Woori Financial Group's Comprehensive COVID-19 Support... 'Fee Waivers and Loan Maturity Extensions'

Woori Bank Waives All Internet and Mobile Banking Fees from the 28th to the End of March
Woori Card Offers Up to 6-Month Deferral on Card Payments, Interest Rate Cuts, and Repayment Deferrals on Card Loans
Woori Comprehensive Financial Services Implements Loan Maturity Deferrals and Waives Late Fees for Customers Affected by COVID-19

[Asia Economy Reporter Kim Hyo-jin] Woori Financial Group is launching financial support across all its subsidiaries in response to the novel coronavirus infection (COVID-19).

On the 26th, Woori Financial announced that it has elevated its COVID-19 response task force (TF) to a group-level operation and will fully mobilize the capabilities of all its subsidiaries to actively provide financial support to customers.

Woori Bank will waive all fees for internet and mobile banking services for all individual customers from the 28th of this month until the 31st of next month to alleviate concerns about face-to-face contact and prevent the spread of the virus.

Additionally, it is providing rapid business stabilization funds amounting to 400 billion KRW to small business owners engaged in food, lodging, and tourism industries. For small business owners facing temporary liquidity shortages due to deteriorated business performance, loan maturities will be deferred until the situation stabilizes.

Woori Card will defer card payment claims for customers affected by COVID-19 for up to six months. For customers using small and medium-sized merchant stores, it will support 2-3 months of interest-free installments until the 31st of next month, as well as reduce interest rates on card loans and defer repayments.

Woori Comprehensive Financial Services will also join the group-wide support measures by deferring loan maturities and waiving overdue interest for its customers affected by COVID-19.

Following the recent upgrade of the COVID-19 crisis alert to the highest 'serious' level, all employees of Woori Financial Group will continue to expand various measures to protect customers and employees. In particular, they plan to actively support small business owners and SMEs in the Daegu and Gyeongbuk regions, which are experiencing significant difficulties, by purchasing local specialties and goods.

Son Tae-seung, Chairman of Woori Financial Group, stated, “In crisis situations like COVID-19, it is time to fulfill our social responsibility and repay by ensuring that all our customers can work with peace of mind rather than focusing solely on visible business. Until this situation stabilizes, especially in banking and card sectors where tens of millions of customers transact, we will do our utmost to ensure there are no blind spots in financial support.”

This content was produced with the assistance of AI translation services.