KOREA CREDIT GUARANTEE FUND Annual Report 2015 This...

KOREA CREDIT GUARANTEE FUNDAnnual Report 2015

Value Creator, Guiding the Way to a Happy World for Enterprises


This report is printed on eco-friendly paper with soybean ink.

7, Cheomdan-ro, Dong-gu, Daegu, Korea T. +82-1588-6565 www.kodit.co.kr

P-CBO

InfrastructureCredit Guarantee

KOREA CRED ITGUARANTEE FUND

Table of Contents

Ⅰ. Message from the Chairman

Ⅱ. Overview

08 Highlights of 201510 Economic Trends of 201511 SME Trends of 2015

Ⅲ. Management Strategy & Risk Management

14 Vision16 Ethics Management & Customer Satisfaction17 Risk Management System

Guarantee-linked Investment

Ⅳ. Major Performances

20 Capital Fund21 Credit Guarantee Services24 Major Improvement in Guarantee System & New Products26 Subrogation & Collection27 Credit Insurance Services28 Infrastructure Credit Guarantee Services29 Startup Support Services30 International Cooperation31 2015 Major Events in KODIT

Ⅴ. Financial Statement & Management

34 Financial Statement37 Management38 Board of Directors40 Organization Charts

CreditGuarantee

Management Consulting

CreditInsurance


04Annual Report 2015

05

The status of small and medium-sized enterprises (SMEs) in Korea is often denoted as “9988,” meaning that SMEs account for 99% of the national

enterprises and 88% of employment. Since they are regarded as the source of creativity and innovation to overcome economic hurdle during the slow growth

period under so-called “the new normal,” their importance has been re-emphasized even in developed countries.

Korea Credit Guarantee Fund (KODIT) has continued to develop SMEs’ business values and competitiveness by improving SMEs’ financial accessibility. Despite

the slow growth of economy in 2015, KODIT provided credit guarantees and P-CBO worth USD 35.1 billion and USD 6.9 billion, respectively, to over 200

thousand on SMEs. We additionally underwrote credit issuance of USD 13.9 billion in order to strengthen the social safety net and SOC guarantees worth USD

1.5 billion to promote domestic economy.

KODIT further concentrated on improving the market conditions and systems for SMEs in order to vitalize the creative economy. In particular, KODIT provided

additional credit guarantees worth USD 900 million for the SMEs which was hurt by the outbreak of Middle East Respiratory Syndrome (MERS-CoV).

Furthermore, KODIT extended the scope of eligible start-ups which can get co-signers waived on the purpose of encouraging innovative and outstanding

ideas and promoting transition to successful businesses. KODIT also reorganized the rechallenge programs to prevent promising technologies from becoming

inoperable.

Meanwhile, KODIT diversified the financing tools by improving P-CBO schemes and introducing the mixed debt-equity financing to satisfy escalating needs

of SMEs. It also eased the eligibility to apply for the credit insurance. It also lead the growth of capital market by issuing the infrastructure bond through ABS

scheme for the first time and providing guarantee for bond issued through public participation.

The global economy in 2016 is forecasted to be more uncertain due to the expectation of interest rate raise by the US Federal Reserve, continued economic

recession in the Eurozone, and slowed growth in China. Domestic concerns over the higher household debts and aging population further stack up the

uncertainty and lead to worries of low economic growth and worse conditions for SMEs.

KODIT consequently aims to revive the Korean economy by improving SMEs’ financial accessibility and extending support on economic growth drivers. We

will extend the waiver of co-signers for newly established businesses and evaluation method based on the future growth potential rather than the historical

financial performance. We additionally plan to foster a favorable environment for SMEs and accelerate their growth by lowering risks of trade via credit

issuance and by extending support for direct financing through the capital market.

This year marks the 40th anniversary of its foundation. As KODIT has offered financial support for SMEs and made efforts for the establishment of credit-based

financial environment, it will reinforce its roles further for the coming years. Furthermore, KODIT will get closer to the customers as the stepping stone of the

growth and economic prop for the next 100 years.

Thank you.

May 2016

Message from the Chairman

Geun Woo SeohChairman and CEO


Overview

Highlights of 2015

Economic Trends of 2015

SME Trends of 2015

Ⅱ. Overview

08Annual Report 2015 Ⅱ. Overview

09

Highlights of 2015Highlights of 2015

Default Rate

2011

4.94.8

4.24.0 4.0

2012 2013 2014 2015

(Unit: %)

Default Rate

Guarantee Supplies

2011

37.1

2012

36.2

2013

38.1

2014

38.7

2015

39.1

(Unit: USD billion)

New Guarantee Supplies

Total Guarantee Supplies

9.39.78.47.9 9.2

Recovery of Indemnity(Unit: USD million)

Recovery of Indemnity

Outstanding Balance of Indemnity

2011

2,569

2012

2,733

2013

2,880

2014

2,971

2015

2,854

488465622620

481

Underwriting of Credit Insurance(Unit: USD billion)

Outstanding Underwriting

Underwriting of Credit Insurance

2011

5.6

2012

5.9

2013

11.3

2014

13.0

2015

13.9

2.92.11.21.1

3.1

Capital Fund

2011

4.6

2012

4.1

2013

4.0

2014

3.8

2015

3.7

(Unit: USD billion)

Total Capital Fund

Capital Fund for General Guarantee 5.7 5.4 5.1 4.9 4.6

Approvals for Infrastructure Credit Guarantees(Unit: USD billion)

Approvals for Infrastructure Credit Guarantees

Outstanding Approvals for Infrastructure Credit Guarantees

2011

5.8

2012

6.6

2013

7.2

2014

6.9

2015

7.1

1.71.31.41.3 1.5

※ Exchange rate: ₩1,172.50/$ (BOK reporting rate of exchange as of Dec 31, 2015)

Ⅱ. Overview

10Annual Report 2015 Ⅱ. Overview

11

SME Trends of 2015

The MERS-CoV outbreak in 2015 significantly discouraged the domestic consumer spending due to the

weakened consumer confidence. The poor export performance after the global economic slowdown in the

latter half of the year further exacerbated the market, and the real GDP growth rate was 2.7%, lower than

that of previous year despite the government countermeasures including massive pump-priming.

Various factors including the MERS-CoV outbreak, increasing household debts, rising housing expenditure

led to private consumption increased by only 1.8%p year-on-year, recording over 1% for four consecutive

years. Continued uncertainties, sluggish domestic demand, and decreased exports weakened the investment

confidence and capital investments. The CPI growth rate recorded the all-time low of nearly 0% year-on-year

due to the depressed demand and falling oil prices.

SMEs in Korea suffered from the stagnant domestic market due to the MERS-CoV outbreak and downward

trend in exports in the midst of the global economic recession. The average operating ratio of SMEs in

manufacturing sector decreased to 71.9%(year-end), a slight decline from the previous year. The production

index also decreased from the year before, and the inventory index saw a minor increase compared with the

previous year, indicating an inventory accumulation caused by the stagnant production.

Meanwhile, the lower RP rate (standard interest rate) by the Bank of Korea led the SME lending up to USD

492 billion, an increase from the previous year by USD 47 billion, as the interest rate for SMEs was lowered by

0.77%p on newly issued loans. Yet, with the increased collateralized loans and low-interest credit loans, the

amount of guarantees issued to SMEs decreased by 0.5%p.

Economic Trends of 2015

Real GDP Growth Rate

2011

1,053

2012

1,175

2013

1,219

2014

1,267

2015

1,329

Real GDP (%)

Normainal GDP (USD billion)

3.32.9

2.3

3.7

2.6

Major Economic Indices 2011 2012 2013 2014 2015

National Wealth (Nominal)GDP (USD billion)GNI (USD billion)GNI per capita (USD)

1,0531,056

22,451

1,1751,187

24,696

1,2191,228

26,179

1,2671,271

28,071

1,3291,335

27,340

Growth Rate (Real)GDP (%)GNI (%)

3.7 1.5

2.3 2.7

2.94.0

3.37.6

2.6△2.6

Price Index RateProducer Price Index (%)Consumer Price Index (%)

6.7 4.0

0.7 2.2

△1.61.3

△0.51.3

△4.00.7

Currency Exchange Rate (KRW/USD) 1,153.30 1,076.97 1,045.00 1,088.50 1,177.50

2012 2013 2014 2015

Average Manufacturing Operation Ratio

2011

(Unit: %)

Industry Average

SMEs Average

78.5

70.3

76.5

72.3

74.3

71.9

76.2

72.5

80.5

72.1

Major SME Indices 2012 2013 2014 2015

Production Trend

Production Index in Manufacturing(Year 2010=100)

103.9 106.3 106.4 105.0

Average Operation Ratio of SMEs inManufacturing(%)

70.3 72.3 72.5 71.9

SME Loans(USD billion) 393 417 445 492

Interest Rates on Loans (%) 5.66 4.92 4.60 3.83

Numbers of Newly Incorporated Companies 74,162 75,578 84,697 93,768


ManageMentStrategy & riSkManageMent

Value Creator,guiding the Wayto a HappyWorld for enterprises

Vision

Ethics Management & Customer Satisfaction

Risk Management System


14Annual Report 2015 Ⅲ. Management Strategy & Risk Management

15

Vision

KODIT’s Effort in Realizing the Creative Economy

Since 1976, KODIT has continuously strived to drive SME growth and improve the financial industry for the

past 40 years. Especially, it has contributed to overcoming economic crises by taking proactive and prompt

response against severe deterioration of financial market during the Asian financial crisis and the global

financial crisis.

Since 2013, it put its utmost effort in realizing the creative economy by setting slogans representing its

ultimate goals. Those are “KODIT, Always alert,” “KODIT, Best Service to Customers” and “KODIT, with Expert

and Excellence” in accordance with the company-wide slogan of “ACE for Creative Economy.”

It also continued to fulfill its mission and vision by remodeling its business goal into “Fostering 50,000

Innovation pioneer enterprises,” “Creating 100,000 jobs,” “Maintaining 50% of debt ratio” and “Achieving

highest rating in customer satisfaction,” reflecting changes in business environment in domestic and foreign

markets.

KODIT will continue to show its commitment as a leader of the creative economy, to drive SME growth, and

to improve the financial industry.

Vision

Contribute to the Expansion of SME’s Driving Force and the Development of the Financial

Industry

Mission

Vitalizing CreativeEconomy

Fostering 70,000 innovative pioneer enterprises

Expanding NationalGrowth Potential

Creating 100,000 jobs

Establishing the Base ofSustainable Management

Maintaining 50% of debt ratio

Maximizing theCustomer Value

Achieving the highest rating in customer satisfaction

Core Value

Strategic Goal

Vision

• Strengthening the support for vitalizing the Creative Economy

• Invigorating the business ecosystem

• Diversifying financial support system

• Strengthening policy-oriented guarantee system

• Expanding business safe-net for enterprises

• Strengthening global competitiveness

• Advancing risk management system

• Strengthening management of capital fund

• Enhancing the efficiency of business

• Enhancing interaction·communication & cooperation

• Strengthening information secure & fulfillment of social responsibility

• Encouraging organizational culture with creativeness

Strategic Task

• Strengthening the support program for vitalizing the Creative Economy

• Revitalizing guarantee supports based on future value

• Enhancing financial support on convergence type (9 Tasks)

• Strengthening guarantee support on job-creating sector

• Expanding the base of credit insurance

• Globalizing credit guarantee (9 Tasks)

• Systematic implementation of comprehensive risk management

• Enhancing the efficiency of distressed guarantee management

• Efficient operation of performance management system (9 Tasks)

• Consolidating customer-oriented service system through government 3.0 & public announcement

• Strengthening protection of customer information & security management

• Developing & managing future oriented HR (9 Tasks)

Action Plan

Value Creator, Guiding the way to a Happy World for Enterprises

Change-Oriented

Financial Soundness

Customer Satisfaction

Value Creator,

Guiding the Way to a Happy World for Enterprises

Future Status

Value Creator

• Value Creator beyond Policy-oriented Finance

• Leading Co-prosperity with Customers through Value Creation

Goal

Guiding the way

• Providing Comprehensive and Tailored Services to Enterprises

• Guiding to Enterprises’ Success as Their Lifetime Partner

Business Target

Enterprises

• Broadening the Eligibility Criteria to Include All Enterprises

Value

Happy World

• Putting the First Emphasis on the Enabling World for the Entrepreneurs

Vision 2020


16Annual Report 2015 Ⅲ. Management Strategy & Risk Management

17

Risk Management System

KODIT has constructed an integrated risk management system to efficiently manage the underlying assets and operation

multiple and to propose better policy decisions and has responded to internal/external changes as well as crises.

Integrated Risk Management System

The integrated risk management system, composed of the Credit-VaR system that measures credit risks,

operation multiple management system that manages liquidity risks, and operational risk management

system that controls operational risks, manages the optimal guarantee portfolios to promote risk distribution,

while also complying with the government’s guarantee policies. It efficiently manages the underlying assets

and operation multiple by enhancing quick reaction capabilities with scenario analyses for economic changes.

Credit Risks Management (Credit-VaR System)

A system that quantitatively measures the loss from the outstanding guarantees of KODIT that may arise

within a year, the Credit-VaR system is divided into expected losses and unexpected losses.

Liquidity Risks Management (Operation Multiple Management System)

It regulates the operation multiple at an optimal level according to economic risk factors. It has improved the

underlying asset management capacity for various changes in business environments by constructing the

macro-based guarantee default prediction system and total guarantee amount management system, thus

predicting the default amount and increase of guarantees more accurately.

Operational Risks Management (Operational Risk Management System)

It includes risks on human resources, businesses, IT, external/legal aspects, and reputation. It examines and

manages operating risks that may lead to non-financial impacts as well as financial losses.

Ethics Management

KODIT defined ethical management as system improvement, educational activities to have transparent and

accountable management with full social and environmental responsibilities such as corresponding to the

change in environment and paradigm internally and externally and normalizing abnormalities and create anti-

corruption integrity environment.

Consequently, KODIT provided ethics courses to its employees to develop their sense of ethics and morality

and carried out autonomous system improvement to promote anti-corruption environments. It also

encouraged active participation from its customers in ethical management through its policies on ethics and

corruption reporting systems.

Customer Satisfaction

KODIT has introduced the Cham Cham Cham Campaign under the theme of “true assistance, true enterprise,

and true happiness” in order to raise the standard of customer satisfaction since 2013. The Campaign has

proven its effectiveness as the customers rated employees and their service mentality more favorably.

KODIT carried out ‘CS Clinic,’ ‘CS Training’ and ‘Online training program’ to enhance the CS mind-set of its

employees. Also, KODIT spreaded CS know-how, which can apply to the real business world by operation

‘Customer Surprise Story,’ ‘Customer Praise Voice’ and ‘Complaint X-file’ through its bulletin board system

and so on.

KODIT has organized the Customer Advisory Panel composed of 1,381 representatives of guaranteed firms,

practitioners at related organizations, and experts in various fields to reflect diverse suggestions and opinions

on its business plans. It also conducts the customer satisfaction survey that regularly examines the customer

satisfaction and any inconvenience and operates the Dream Call Service that daily collects and responds to

customers’ suggestions and complaints.

Moreover, it has reinforced its customer-friendly services by reflecting the results of customer service

inspections constantly conducted based on the Customer Service Charters to the overall business plans.

Outcomes

KODIT has received the highest rating (outstanding) from the investigation of customer satisfaction on quasi-

governmental organizations conducted by the Ministry of Strategy and Finance for four consecutive years

through consistent improvements on customer satisfaction structures. It also has received the ‘A’ rating for two

consecutive years since the Ministry of Strategy and Finance adopt relative evaluation system on customer

satisfaction in 2014. In addition, it became the first public institution to win the Korea Grand Prix organized

by the Korea Standards Association for its various efforts for customer satisfaction and the outcomes for three

consecutive years, from 2013 to 2015.

Ethics Management & Customer Satisfaction

Efficient Management of

Capital Funds and

Operation Multiple

Portfolio Management

Scenario Analysis

Credit Risks

Credit-VaR System

Liquidity Risks

Operation Multiple Management System

Operational Risks

Operational Risk Management

Integrated RiskManagement System

Prediciton

Risk Assessment

Risk Diversification

Early Warning


MajOr PerfOrManCeS

Capital Fund

Credit Guarantee Services

Major Improvement in Guarantee System & New Products

Subrogation & Collection

Credit Insurance Services

Infrastructure Credit Guarantee Services

Startup Support Services

International Cooperation

2015 Major Events in KODIT


20Annual Report 2015 Ⅳ. Major Performances

21

Credit Guarantee Services

The capital fund is basis for supply of credit guarantees and payment under guarantees. The capital fund of

KODIT is composed of contributions from the government, financial firms, and enterprises, as stipulated in

Article 6, Section 1 of the Credit Guarantee Fund Act.

The government contribution may vary every year as it is determined after comprehensive evaluation of the

guarantee operation and economic outlook; contributions from financial firms are determined within the

annual rate of 0.3% on their corporate loans and are stable sources of fund for KODIT. Other financial firms,

corporations, and local governments may provide contributions under separate business agreements.

With contributions of USD 111 million from the government and USD 782 million from financial firms and

corporations in 2015, the underlying asset of KODIT at the end of 2015 reached USD 4.6 billion.

The operation multiple, calculated by dividing the credit guarantee amount by the underlying asset, is an

important measure that indicates the capability to supply guarantees in accordance with government

policy and guarantee demands and the capacity for subrogation payment to banks. Article 25 of the Credit

Guarantee Fund Act prohibits the operation multiple of higher than 20. The ratio stands at 9.0 as of 2015.

(Unit: USD billion, Times)

Classification Total Outstanding Guarantee(A) Capital Fund(B) Operation Multiple(A/B)

2011 38.8 5.7 6.9

2012 38.8 5.4 7.2

2013 40.5 5.1 8.0

2014 41.3 4.9 8.5

2015 41.9 4.6 9.0

In 2015, KODIT set a basic objective of “realization of distinguished competitiveness on credit guarantee

system” to extend financial support platform for revitalization of creative economy. It chose three core action

plan to attain the basic objective; 1) Active participation to meet the core government policy of enhancing

creative economy ecosystem. 2) Improvement of guarantee operation for qualitative oriented credit guarantee

scheme. 3) Reinforced connection with related institutions for ensuring distinguished competitiveness.

KODIT actively expanded its guarantee services, introducing special guarantee program against MERS-

CoV, specialized startup evaluation system, rechallenge program for failing SMEs, and expanding the scope

of eligibility for startup guarantee program so as to cope with economic slump. Consequently, the total

outstanding guarantee of KODIT reached USD 41,950 million in 2015.

The amount of general credit guarantee was USD 35,054 million, decreased by 48 million from the year

before. The amount of special guarantee for market stabilization increased by USD 1,464 million while the

issued amount of P-CBO decreased by USD 792 million. The total guarantee supplied in 2015 was USD

39,143 million, increased by USD 476 million whereas the newly supplied general guarantee amount was

USD 9,193 million, decreased by USD 123 million from the previous year.

(Unit: USD million)

Classification 2014(A) 2015(B) Change(B-A)

General Guarantee 35,102 35,054 △48

P-CBO Guarantee 2,249 1,457 △792

Special Guarantee for Market Stabilization 3,975 5,439 1,464

Guarantee on Bridge Loan 7 5 △2

Construction P-CBO Guarantee 894 247 △647

Market Stabilization P-CBO 3,074 5,188 2,113

Total Guarantee 41,326 41,950 624

By Type of GuaranteeKODIT offers 11 types of general guarantees. In effect, 7 types of general guarantees are in operation.

Outstanding guarantee for bank loans at the end of 2015 was USD 30,056 million or 85.7% of the total

outstanding guarantee. Guarantee for transaction liability increased, whereas guarantee for commercial bill

and surety bond decreased.

(Unit: USD million)


Guarantee for Bank Loan 30,000 30,056 56

Guarantee for Payment Warrant of Bank 234 222 △13

Guarantee for Corporate Bond 0 0 0

Guarantee for Tax and Duty 1 1 0

Guarantee for Commercial Bill 552 273 △278

Guarantee for Loans from Non-banking Financial Institution 1,931 1,992 61

Guarantee for Lease 0 0 0

Guarantee for surety bond 219 184 △34

Guarantee for Transaction Liability 2,166 2,326 161

Guarantee for Acceptance of Trade Bill 0 0 0

Guarantee for Secured Loan 0 0 0

Total Amount 35,102 35,054 △48

Capital Fund

Accumulated Contributions to KODIT

2011 2012 2013 2014 2015

(Unit: USD billion)

Special Contribution

Financial Institution

Government0.8

8.2

9.5

0.8

8.9

9.2

0.8

9.6

9.3

1.0

10.3

9.4

1.0

11.1

9.5

※ Special contributions include contributions from large enterprises, financial firms and local governments

Capital Fund and Operation Multiple of last 5 years

Outstanding Guarantees

Outstanding General Guarantees by Type



23

Credit Guarantee ServicesCredit Guarantee Services

(Unit: USD million)

Classification 2011 2012 2013 2014 2015

Newly P-CBO Guarantee Supplies 489 887 602 94 119

No. of Enterprises 446 662 497 103 124

KODIT also provided the liquidity to sluggish sectors such as construction and shipbuilding through market-

stabilizing P-CBO guarantees which was launched in July 2013 mainly to help refinance their existing

corporate bonds. The total guarantee amounts of USD 5,552 million have been provided since the launch of

market-stabilizing P-CBO guarantee.(Unit: USD million)

Classification2013

(4 issuance)2014

(8 issuance)2015

(8 issuance)Total

Newly Market-stabilizing P-CBO Guarantee Supplies 1,076 1,998 2,478 5,552

No. of Enterprises 774 1,398 1,746 3,918

Value-oriented evaluation (KOVAS) KODIT expanded its evaluation based on value-oriented method called KOVAS. When KODIT decides the

approval of guarantee supply, it relies on not only tangible assets of an enterprise but also its ability to

generate profit that will lead to continuous growth and development. KOVAS was introduced in September

2010 to assist enterprises with growth potential and profitability despite their current low credit ratings.

KODIT has provided guarantees worth USD 10,328 million to 12,027 SMEs based on firm value measurement

using KOVAS since 2010.(Unit: USD million)

Classification 2010 2011 2012 2013 2014 2015 Total

No. of Enterprises 126 901 1,064 2,209 4,037 3,690 12,027

Amount 82 739 936 2,166 3,187 3,219 10,328

By Type of IndustryKODIT has provided credit guarantee services for all industries in principle since February 1998. However,

KODIT focuses more on industries that have greater ripple effect and consequently higher contribution to

economic growth. Manufacturing industry and wholesale & retail industry accounted for 38.5% and 38.4%

of the total outstanding guarantee respectively.

(Unit: USD million)

Classification2014 2015

No. of Enterprises Amount No. of Enterprises Amount

Manufacturing 54,620 12,738 54,480 13,489

Wholesale & Retail 101,784 14,230 94,512 13,468

Construction 19,423 2,669 17,807 2,513

Business Service 23,953 2,920 23,956 3,157

Others 15,905 2,546 14,567 2,428

Total Amount 215,685 35,102 205,322 35,054

Guarantees for Priority Sectors KODIT strengthened its guarantee services by designating export-oriented enterprises, promising service

enterprises, startups and plant and equipment investments as “priority sectors” to comply with government

policy on strengthening future growth drivers and job creation in 2015. Consequently, guarantee supplies for

priority sectors increased by USD 1,292 million from the year before.(Unit: USD million)

Classification 2014(A) 2015(B) Change(B-A)Export-oriented Enterprises 7,772 8,784 1,012

Promising Service enterprises 4,651 5,226 575

Startups 10,037 11,078 1,041

Plant and equipment investment 4,114 3,589 △525

Total Amount 26,573 28,677 2,104

P-CBO GuaranteeKODIT introduced the P-CBO guarantee scheme in July 2000 to help maintain the competitiveness of

businesses and stabilize capital markets after the Asian currency crisis, which caused difficulties in corporate

bond markets due to restructuring process of corporate and financial sectors.

By 2004 KODIT actively provided P-CBO guarantees, but from 2005 to 2007 when it only rolled over existing

P-CBO guarantees at their maturities. P-CBO guarantee scheme has played a crucial role in helping SMEs as

well as middle standing enterprises raise fund from direct financial market.

Outstanding General Guarantees by Type of Industry

Guarantee Supplies for Priority Sectors

P-CBO Guarantees

Market-stabilizing P-CBO Guarantees

Guarantee Provided using KOVAS



25

Major Improvement in Guarantee System & New ProductsMajor Improvement in Guarantee System & New Products

Major New Systems

Diversification of Tailored-Startup Support ProgramIn 2015 KODIT expanded its tailored startup support program, reflecting characteristics of startups from

pre-startup to growth stage. Specifically, KODIT systemized its pre-startup support program by reinforcing

its financial support and implemented guarantee scheme to realize a business idea by building co-support

system with Creative Economy Town, professional idea evaluation organization. In addition, KODIT extended

credit to SMEs based on long-term trust regarding their technology and business values and also introduced

E3 startup guarantee program to enhance success of technology based startups.

Guarantee-aligned Equity InvestmentIn 2005, a ‘Guarantee-aligned with equity investments’ was introduced after the government announced its

‘comprehensive measure to support SMEs’ competitiveness’ in July 2004, but in 2011 KODIT stopped providing

new investment as the National Assembly and the Board of Audit and Inspection pointed out lack of legal ground.

In 2014, KODIT restarted guarantee-aligned equity investment after the revision of the Korea Credit Guarantee

Fund Act in May 2013. It was enacted to improve financial structures for SMEs with direct investment (guarantee-

aligned) which have high growth potential but face difficulties to access finance in private investment market.

KODIT invested in 55 SMEs with worth of USD 45 million since its start of investment in 2005 to 2010 and after

guarantee-aligned equity investment became officially authorized business in 2014, KODIT invested worth of USD

41 million in 57 SMEs until 2015. At the end of 2015, the balance of investment is USD 46 million to 54 SMEs. (Unit: USD million)

Classification ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 Total Balance

Investment amount 6 9 9 9 9 6 - - - 20 21 87 46

No. of enterprise 8 9 10 9 11 8 - - - 27 30 112 54

IPO-100 Project PlanIn October 2014, KODIT introduce ‘the IPO 100 Project’ in order to revitalize finance and capital market by leading

as many SMEs as possible to get Initial Public Offering(IPO). By 2016 KODIT will select 200 SMEs which have high

potential to grow to global companies with their excellent technology and great future growth prospects as IPO

candidates. KODIT will offer non-financial support such as consulting for IPO candidates. KODIT plans to support

candidates so that more than 100 SMEs will be able to be listed on KRX or get investment from capital investors.

KODIT has selected and supported 120 SMEs (40 SMEs in 2014, 80 SMEs in 2015) as IPO candidates by 2015.

Improvement in Guarantee Schemes

In 2015, KODIT carried out guarantee business to attain policy goals such as sustainable growth, increased

domestic consumption, improved economic vitality and innovative finance industry.

In this regard, KODIT helped improve dynamics of finance industry by implementing idea realization guarantee

scheme and E3 start-up support and assist economic recovery though special support to SMEs affected

by MERS-CoV. Especially, KODIT tried to enlarge growth drivers by introducing V-Plus guarantee, C-Plus

guarantee, and so on.

Purporse Enacted Amended Details

MaximizePolitical Function

• Expanded and reorganized rechallenge programs• Established rechallenge center, eased decision regulation

and carried out consulting

• Enforced Medicity agreement guarantee scheme• Vitalized regional economy through local based

agreement guarantee

• Implemented special guarantee on SMEs affected by MERS-CoV

• Built a special team, eased criteria and simplified evaluation process

• Extended coverage ratio for core SMEs as well as special guarantee

• Extended special coverage ratio to startups, exporting SMEs, green growth SMEs, SMEs with high tech by June 30, 2016.

• Implemented GPS agreement guarantee for export-oriented SMEs

• Expanded its support before default of SMEs with high growth potential that face difficulties in their management temporally

Enlarge GrowthDriver

• Implemented and expanded V-Plus guarantee• Formed a new platform that KODIT and other financial

institutions can discover and suggest promising SMEs

• Expanded cooperative organizations for intellectual property guarantee

• Added another intellectual property evaluation organization (Foundation of Agri. Tech. Commercialization & Transfer)

• Implemented C-Plus guarantee• Created new financial ecosystem by supporting expansion

of credit supplies from private financial institutions

Supportfor

Startup

• Expanded promising startups support program

• Expanded eligible startups to 7 years after their establishments

• Expanded qualified license scope (Professional architectural engineer, licensed customs agent)

• Adopted simplified review and calculation of intellectual property evaluation rate

• Improved guarantee support schemes for startups • Introduced a specialized review system for startups

• Launched E3 startup guarantee program• Encouraged success of technology based startups,

creating high value added business and jobs

• Introduced idea realization guarantee scheme • Supported realization of promising ideas SMEs have

Customer-oriented

Guarantee Operation

• Expanded intensive review of small amount of guarantees • Expanded eligible businesss branch offices

• Completed platform for future growth evaluation • Introduced technical asset evaluation

• Expanded scope of government administrative information that KODIT can directly access

• Added eligible data that KODIT employees can collect while investigating and evaluating SMEs (public health insurance, long-term care insurance)

• Improved the internal rule of managing credit information • Reinforced sanctions against leaking of private

information

2015 Major Enacted Amended

Performance of Guarantee-aligned Equity Investment

Outline of Promising Startup Growth Support Program

Pre-startup

6 months before startup

Classification

Eligible for assistance

Startup

within 1year after startup

Early Stage

within 1~3years after startup

Growth Stage

within 3~7years after startup



27

Credit Insurance ServicesSubrogation & Collection

KODIT has been conducting credit insurance services in accordance with Article 61, Section 2 of the SME

Promotion Act since 1997. Such services not only provide the social safety-net that prevents chained

bankruptcies of SMEs due to bad debts, but also help SMEs enhance their survivability and competitiveness,

thereby contributing to market-friendly business environment.

KODIT introduced Bill Insurance Services in 1997 and Receivables Insurance Services in 2004 to protect SMEs

from managerial difficulties arising from dishonored commercial bills or non-payment of sales receivables.

From 2015 almost of all business types became eligible to apply for insurance services. In addition, to ensure

professional and efficient work process, KODIT formed 10 insurance center and 2 small center that focus on

credit insurance business.

In 2015, KODIT expanded its target SMEs, eased its underwriting policy and implemented a new market-

friendly insurance system to expand the base of receivable insurance services and promote new demand. Also,

KODIT improved its soundness of insurance portfolio by introducing customer management system, reflecting

the characteristics of insurance and integrated risk management system.

Performance

The underwriting amount has been increasing continuously since the introduction of sales receivable

insurance in 2004. KODIT underwrote credit insurance up to USD 58 million, increased by about 7% from

the year before. Government’s contribution as the basic rescource for credit insurance was USD 93 million

in 2014.

(Unit: USD million)

Classification 2011 2012 2013 2014 2015

Total Underwriting Amount 5,590 5,912 11,292 12,971 13,882

Corporate Bill Insurance 46 38 23 13 11

Sales Receivables Insurance 5,544 5,874 11,269 12,958 13,871

No. of enterprise 15,911 15,575 17,705 10,479 13,629

Corporate Bill Insurance 3,934 2,992 1,839 770 578


Outstanding Underwriting 1,110 1,199 2,070 2,865 3,111

Corporate Bill Insurance 14 12 6 5 3


In spite of the sluggish economy, guarantee default amount in 2015 was reduced by USD 10 million and the

default rate in 2015 stood at 4.0%, the same with the previous year.

Debt Collection ManagementManagement of right of indemnity is crucial to sustain credit guarantee businesses by increasing the capital

fund. Efforts to reduce guarantee default rates and to maximize debt collection are critical to maintain

financial sustainability of KODIT.

In 2015, the amount of subrogation-payment was USD 1,363 million, a USD 130 million decreased from the

previous year. The subrogation rate and net subrogation rate were 3.9%, 2.9% respectively.

The conditions for debt collection were deteriorated by the continued economic recession. KODIT attempted

to maximize the amount collected through debt adjustments and by improving efficiency of debt collection

management such as expanded real-time credit information of debtors. As the result, KODIT recovered USD

481 million which is an increase of USD 10 million from the previous year.

(Unit: USD million, %)


Outstanding Credit Guarantees(A) 35,102 35,054 △48

Default(B) 1,410 1,399 △10

Default Rate(B/A) 4.0 4.0 -

Net Subrogation(a-b)(Net Subrogation Rate)

1,143(3.3)

1,019(2.9)

△123(△0.4)

Total Collection 488 481 △7

*Excluding P-CBO Guarantees

Performance of Debt Collection

Performance of Credit Insurance Services

Five Year Trends of Default & Default Rate

2011

1,614

2012

1,620

2013

1,460

2014

1,410

2015

1,399

(Unit: %, USD million)

Default Rate

Default

* Excluding Guarantee on Bridge Loan, P-CBO

4.04.24.84.9

4.0



29

Startup Support ServicesInfrastructure Credit Guarantee Services

KODIT has been operating the “Comprehensive Support System for Startups” since March 2008. It contributes

to a job creation through active establishment and growth of startups. The System provides comprehensive

services for startups such as guarantee, education and consulting to prospective entrepreneurs and newly

established firms.

“Comprehensive Support System for Startups” has reduced the time and cost required to start a business

and provided customized assistance to firms depending on their growth phases. Moreover, it has accelerated

the start of businesses with higher possibility to succeed through the One-Stop Service that covers from early

stage consultation to business consulting.

KODIT also provide demand-oriented startup guarantee services that cover fund needed from preparation

phase to leap-up phase. The services especially focuses on promising startups which have high-tech and

creativity, but face difficulties in accessing finance.

(Unit: USD million)

Hope Start Academy

Startup GuaranteesStartup

ConsultingPre-entrepreneur Startup Early stage Growth stage

No. Amt No. Amt No. Amt No. Amt

2014 383 completion 775 49 2,469 880 3,254 945 1,994 674 253

2015 363 completion 1,406 130 1,321 746 2,757 998 3,058 1,286 247

The Korea Infrastructure Credit Guarantee Fund (KICGF) was created in accordance with the Inducement of Private

Capital to SOC Facilities Act enacted on August 3, 1994, to accelerate the construction of infrastructure facilities

and to contribute to the national economy by facilitating private investments through credit guarantees.

The main businesses of KICGF include raising and managing the fund, researching PPP development plans,

issuing letters of intent to guarantee, payment under guarantees, and exercising the rights of indemnity.

Guarantee Approval

KODIT facilitated Total of 12 projects with 22 cases worth about USD 1,521 million in 2015 to project

operators that experienced difficulties in financing due to the recession of the domestic construction industry.

(Unit: USD million)

Classification 2011 2012 2013 2014 2015Newly Guarantee Approval 1,285 1,379 1,344 1,705 1,521

Outstanding Approval 5,779 6,552 7,234 6,948 7,068Outstanding Guarantee 2,259 2,634 2,860 2,930 3,397

No. of new cases 15 9 10 8 12

Capital Fund

The capital fund for KICGF reached USD 587 million by the end of 2015, an increase of USD 36 million

compared to previous year. As of the end of year 2015, the government has contributed USD 382 million,

which have seen accumulated profits of USD 194 million.

Infrastructure Credit Guarantee Structure & Role

Industrial Competitiveness Improvement Promotion of Welfare Balanced National Development

KICGF Concessionaire Financial Institution etc. (Bank etc.) Guarantee Support Fund Supply

Expand and Improve the Infrastructure Facilities

Approved Cases

Highways 9 cases (USD 1,065 million, Geoga Bridge etc.), Terminal 3 cases (USD 116 million, Youngnam Complex Terminal, etc.), Railway 1 case (USD 136 million, Sillim Line), Tunnel 4 cases (USD 124 million, Yongma Tunnel, etc.), Environmental facilities 3 cases (USD 34 million, Suncheonsi Resources Circle Center, etc.), Sports facilities 1 case (USD 19 million, Ansan Chojidong Sports Facility), School facility 1 case (USD 27 million, Dormitory of Jeju National University)

Capital Fund & Leverage Ratio of Infrastructure Credit Guarantee(Unit: USD million, Times)

Outstanding Approval

Capital Fund

Leverage Ratio

2011

5,779

450

2012

6,552

485

2013

7,234

514

2014

6,948

551

2015

7,068

587

12.8613.52

14.08

12.61 12.04

* Applied IFRS from 2009

New Startups Startup SuccessPreliminary

ConsultationEntrepreneurial

TrainingStartup

GuaranteeManagement

Consulting

Startup Support Program

Consolidated Support System for Startups

Main Contents of Consolidated Support System for Startups

Consultation is provided through either cyber consultation via KODIT web page or face-to-face consultation at KODIT business branches. Main subjects of consultation are fund raising, business planning, taxation and accounting and so on.

PreliminaryConsultation

Training courses provide comprehensive knowledge and know-how covering practical matters for pre-entrepreneurs, early stage of startups and rechallenging entrepreneurs.

Entrepreneurial Training

Tailored startup guarantees are provided at the growth stage of start-ups.Credit Guarantee

Tailored and periodic consulting services are provided for startups in order to solve their managerial difficulties by professionals in HR, marketing, finance, production management and so on.

Management Consulting

Startup Support Performance



31

2015 Major Events in KODITInternational Cooperation

Month Details

January2nd

29th

Held a kick-off meeting for the year 2015Business agreement with Woori Bank for “Financial Support for Future Growth Engine” KODIT Relocation in Daegu Ceremony

February4th

24th

Launched the 1st “KODIT Daekyung Forum”Awarded the grand prize in “2015 Korea Best Banker”

March4th

30th

Held the 2nd “KODIT Daekyung Forum”Held the 1st “Hope Startup Academy”

April

2nd

6th

8th

20th

24th

Business agreement with Daegu Metropolitian City and Daegu Bank for “Enhancing Startups and Forming Medical City”Held the 2nd “Hope Startup Academy”Held the 3rd “KODIT Daekyung Forum”Held the 3rd “Hope Startup Academy”MOU with Seoul National University for “SMEs’ R&D Support”

May

6th

11th

12th

13th

20th

28th

30th

Held the 4th “KODIT Daekyung Forum”Held the 4th “Hope Startup Academy”Practiced community services by management and unions in the labor union foundation dayHeld the “Smart Finance & Factory EXPO”Held the 5th “Hope Startup Academy” (Pre-startup)Held the “Consolidated Consulting for SME Hidden Champion” with SNU, KRX, and KOTRA Participated the TCG’s Credit Guarantee Seminar

June

3rd

4th

15th

23rd

24th

Held the 5th “KODIT Daekyung Forum”Held the Academic Conference (Topic: Role and Task of KODIT in Daegu)Provided a special guarantee for SMEs affected by MERS-Cov Business agreement with SMBA and Shinhan Bank for “SMEs’ Export Support”Launched credit insurance agreed with Suhyup Bank

July 9th Awarded the grand prize in “2015 Korea Service Award” for the finance service for 3 consecutive years

August 27th Held the “Creative Challenger” KODIT Startup Idea Contest

September

2nd

9th

10th

16th

21st

29th

30th

Business agreement to align receivable insurance service with loan support Held the 6th “KODIT Daekyung Forum”Held the 6th “Hope Startup Academy”Developed KODIT employment index to improve SMEs’ employmentHeld the 7th “Hope Startup Academy”Business agreement with Creative Economy Town for “Business Development Support of Outstanding Idea”MOU with FOGAPI of Peru and ALIGA of Latin AmericaOpened information service network of “small and mid venture M&A support center”

October

7th

12th

14th

20nd

21st

28th

Held the 7th “KODIT Daekyung Forum”Business agreement with Shinhan Bank for “C-Plus Guarantee”Held the 8th “Hope Startup Academy”Received the ‘Government 3.0’ for excellenceHeld the 9th “Hope Startup Academy”Held the 10th “Hope Startup Academy”

November

3rd

4th

9th

10th

17th

27th

Held the 2015 Hope Talk Concert for TeenagerHeld the 8th “KODIT Daekyung Forum”Delegates from Thailand visited for trainingHeld the charity event for kindergarten children near the KODIT’s headquarter area (Daegu) ACSIC Annual Meeting in IndonesiaHeld the “2015 SME Technology Consulting Council” with SNU

December

2nd

3rd

17th

23rd

Held the 9th “KODIT Daekyung Forum”MOU with IBK for “Promising SMEs and Startups Support”MOU with Incheon Metropolitan City and the Export-Import Bank of Korea for SMEs’ supportHeld the 2015 Talent Donation Healing Concert

By participating in various international conferences and forums, KODIT has been able to expand its view

on the global financial market and economic trend. Through diverse mutual cooperations, KODIT could

share international experience on credit guarantee and SME finance. Moreover, KODIT has contributed to

the economic growth of developing countries by providing and sharing the experience on credit guarantee

scheme.

A. Expanded Global NetworksIn 2015, KODIT participated in annual conferences hosted by the Asian Credit Supplementation Institution

Confederation (ACSIC) and European Association of Mutual Guarantee Societies (AECM), Astana Economic

Forum, and an Iberoamerican Forum and shared its experiences.

It also signed a memorandum of understanding (MOU) with FOGAPI of Peru and ALIGA of Latin America for

SMEs. Through working-level council meetings with guarantee institutions in Japan, Taiwan, Thailand and

Indonesia, KODIT strengthened the cooperative relationships with overseas organizations.

B. Knowledge Sharing Program (KSP)KODIT actively participated in KSP, a government assistance program on economic development in developing

nations, since 2007; it has provided consulting services on the introduction of the credit guarantee scheme

and establishment of credit guarantee funds in Vietnam, Kazakhstan, Cambodia, and Ghana and so on. In

2015, KODIT provided consulting to Ministry of Finance of Indonesia for improvement of credit programs

in Indonesian for micro and small businesses. In addition KODIT provided capacity building program for

Vietnamese government and regional credit guarantee funds. Furthermore, KODIT has sent the first policy

consultant to Credit Guarantee Fund of Mongolia to provide on-sight consultation on credit guarantee

operation.

KODIT held 21 meetings with 142 foreign delegates to introduce Korean credit guarantee schemes and SME

finance tools.

Country Time Details

Vietnam ‘15. 8. ~ ‘15. 9. Capacity building of credit guarantee scheme

Indonesia ‘15. 6. ~ ‘16. 1. Policy consultation to improve credit programs for micro and small businesses

2015 KSP Projects


finanCial StateMent& ManageMent

Financial Statement

Management

Board of Directors

Organization Charts


34Annual Report 2015 Ⅴ. Financial Statement & Management

35

Financial Statement

(Unit: USD million)

2015 2014

Current Assets 4,695 4,398

Cash and Deposits 1,902 1,669

Marketable Securities 1,976 1,811

Subrogation Rights 36 62

Others 780 856

Fixed Assets 2,504 2,535

Long-term Deposits 755 867

Long-term Securities 841 773

Investments 397 399

Tangible Assets 370 367

Others 141 129

Total Assets 7,200 6,933

Current Liabilities 323 306

Received Deposits 4 4

Deferred Revenue 281 277

Others 38 25

Fixed Liabilities 2,238 1,764

Reserves for Guarantee 2,100 1,638

Allowance for Retirement 138 126

Others 0 0

Total Liabilities 2,562 2,071

Total Capital Funds 4,638 4,863

Total Liabilities & Capital Funds 7,200 6,933

Financial Statement

Credit Guarantee Fund

(Unit: USD million)

2015 2014

Current Assets 224 204

Cash and Deposits 215 193

Others 10 11

Fixed Assets 209 191


Securities Held to Maturity 2 1

Others 113 70

Total Assets 434 395


Unearned Revenue 0 0

Others 1 0

Fixed Liabilities 132 112

Reserves for Insurance Contract 119 100

Others 13 12

Total Liabilities 130 112

Total Capital Funds 300 283

Total Liabilities & Capital Funds 434 395

※ Accounting standards for insurance business has been changed in 2012

Credit Insurance



37

Financial Statement Management

Board of Policy

The Board of Policy decides on KODIT’s major policies through enacting essential regulations. Matters for

deliberation and decision include revisions to articles of association and operational guidelines, budget

compilation, and establishment of operational plans. The board consists of 12 members including the

Chairman & CEO of KODIT; governmental officials from the Financial Services Commission (FSC), the Ministry

of Strategy and Finance (MOSF), and the Small and Medium Business Administration (SMBA); executives from

the Bank of Korea, the Industrial Bank of Korea, and other financial institutions; and representatives from

the Federation of Enterprises. The board is chaired by the Chairman & CEO of KODIT. The board has regular

meetings held in February and November, and extraordinary meeting in case of necessity.

Board of Directors

The Board of Directors deliberates on significant issues related to the operation of KODIT following the articles

of association and operational guidelines. The Board of Directors resolve major issues concerning credit

guarantee, guaranteed obligation, asset management, and investment. Members of the board include the

Chairman & CEO, deputy president, senior executive directors, and senior non-executive directors. The board is

chaired by the Chairman & CEO, who is appointed by the president of Korea and has the authority to appoint

other executive directors. The CAE(Chief Audit Executive) nominated by the president of Korea attends board

meetings. The Board of Directors meet once a week on a regular basis.

(Unit: USD million)

2014 2013

Current Assets 459 403

Cash and Deposits 244 209

Marketable Securities 210 186

Others 4 7

Fixed Assets 145 169


Long-term Securities 101 95

Others 0 0

Total Assets 606 572


Received Deposits 2 3

Deferred Corporate Tax 3 3

Others 0 0

Fixed Liabilities 13 15

Reserves for Subrogation 13 15

Others - -

Total Liabilities 19 21

Total Capital Funds 587 551

Total Liabilities & Capital Funds 606 572

Infrastructure Credit Guarantee Fund



39

Board of Directors

➊ Hwang, Byung Hong Deputy President /

Member of the Board of Directors

➋ Seoh, Geun Woo President & CEO /

Chairman of the Board of Directors

➌ Kim, Ki Suk Chief Audit Executive

➍ Roh, Yong Hoon Senior Executive Director

Head of Management Planning Division


➎ Kim, Hyo Myung Senior Executive Director

Head of Management Support Division


➏ Kwon, Jang Sub Senior Executive Director

Head of Capital Market Division


➐ Park, Hak Yang Senior Executive Director

Head of Credit Business Division


➊ ➋ ➌ ➍ ➎ ➏ ➐

President & CEO /Chairman of the Board of Directors

The Board of Policy The Board of Directors

Chief Audit Executive

Deputy President / Member of the Board of Directors

Credit Business Division

• Credit Guarantee Department

• Guarantee Evaluation Department

• Credit Insurance Department

Management Planning Division

• Planning & Coordination Department

• Performance Management Department

• Strategic Research Department

• Risk Management Office

• Public Relations Office

• Secretary Office

Capital Market Division

• Capital Market Department

• Rechallenge Support Department

• Social Overhead Capital Guarantee Department

• Enterprise Support Department

Business Headquarters

• Specialized Business Headquarters

• 8 Local Business Headquarters

• Debt Collection Unit

• Rechallenge Support Unit

Management Support Division

• Human Resources Department

• Operation Support Department

• IT Strategy Department

• Security Control Officer

• 106 Business Branches

• Auditing & Examination Office



41

Organization ChartsOrganization Charts

KODIT’s 106 Branches

Seoul Seobu Business Headquarters

• Mapo Branch • Yeongdeungpo Branch • Jeju Branch

• Gwanghwamun Branch • Gurodigital Branch • Namdaemun Branch

• Gasandigital Branch • Gangbuk Branch • Gangseo Branch

• Uijeongbu Branch • Gimpo Branch • Goyang Branch

• Pocheon Branch • Seogwipo Branch • Paju Branch

Seoul Dongbu Business Headquarters

• Chuncheon Branch • Dongdaemun Branch • Gangneung Branch

• Gwangjin Branch • Gangnam Branch • Samseong Branch

• Gangdong Branch • Wonju Branch • Namyangju Branch

• Teheranno Branch • Bangbae Branch • Hanam Branch

• Sokcho Branch • Songpa Branch • Yangjae Branch

• Donghae Branch

Gyeonggi Business Headquarters

• Suwon Branch • Anyang Branch • Seongnam Branch

• Pyeongtaek Branch • Icheon Branch • Osan Branch

• Gunpo Branch • Yongin Branch • Hwaseong Branch

• Gyeonggigwangju Branch • Hwaseongseo Branch

Incheon Business Headquarters

• Incheon Branch • Banwol Branch • Incheonjungang Branch

• Bupyeong Branch • Ansan Branch • Namdong Branch

• Bucheon Branch • Sihwa Branch • Incheonseo Branch

• Siheung Branch • Songdokukje Branch

Busan & Gyeongnam Business Headquarters

• Busan Branch • Changwon Branch • Jinju Branch

• Sasang Branch • Ulsan Branch • Dongnae Branch

• Masan Branch • Gimhae Branch • Tongyeong Branch

• Saha Branch • Yangsan Branch • Busanjungang Branch

• Noksan Branch • Ulsanbuk Branch • Gimhaebuk Branch


42Annual Report 2015

Organization Charts

Daegu & Gyeongbuk Business Headquarters

• Daegu Branch • Daeguseo Branch • Pohang Branch

• Gumi Branch • Daeguhyeoksin Branch • Daegubuk Branch

• Yeongju Branch • Seongseo Branch • Gyeongsan Branch

• Gyeongju Branch • Andong Branch • Chilgok Branch

• Dalseong Branch

Honam Business Headquarters

• Gwangju Branch • Jeonju Branch • Gunsan Branch

• Yeosu Branch • Mokpo Branch • Iksan Branch

• Gwangjujungang Branch • Suncheon Branch • Gwangsan Branch

• Gwangjucheomdan Branch • Jeongeup Branch • Jeonjuseo Branch

Chungcheong Business Headquarters

• Daejeon Branch • Cheongju Branch • Cheonan Branch

• Chungju Branch • Seosan Branch • Daejeonjungang Branch

• Jeungpyeong Branch • Daedeok Branch • Asan Branch

• Jecheon Branch • Boryeong Branch • Cheongjuseo Branch

• Dangjin Branch

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