Synopsis

Andhra Pradesh's IT Minister Nara Lokesh has opened doors to South Korean BNK Venture Capital, seeking mentorship for local SMEs. His call for investment and fund management guidance aims to bolster state startups. Additionally, Lokesh has prompted the BNK Financial Group to delve into potential infrastructure funding opportunities, leveraging the group’s substantial asset management and extensive branch network.

Amaravati: Andhra Pradesh IT Minister Nara Lokesh on Wednesday invited South Korean BNK Venture Capital to mentor SMEs in the state and startups in investments, fund management and consulting.

The IT minister, who is on a tour of South Korea to woo investors, met senior representatives from BNK Financial Group and BNK Capital, a release said.

"Lokesh invited BNK Venture Capital to mentor, leveraging its expertise in investments, fund management, and consulting to support startups and small and medium enterprises (SMEs) in the state," it said.

He also encouraged the group to explore opportunities to provide infrastructure financing for Andhra Pradesh's key development projects, including Amaravati, industrial parks, and power infrastructure.

Lokesh requested BNK Financial Group to encourage its clients across sectors such as electronics, semiconductors, shipbuilding, and energy to consider Andhra Pradesh as a preferred destination for investments and manufacturing, the release said.

Underscoring Amaravati's emergence as the state's "financial hub", Lokesh invited BNK Financial Group to establish a branch in the greenfield capital city and participate in Andhra Pradesh's long-term growth story.

Responding to the proposals, Lee Kwang Jun, Managing Director of BNK Financial Group, and Son Dae Jin, CEO of BNK Capital, outlined the group's diversified financial services ecosystem. It includes three banks, Busan Bank, Kyongnam Bank, and BNK Savings Bank, along with securities, capital, asset management, credit information, IT systems, and venture capital businesses, the release said.

BNK Financial Group operates 398 domestic branches in South Korea and 75 overseas outlets across China, India, Southeast Asia, and Central Asia.

They said the group's leadership would examine the proposals presented by the Andhra Pradesh government before taking a decision, the release said.

One of South Korea's three leading regional financial holding groups, BNK Financial Group, manages consolidated assets worth approximately USD 101.9 billion, around Rs 9.64 lakh crore, the release added.