Credit: Spuerkeess
On Monday 15 December 2025, Luxembourg bank Spuerkeess (Banque et Caisse d'Épargne de l'État, Luxembourg) announced that it had signed a Memorandum of Understanding (MoU) with the Industrial Bank of Korea (IBK).
The bank said the agreement aims to strengthen cooperation and promote sustainable economic development between Luxembourg and Korea, as well as in other mutually agreed markets.
According to the bank, the MoU establishes a framework for long-term cooperation based on principles of equality, mutual benefit, respect and trust, reflecting a shared commitment to contributing to social progress and economic resilience through joint initiatives.
The agreement outlines several key areas of cooperation, including bilateral financing schemes through financing, co-financing and risk-sharing for projects of common interest, as well as the exploration of joint investments in companies of various sizes, funds or managed accounts, with the potential creation of dedicated investment partnerships. The MoU also foresees support for SMEs and startups by facilitating access to resources, mentorship and networking, alongside research and knowledge exchange on economic trends and SME-related topics, subject to confidentiality requirements. In addition, both institutions aim to promote environmental, social and governance (ESG) principles and explore initiatives to enhance financial inclusion and sustainable development.
Sung-Tae Kim, Chairman and CEO of Industrial Bank of Korea, commented: “This Memorandum of Understanding marks an important step in strengthening ties between Korea and Luxembourg. By combining our expertise and resources, we aim to create new opportunities for sustainable growth and innovation across borders.”
Françoise Thoma, CEO of Spuerkeess, stated: “We are delighted to enter into this strategic cooperation with Industrial Bank of Korea. This MoU reflects our shared vision to promote sustainable development and create value for businesses and communities in Luxembourg, Korea and beyond.”
Spuerkeess noted that the agreement underscores its commitment to building strategic partnerships that create long-term value for businesses and communities, with the MoU aiming to support innovation, sustainability and inclusive growth by leveraging the expertise and networks of both institutions.
