The Four Major Financial Groups Announce Consecutive Donations and Financial Support Measures for Heavy Rain Damage

Major domestic financial holding companies have consecutively announced donations and financial support measures to aid in the recovery from the heavy rain damage and support disaster victims in the central and southern regions.

According to the financial sector on the 16th, KB Financial Group will donate 1 billion KRW to the 'Hope Bridge National Disaster Relief Association' for recovery efforts from the heavy rain damage. The entire donation will be used for facility restoration in the affected areas, essential supplies for disaster victims, housing safety for vulnerable groups, and support for farmers.

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Hana Financial Group will also donate 1 billion KRW collected voluntarily by 14 affiliated companies within the group, while Shinhan and Woori Financial Groups plan to donate 500 million KRW each for recovery efforts. Each company also plans to provide approximately 1,000 emergency relief kits.

The four major financial groups have also prepared financial support plans to assist local residents and small business owners affected by the heavy rain. Shinhan Financial Group will operate the 'Rapid Guarantee Support Program for Disaster Damage' through Shinhan Bank, which includes guarantee loans totaling 22.5 billion KRW via contributions to regional credit guarantee foundations and an additional 1.5% interest rate reduction.

Additionally, for small and medium-sized enterprises (SMEs) and small business owners, benefits such as ▲new credit support up to 500 million KRW ▲extension of maturity and deferment of installment repayments ▲special preferential interest rates up to 1.5 percentage points for new and extended loans will be provided. For individual customers, emergency financial support totaling 150 billion KRW, including emergency living stabilization funds up to 50 million KRW per person, will also be offered.

Hana Financial Group will also provide new emergency living stabilization loans up to 50 million KRW for individuals and emergency business stabilization loans up to 500 million KRW per company for SMEs through Hana Bank. Furthermore, upon maturity of existing loans, the principal repayment can be deferred with maturity extended up to one year, and installment repayments can be deferred for up to six months. Loan interest rates will also be reduced by up to 1 percentage point.

Woori Financial Group will support small business owners and SMEs facing difficulties due to the heavy rain damage with working capital loans up to 500 million KRW or facility loans within the recognized damage amount, offering special preferential interest rates up to 1.5 percentage points within a total limit of 200 billion KRW. Local residents can also receive financial support such as emergency living funds loans up to 20 million KRW per individual, interest rate reductions up to 1 percentage point, payment of agreed interest upon early termination of deposits and savings, and exemption of counter remittance fees.

KB Financial Group has also been operating financial support programs since the end of June to prepare for heavy rain damage during the monsoon season, including special loans, maturity extensions, interest rate benefits, and deferrals of insurance premiums and card payment dues.