SEOUL, July 9 (Xinhua) -- The state-invested Industrial Bank of Korea (IBK) said it plans to support smaller firms by extending more loans from late July as they are facing greater pressure under the slowing economic growth, Yonhap news agency reported. "Amid soaring raw material costs and jitters in financial markets, the local economy is likely to grow slower in the second half," Yun Yong-ro, chairman of IBK, told a press conference. "Small and medium enterprises (SMEs) are more likely to feel the pinch." According to Yonhap, the government's stringent rules on home-backed loans have result in local banks to increase lending to smaller companies for the boost of assets. But as the South Korean economy growth is expected to slowdown, credit risks of such firms are likely to rise, which could lead local lenders to become...
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