperative loans to SL's 1st and 2nd tier partner suppliers.

The loan limit is up to KRW 500 million per company, and the loan interest rate is automatically reduced by 2.04%p (points) per year, and up to 3.44%p can be reduced by additionally reducing up to 1.40%p depending on the transaction contribution and credit rating.

Hanyoung Kim, President of SL expressed gratitude to the IBK for helping to set up the Win-Win Growth Fund and reduce interest rates, and said, “I am delighted to be able to participate in the support policy for 2nd and 3rd tier suppliers promoted by Hyundai Motor Company, our customer.” expressed his feelings.

An official from the IBK said, "We hope that this agreement will help spread win-win management between mid-sized and small businesses."

Meanwhile, SL is a global auto parts company based in Daegu and ranked 74th in the global auto parts company ranking by U.S. auto magazine Automotive News last year and Chairman Lee Choong-Kon was named the " Entrepreneurial Hall of Fame" by the IBK in 2005.