Busan city, BNK Busan Bank join hands for local welfare

Busan city and BNK Busan Bank held a donation ceremony Wednesday morning at the protocol hall of Busan City Hall to launch a community-tailored mutual finance project. Mayor Jeon Jae-soo, BNK Financial Group Chairman Bin Dae-in, BNK Busan Bank President Kim Seong-ju and Lee Su-tae, chairman of the Community Chest of Korea's Busan chapter, attended the event.

At the ceremony, BNK Busan Bank made a designated donation of 670 million won ($457,000) to the Community Chest of Korea's Busan chapter. Of the total, 480 million won will go toward the "Woori-dongne Mutual Finance Project" across the city's 16 districts and counties, while the remaining 190 million won will fund the "2026 Cool Summer Support Project for Socially Vulnerable Groups," aimed at helping those at risk during heat waves.

The Woori-dongne Mutual Finance Project moves away from the conventional model of distributing holiday goods or cash handouts. Instead, it is a competitive grant program in which local communities directly propose and carry out social contribution initiatives tailored to neighborhood needs and local issues.

Each of Busan's 16 districts and counties will receive up to 30 million won in project funding. Eligible proposals span a range of areas, including welfare and care services for vulnerable groups, environmental improvement and ESG activities, and support for children and youth along with financial education programs.

Applications will be accepted through Friday, after which a review committee comprising representatives from the city, BNK Busan Bank and the Community Chest of Korea will evaluate submissions and finalize selected projects in August. Chosen projects will run from October through October next year.

The Cool Summer Support Project will distribute about 2,000 electric fans to roughly 2,000 households — including basic livelihood recipients and those earning at or below the median income threshold — across the city's 16 districts and counties. The fans will be delivered through community administrative welfare centers in early August.

Meanwhile, BNK Busan Bank carried out social contribution activities worth a total of 60.5 billion won in the Busan area last year, spanning support for vulnerable groups, scholarship programs, financial education, and cultural, arts and sports initiatives.

"Administration must stay as close as possible to citizens' lives," Mayor Jeon said. "We will work closely with BNK Financial Group to ensure that support residents truly need reaches every corner of the city."

A BNK Financial Group official said the group hopes the initiative will deliver community-tailored social contribution programs that residents can feel in their daily lives, pledging to "consistently carry on sustainable social contribution activities that grow alongside the local community."