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The Industrial Bank of Korea (IBK) was established in South Korea on August 1, 1961, under the Industrial Bank of Korea Act. Its founding was a direct government initiative to support the nation's economic development by creating an efficient credit system for small and medium-sized enterprises (SMEs), which were seen as the vital backbone of the national economy but struggled to access financial resources. The bank’s primary and enduring mission is to promote the independent economic activities of small and medium-sized proprietors and enhance their economic status. As a result of this unique legislative mandate, IBK began its existence as a government-run, state-owned institution.

Today, IBK operates as a public, state-owned enterprise, with the government's Ministry of Economy and Finance (MOEF) serving as its owner. While it is publicly traded on the Korea Exchange (KRX), it retains its fundamental nature as a policy bank. Its general significance in the South Korean financial system is paramount: it is the undisputed leader in SME financing, holding a substantial market share of SME loans. The bank's continued strategic focus is to strengthen this leadership role, act as a market stabilizer for vulnerable businesses, and facilitate the international endeavors of South Korean SMEs through its growing global network, which includes international branches across Asia, Europe, and North America.