Gyeongnam Bank, Gyeongnam Province and Ulsan Special Contribution of 6.7 Billion Won

At the financial support agreement ceremony for revitalizing the local economy and businesses held at Gyeongnam Provincial Government Office on the 20th, (from left) Hwang Yoon-chul, President of Gyeongnam Bank; Kim Kyung-soo, Governor of Gyeongnam Province; Kim Ji-wan, Chairman of BNK Financial Group; and Koo Cheol-hoe, Chairman of Gyeongnam Credit Guarantee Foundation, are taking a commemorative photo. Photo by BNK Gyeongnam Bank

[Asia Economy Reporter Kim Min-young] BNK Gyeongnam Bank announced on the 20th that it signed a 'Regional Economy Gi-Up (Enterprise) Revitalization Financial Support Agreement' with Gyeongsangnam-do at the Gyeongnam Provincial Government Office to revitalize the local economy facing difficulties due to the novel coronavirus infection (COVID-19).

According to this agreement, Gyeongnam Bank will make a special contribution of 6.7 billion KRW for small and medium-sized enterprises and small business owners affected by COVID-19, and financial support of about 100 billion KRW will be provided with guarantees from Gyeongsangnam-do, Gyeongnam Credit Guarantee Foundation, Ulsan Metropolitan City, and Ulsan Credit Guarantee Foundation.

In addition, Gyeongnam Bank will provide additional financial support totaling about 1 trillion KRW, including 700 billion KRW for the SME sector, 200 billion KRW for the low-income finance sector, and 100 billion KRW for the small business sector such as special agreements, including the Regional Economy Gi-Up (Enterprise) Revitalization Project as a representative support project.

Kim Ji-wan, Chairman of BNK Financial Group, said, “As local governments and regional financial institutions unite to invigorate and support the local economy, we will be able to overcome the difficulties caused by COVID-19.”