KB Kookmin Bank extends financial support to flood-hit customers in Geoje, southern regions

The financial sector has moved to support customers in Geoje and other southern regions battered by severe flooding.

KB Kookmin Bank announced Monday it would extend financial relief to customers affected by the recent heavy rains in the south.

Individual loan customers will be eligible for emergency living-stabilization funds of up to 20 million won ($14,100), depending on the scale of damage sustained.

For business loan customers, the bank will provide working capital of up to 500 million won, with facility restoration loans available within the range of funds needed for repairs. Corporate loans will carry a special preferential interest rate of up to 1 percentage point.

Customers with loans coming due will be able to extend their repayment terms under the special preferential rate without making additional principal payments.

KB Kookmin Bank also plans to supply relief tents and additional aid supplies to displaced residents living in temporary evacuation centers. The bank is also preparing to operate a mobile meal service for flood victims, firefighters and relief workers at recovery sites.