Group adds 500 million won on top of bank's earlier 200 million
Employees to join volunteer cleanup efforts
Shinhan Financial Group will donate a total of 700 million won ($503,000) to support flood recovery efforts and displaced residents in South Gyeongsang Province, including the hard-hit cities of Geoje and Tongyeong. The contribution is the largest made by any domestic financial holding company in response to the flooding.
Shinhan Bank had already donated 200 million won, and the group announced Friday it would provide an additional 500 million won at the holding-company level. The group will also supply emergency relief kits containing daily necessities and medicine, along with relief tents, to help stabilize the livelihoods and housing of displaced residents and support recovery in affected areas.
Shinhan Bank will offer individual customers affected by the disaster emergency living-stabilization loans of up to 30 million won, and business customers new operating funds of up to 500 million won. The bank also plans to form a volunteer team, drawing primarily from employees in the Busan and South Gyeongsang region, to assist with cleanup and recovery work at disaster sites.
Shinhan Card will defer billing and installment payments for affected customers and their immediate family members, and temporarily raise credit limits for those with insufficient available credit. Fees on short- and long-term card loans used after the date of damage will be discounted by 30 percent.
Shinhan Life will defer premium payments while maintaining policy coverage during the deferral period. Customers with policy loans will receive up to 1 million won in loan interest relief over six months, and the insurer will streamline claims documentation to speed up payouts.
Shinhan Financial Group Chairman Jin Ok-dong said the group has built a standing emergency-response system to enable rapid support whenever unexpected disasters such as floods cause casualties and property damage. "We will continue to do our best, with all group affiliates working together, to minimize the impact of disasters," he said.
forest@heraldcorp.com
