“2010 CKI-Joyful Union Microcredit Sponsorship Agreement Ceremony” and “The 3rd Presentation and Panel Discussion on Korean Microcredit Model Development”
CKI’s contributions will be delivered at the ceremony that will be used to establish ERP system based on microcredit model suitable for Korea, and to enhance detailed process of microcredit business through Information Strategic Planning (ISP) and maximize its efficiency. In the event CKI will contribute 115.29 million KRW to Joyful Union and Joyful Union will grant a Plaque of Appreciation to CKI. The ceremony will come to a close with the declaration of 2010 Joyful Union Slogan.
Following the ceremony will be a presentation and panel discussion on the microcredit model suitable for Korea. This is the fruitful result of Citibank Korea and Joyful Union’s three years of extraordinary endeavor. The idea of creating a microcredit model unique to Korea came with a strong commitment to addressing poverty. Business model was derived from research and analysis of community groups of Joyful Union during 2007-2009 period which covered analysis of core competence, analysis by business type and area along with feasibility studies on the microcredit business.
Prof. Kim Kyung-Whui of Social Welfare, Jesus Univ. who conducted the research will first give a presentation, which will then be followed by discussions among panels – Shin Myung-Ho (Researcher, Korea Center for City and Environment Research), Lee Keon-Ho (Prof. KDI School of Public Policy and Management) , and Jang Dong-Ho (Smile Microcredit Bank Suwon Branch Manager) – and Q&A session.
The 3rd Presentation and Panel Discussion on Korean Microcredit Model Development
Joyful Union has implemented “Korean microcredit model development project” for three years from 2007 to 2009 sponsored by Citi Foundation, one of the leading sponsors in microfinance business. As part of this initiative, Joyful Union has provided a variety of programs including 2007 “overseas study tour” for the acquisition of best practices; business consulting service for small start-ups that are running under Joyful Union microcredit; 2008 expert strategy meeting to encourage industry-academia collaboration for community groups’ business consulting; in-depth research and analysis of community groups aimed at data collection for model development; and Grameen Trust trainings on the 10th anniversary in Nov. 2009
The presentation and discussion is the outcome of the three-year research where the Korea’s first-ever microcredit institution conveys the vision of microcredit as an alternative finance, confirm the effectiveness of microcredit business in eradicating poverty, and more than that, explore a more effective business projects. The event will also serve as a valuable opportunity for the society as a whole, going beyond the government and private sector level, to have a mechanism in place that will improve socio-structural conditions to fight poverty.
More than 100 guests including lawmakers, officials from relevant institutions and academia, and people working for or interested in Joyful Union and microcredit business will join the event.
Citibank Korea Inc.
Citibank had opened its first branch in Korea in 1967, and was born newly as Citibank Korea Inc. (CKI) through integration with KorAm Bank in 2004. CKI serves customers at 230 branches (as of end of Sep. 2009) in Korea by providing the first class financial products and services based on the various products and know-how of Citi with global network including more than 100 years of history and 200 million customers in more than 100 countries. CKI delivers new financial world to the customers through development of innovative financial products and services, encompassing from corporate and investment banking to consumer banking, private banking, and wealth management. Furthermore, Citibank Korea Inc., as a responsible corporate citizen, conducts diverse community activities in the areas of financial education, next generation education, woman, diversity, community, and environment consistently in corporation with sound non-profit organizations.
Citi Foundation
The Citi Foundation is committed to the economic empowerment of individuals and families, particularly those in need, in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving on its priority focus areas: Microfinance and Microenterprise, Small and Growing Businesses, Education, and Financial Education and Asset Building. The Citi Foundation works with its partners in Microfinance and Microenterprise and Small and Growing Businesses to support environmental programs and innovations. Additional information can be found at www.citifoundation.com.
Joyful Union
Joyful Union is the first-of-its-kind non-profit incorporated association in Korea established to operate microcredit business that help those who are socially and financially underprivileged yet have the will to stand on their own by providing unsecured small-scale loans to run their own business and consequently ensure that they achieve their goals of financial, social, and psychological independence and ultimately contribute to social development in so doing. For the past 10 years up until 2009, micro loans were given to 334 community groups and 550 individuals. Joyful Union is leading by example in offering the most practical microcredit finance on the foundation of 10 years of experience and the development of microcredit model in Korea.
Citi Foundation Microfinance Assistance
Citi, one of the largest sponsoring companies for microfinance, has been supporting approximately 250 microfinance programs worth of more than 60 million dollars in around 55 countries for over the past 25 years. The microfinance project in Korea was initiated in 1998 to give aid to Asian countries suffering from economic woes that stemmed from the 1997 Asian Financial Crisis, including Korea. In Korea, Joyful Union has been conducting the first-ever poverty eradication activities at the private level in Korea since 2000 as a Korean subsidiary of Grameen Bank, after participating in education programs of Grameen Trust in 1999 sponsored by Citi Foundation.
한국씨티은행 개요
씨티은행은 1967년 최초로 한국에 진출한 이래 45년 동안 선진 금융 서비스를 국내 고객에게 제공해 왔으며, 2008년 글로벌 금융위기 때 8억불을 증자해 국내 외환시장 안정에 기여했고, 1970년대 석유 파동시 2억불 차관 제공으로 한국의 무역수지 개선에 기여한 공로로 수교훈장 ‘숭례장’을, 1997년 외환위기 당시 240억불 대외 부채 상환 연장에 기여한 공로로 수교훈장 ‘흥인장’을 받는 등 한국 경제가 어려움에 처할 때에 곁에서 힘이 돼 준 친구 같은 은행이다.
웹사이트: http://www.citibank.co.kr
연락처
Kim, Soo-Yeon
Communications Dept. Head, Citibank Korea
+822-3455-2336
