Banks Hit by Record Heavy Rain... Branch Closures and Power Outages Continue

Up to 300mm Water Bomb... Banks Also Suffer Damage
Branches Flooded, Some Unable to Operate
Branches Closed, "Please Visit Alternative Branches"

On the night of the 8th, when heavy rain fell mainly in the central region, citizens hurried their steps on the street near Nonhyeon Station in Gangnam-gu, Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Song Seung-seop] Due to unprecedented heavy rain in the central region, temporary closures and suspensions of operations at bank branches in the Seoul metropolitan area are continuing. Some banks that suffered severe flooding overnight experienced water intrusion and even power outages.

According to the financial sector on the 9th, at 10:06 a.m., Shinhan Bank Seoul National University Branch announced a temporary closure. The branch stated, “Due to the heavy rain limiting branch operations, Shinhan Bank Seoul National University Branch will be temporarily closed for the safety of our customers,” adding, “If you need to visit during the closure period, please refer to alternative branches.” The closure is for the entire day, with normal operations resuming the next day (the 10th).

Shinhan Bank Haan-dong Branch in Gwangmyeong, Gyeonggi Province, also stopped operations at 9:11 a.m. The Haan-dong Branch said, “Due to heavy rain, the branch is undergoing restoration and will be temporarily closed during the morning business hours.” Customers were directed to Gwangmyeong Branch and Cheolsan-dong Branch as alternatives. Shinhan Bank’s Gangnam Station Financial Center also informed customers of a one-day suspension of branch operations.

Power outages also occurred. Water entered the buildings housing the banks, causing damage to electrical systems. Woori Bank Soongsil University Branch and Gangnam Station Branch experienced power outages inside the buildings due to flooding, disrupting operations. Woori Bank stated, “Customers visiting are being guided to nearby branches,” and “We are operating generators to restore service quickly.”

IBK Industrial Bank of Korea, classified as a financial public institution though it has branches like commercial banks, decided to delay the start of operations to 11 a.m. depending on branch conditions. This was in response to the Ministry of the Interior and Safety’s request to administrative agencies to adjust work hours due to concerns about severe flooding causing traffic congestion. Administrative and public institutions and their affiliated organizations in Seoul, Incheon, and Gyeonggi Province have all adjusted their start times to after 11 a.m.

Hana Bank also experienced flooding damage at a branch near Gangneung the previous evening. However, restoration has been completed, and normal operations resumed from that day. Most branches around Gangnam Station, which suffered heavy rain damage, are located on the second floor, so they were not affected.

KB Kookmin Bank explained, “Some branches in Seoul experienced flooding damage,” but added, “All are currently able to operate normally.”

Meanwhile, the metropolitan area received record-breaking rainfall of approximately 100 to 300 mm the previous day. This is the highest level recorded in 80 years since related statistics began being observed.