Comprehensive Group-Level Support Measures for Flood Damage Recovery
Major Group Companies Resolve to Provide Additional 500 Million KRW Flood Recovery Donations
Paid Leave Support for Voluntary Weekday Volunteers Among All Group Employees
Shinhan Bank Allocates 500 Million KRW Budget and 100 Billion KRW Financial Support for Flood Recovery
Shinhan Card Supports Affected Customers with Deferred Card Payments and Installment Plans
Shinhan Life-Orange Life Offers Up to 6-Month Deferral on Insurance Premiums and Loan Interest
Shinhan Capital Provides Financial Support to Flood-Affected Businesses
Shin Yong-byeong, Chairman of Shinhan Financial Group, is seen giving a 'Group CEO Special Lecture' at the Shinhan Management Forum for the second half of the year held at the end of last month.
[Asia Economy Reporter Jo Gang-wook] Shinhan Financial Group announced on the 13th that it will support a total of 1 billion KRW by adding an additional 500 million KRW donation following the 500 million KRW donation from Shinhan Bank on the 6th to aid in recovery from the heavy rain damage.
Shinhan Financial decided to donate an additional 500 million KRW to the National Disaster Relief Association for the prompt normalization of areas affected by the heavy rain, which will be used for flood damage recovery and supply support.
Earlier, Shinhan Bank, which decided to provide support, plans to carry out disaster recovery project support and volunteer activities in cooperation with the Korea Association of Social Welfare Centers using the 500 million KRW donation.
To this end, employees who voluntarily wish to participate in weekday volunteer work will be provided with essential quarantine supplies such as masks, hand sanitizers, and gloves to ensure safety and comply with COVID-19 prevention guidelines, and one day of paid leave will also be supported.
Shinhan Bank is providing a total of 100 billion KRW in financial support to small and medium-sized enterprises temporarily facing difficulties in fund management due to flood damage and individual customers who have suffered significant damage.
In addition, Shinhan Card is offering various financial supports for customers affected by the flood, including deferral of card payment claims, installment payment options, and reductions in interest, late fees, and service charges.
Shinhan Life and Orange Life are also deferring insurance premium payments and insurance contract loan interest for up to six months for affected customers, and have decided to promptly pay accident insurance benefits to support customers damaged by the heavy rain.
Shinhan Capital operates financial support programs such as a six-month principal repayment deferral and automatic maturity extension for flood-affected companies, and plans to provide goods worth 20 million KRW for disaster victims.
Cho Yong-byeong, Chairman of Shinhan Financial Group, said, "We will spare no group-level support to provide practical help to residents in areas affected by the flood," adding, "Shinhan Financial will continue to practice social responsibility management to coexist with local communities."
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