[Weekly Savings Banks] Secondary Financial Sector Joining Efforts to Overcome COVID-19

Published 22 Feb.2020 07:00(KST)

Kim Geon-yeong, CEO of NH Savings Bank

[Asia Economy Reporter Kim Min-young] The secondary financial sector has stepped up to help neighbors struggling due to the novel coronavirus infection (COVID-19).

◆ Accuon Donates 10,000 Masks to the Homeless

Accuon announced that it donated 10,000 masks to homeless organizations to help prevent the spread of COVID-19.

Accuon Capital and Accuon Savings Bank each prepared 5,000 masks, totaling 10,000, which were recently delivered to the Seoul Homeless Facilities Association.

Accuon stated, “Homeless facilities generally have poor hygiene management and health conditions, and many elderly residents have weakened immune systems, so proactive management to prevent infectious diseases is necessary.” The Seoul Homeless Facilities Association plans to provide the 10,000 masks donated by Accuon to facilities supporting homeless people living on the streets.

The delivery ceremony was attended by Gil Gwang-ha, Chairman of the Social Contribution Operations Committee at Accuon Capital; Jeong Young-seok, Chairman of the Social Contribution Operations Committee at Accuon Savings Bank; and Lee Eun-sang, Secretary General of the Seoul Homeless Facilities Association.

Chairman Gil said, “Accuon decided to support this mask donation to participate in overcoming COVID-19 and to bring warmth to the local community facing difficulties.”

◆ NH Savings Bank Hosts Event to Support Flower Farmers

Earlier on the 14th, NH Savings Bank held a flower-sharing event at its head office branch in Gangnam-gu, Seoul, to help flower farmers struggling due to the spread of COVID-19.

Normally, January and February are peak seasons with graduations, school admissions, and various anniversaries, but due to the impact of COVID-19, events such as university graduation ceremonies have been canceled one after another, causing great difficulties for flower farmers.

In response, NH Savings Bank expressed gratitude to customers who have traded with them through flower sharing and, in celebration of Valentine’s Day, gifted flower baskets made from flowers grown by local flower farmers to all employees instead of chocolates.

Kim Geon-young, CEO of NH Savings Bank, said, “Due to COVID-19, the economy is shrinking, and various events are being canceled, leading to a sharp decline in flower consumption, which is causing difficulties for flower farmers. It is a time when our interest and actions to increase flower consumption are necessary.” He urged active participation in the flower consumption promotion campaign.

NH Savings Bank plans to continue fostering a flower consumption atmosphere by placing flower pots in offices and promoting flower lifestyle campaigns among employees.

◆ Saemaeul Geumgo Supports Customers Affected by COVID-19

Saemaeul Geumgo is also providing financial support such as loan maturity extensions for customers, including small business owners, who are struggling due to the spread of COVID-19.

According to Saemaeul Geumgo, eligible customers include individuals who are confirmed or self-quarantined, and small business owners or self-employed individuals in medical institutions, tourism, travel, lodging, and dining sectors who have suffered damage due to decreased overseas travel demand or group reservation cancellations. Support includes emergency loans, maturity extensions, and repayment deferrals.

Emergency loans provide new loans within the credit limit for small business owners and self-employed individuals who need urgent funds, with a limit of 50 billion KRW.

Additionally, payment deferrals for mutual aid premiums are offered to confirmed COVID-19 patients who have accounts with Saemaeul Geumgo, including individuals and self-employed persons.

For existing loan customers who have been affected, principal and interest repayment deferrals and maturity extensions are provided based on review results.

For loans with lump-sum maturity repayment, maturity extensions of up to one year from the application date are available. For principal and interest repayment methods, conversion to lump-sum maturity repayment or repayment deferral for up to six months from the application date is supported. Customers affected who apply for new loans may receive preferential interest rates of around 0.3 percentage points.