The four major financial groups, including KB, Shinhan, Hana, and Woori, have pledged a total of 2 billion won to assist in the recovery efforts from the recent heavy rains in Gyeongnam. They are also implementing special financial support through their subsidiaries.
According to the financial sector on August 21, the four groups decided to each contribute 500 million won to aid recovery in the flood-affected areas of Geoje and Tongyeong. Including Shinhan Bank's prior donation of 200 million won, the total contributions from the four financial groups amount to 2.2 billion won.
KB Financial is providing 500 million won along with support for shelters and meal trucks at the disaster sites. KB Kookmin Bank will offer up to 20 million won in emergency living stabilization funds for individuals, and up to 500 million won in operating funds and facility funds for small businesses and self-employed individuals affected by the disaster. They will also implement maturity extensions for existing loans, preferential interest rates, and exemptions on overdue interest.
Shinhan Financial is supplying emergency relief kits and tents, and has organized a volunteer group from its employees in the Busan and Gyeongnam regions to assist in recovery efforts. Shinhan Bank will provide up to 30 million won for individuals and up to 500 million won for businesses in emergency funds. Shinhan Card is deferring credit card payments and offering a 30% discount on card loan fees, while Shinhan Life is providing payment deferrals and interest reductions on insurance contract loans.
Hana Financial has added support from its group subsidiaries to the emergency financial assistance initiated by Hana Bank on August 17. Hana Bank will provide up to 50 million won for individuals and up to 500 million won for small businesses, self-employed individuals, and personal business owners, applying preferential interest rates of up to 1.3 percentage points. Hana Card, Hana Life, and Hana General Insurance are also deferring payment deadlines and prioritizing insurance payouts. They have also delivered 500 boxes containing essential goods and medicines.
Woori Financial is implementing a total of 200 billion won in financial support for small businesses and self-employed individuals through Woori Bank. They will supply up to 500 million won in operating and facility funds per business and apply preferential interest rates of up to 1.5 percentage points. Affected residents will receive up to 20 million won in emergency living stabilization funds. Woori Card, Woori Financial Capital, and Woori Financial Savings Bank are also participating in deferring payment deadlines and loan principal and interest repayments.
Woori Financial is delivering emergency relief sets and dispatching meal trucks to the affected areas. Each financial group is also reviewing additional support measures based on the scale of the damage and recovery progress.
* This article has been translated by AI.
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