Shinhan Financial Group announced on the 23rd that it has established a fund of 1 billion won to support residents in the Ulsan, Gyeongbuk, and Gyeongnam areas who have suffered significant damage from recent wildfires, and that the group companies will participate in comprehensive financial support.
Shinhan Financial plans to use this fund to support rapid recovery and relief activities in the affected areas, as well as assist DAEWON and public officials who either lost their lives or were injured during the firefighting process.
First, Shinhan Financial has decided to provide financial support to the families of those who died in the line of duty so they can continue their livelihoods. For the injured, the focus will be on medical expense assistance for severe trauma, such as burns, while customized support for mental and physical recovery will be pursued.
Additionally, Shinhan Financial plans to actively support overcoming wildfire damage and natural disasters that occur annually based on the fund that has been established.
By affiliate, Shinhan Bank will provide up to 500 million won in new credit support for small and medium enterprises and small business owners, as well as extensions of maturity and deferral of partitioning payments. Upon new credit issuance or maturity extension, preferential interest rates of up to 1.5 percentage points will be offered, along with preferential interest rates of up to 1.5 percentage points for new and existing individual loan customers.
Shinhan Bank will utilize the disaster and disaster donation system established last year to support affected small business owners and self-employed individuals among the victims. Emergency food aid for disaster victims and volunteers, as well as pre-prepared emergency relief kits and shelters, will also be provided.
Shinhan Card has decided to support a 'billing deferral' for affected customers, allowing them to repay their card payments after 6 months, and a 'partitioning repayment' plan that allows them to pay in installments over 6 months after the deferral period ends. Shinhan Life will provide financial support through a 6-month deferral of premium payments for affected customers, with installment options for up to 6 months after the deferral period, ensuring normal benefits regardless of whether premiums are paid during that period.
Jin Ok-dong, chairman of Shinhan Financial, said, “First, I mourn for the firefighters who lost their lives while dedicated to extinguishing the wildfires,” and added, “All group companies of Shinhan Financial will work together to support the residents affected by this wildfire so they can quickly overcome the disaster and safely return to their daily lives.”