In the wake of severe flooding in the southern region, major banks in South Korea are stepping up to assist flood victims in their recovery.
According to Yonhap News on August 17, the four largest banks—KB Kookmin, Shinhan, Hana, and Woori—announced emergency financial support and relief efforts for customers affected by the heavy rains.
The banks will provide emergency living stabilization funds to individual loan customers impacted by the flooding. The loan limits vary by bank, with Hana Bank offering up to 50 million won, Shinhan Bank up to 30 million won, and both KB Kookmin and Woori Banks offering up to 20 million won each.
For small and medium-sized enterprises, small business owners, and individual entrepreneurs, the banks will provide operating funds of up to 500 million won, along with special preferential interest rates ranging from 1.3 to 1.5 percentage points. They will also support facility funds for the repair of damaged infrastructure.
To ease the financial burden on customers whose loan maturities are approaching, the banks have established measures to extend loan deadlines without additional principal repayments, applying preferential interest rates or deferring installment payments.
In addition to the banks, financial group affiliates are also joining the support efforts. Woori Card will defer credit card payment deadlines for affected customers for up to six months and will waive late fees incurred after the flooding, as well as remove late payment records. Woori Financial Capital will also postpone principal repayments for up to six months and waive late fees, while Woori Financial Savings Bank will allow a three-month deferment on loan principal and interest repayments, extending maturities by up to six months.
Alongside financial support, extensive on-site assistance and supplies are being provided to comfort the distressed flood victims. KB Kookmin Bank and Shinhan Bank plan to set up relief tents and provide additional relief supplies to ease the discomfort of those living in temporary shelters.
KB Kookmin Bank and Woori Bank will dispatch meal trucks to provide food for firefighters, relief workers, and flood victims working tirelessly at recovery sites. Additionally, Hana Bank plans to deliver 500 'happiness boxes' containing essential items such as blankets, toiletries, and medicines, while Woori Bank will support disaster relief kits prepared in collaboration with the Korean Red Cross and will consider donations based on the scale of the damage in the future.
* This article has been translated by AI.
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