Woori Bank Participates in Dunchon Jugong Final Payment Loan... Shinhan Next Year

Woori Bank, 50 Billion KRW Limit "Increase Next Year If Needed"
Shinhan to Participate with 100 Billion KRW Limit from Next Year

Woori Bank is set to provide the final payment loan for Olympic Park Foret On (Dunchon Jugong), which is considered the largest reconstruction project since the era of Dangun. Shinhan Bank has also decided to join with a limit of 100 billion KRW starting next year.

The construction of the 'Olympic Park Foreon' project in Dunchon-dong, Gangdong-gu, Seoul, which had been halted due to escalating disputes over construction costs ahead of next month's move-in, is set to resume. The photo shows the Olympic Park Foreon project site in Gangdong-gu on the 25th. Photo by Jo Yongjun

According to the financial sector on the 7th, Woori Bank is currently in discussions to participate in the final payment loan for Dunchon Jugong this year. This follows KB Kookmin Bank and others in providing the final payment loan for Dunchon Jugong.

The loan limit is around 50 billion KRW, with an interest rate reportedly similar to other banks at about 4.8%. A Woori Bank official stated, "It is true that we plan to handle the final payment loan for Dunchon Jugong this year," adding, "The limit may be increased next year depending on the situation if necessary."

Shinhan Bank is known to have sent an official letter to its branches indicating that it will handle the final payment loan for Dunchon Jugong starting next year. The loan limit is 100 billion KRW. Shinhan Bank’s decision to specify next year as the starting point is interpreted as a measure to maintain its household debt management policy. The interest rate level is reported to be the 5-year financial bond rate plus 1.5 percentage points.