Financial Authorities and 5 Major Financial Groups Unite: "No Financial Company Without Customers" in Strong Response to COVID-19

Eun Sung-soo, Chairman of the Financial Services Commission (third from the left), is having a breakfast meeting with the heads of the five major financial holding companies at the Bankers Club of the Korea Federation of Banks in Jung-gu, Seoul, on the 2nd. (Clockwise from the left) Yoon Jong-kyu, Chairman of KB Financial Group; Kim Jung-tae, Chairman of Hana Financial Group; Eun Sung-soo, Chairman of the Financial Services Commission; Kim Kwang-soo, Chairman of NH Nonghyup Financial Group; Sohn Tae-seung, Chairman of Woori Financial Group; Cho Yong-byeong, Chairman of Shinhan Financial Group.

[Asia Economy Reporter Kangwook Cho] Financial authorities and the heads of the five major financial holding companies have expressed a unified commitment to actively respond to the novel coronavirus disease (COVID-19) crisis. They share the recognition that without customers, the existence of financial companies is at risk, and have agreed to do their best to provide proactive and sufficient financial support going forward. In particular, for the Daegu and Gyeongbuk regions, which are experiencing difficulties, they plan to implement more active measures such as automatically extending loan maturities through non-face-to-face methods.

According to the Financial Services Commission on the 2nd, Eun Sung-soo, Chairman of the Financial Services Commission, and the heads of the five major financial holding companies held a breakfast meeting that day and agreed that the public and private sectors would respond actively with a solemn determination to the COVID-19 situation.

The financial holding company chairmen stated that during this critical time, the five major financial holding companies, as the eldest brothers of the financial sector, will devote all their efforts with a solemn determination to share and overcome the difficulties faced by their customers, the people and businesses.

Yoon Jong-kyu, Chairman of KB Financial Group, said, "We will contribute to the nationwide effort to overcome the damage caused by COVID-19 through preferential interest rates and loan support for small and medium-sized enterprises and small business owners, as well as providing prevention kits to vulnerable groups."

Also, Cho Yong-byeong, Chairman of Shinhan Financial Group, mentioned, "As a responsible corporate citizen, we are promoting warm finance," and added, "We will seek practical measures to help companies and customers who have unfortunately suffered damage."

Kim Jung-tae, Chairman of Hana Financial Group, introduced the group's mission of 'growing together and sharing happiness in finance,' and stated, "Like various institutions and medical staff doing their best in their respective positions, Hana Financial Group will also take the lead in supporting individuals, companies, and regions affected by the damage."

Kim Kwang-soo, Chairman of NongHyup Financial Group, said, "Based on a nationwide branch network, we will prioritize regionally tailored financial support for farmers and small business owners, and will promptly carry out social contribution activities to help farms facing difficulties due to distribution stagnation and price declines of food materials."

Son Tae-seung, Chairman of Woori Financial Group, emphasized, "We will do our best to provide support without blind spots, including management stabilization fund support, fee reductions for smart and internet banking, deferral of card payment billing, support for export payment collection, and the Good Landlord Movement."

In response, Chairman Eun expressed gratitude for the active funding support plans established by the five major financial holding companies and other private financial companies, such as extending the maturity of existing loans for affected small and medium-sized enterprises and small business owners, and newly supplying special loans worth about 3.2 trillion won. He also announced plans to refrain from on-site inspections by the Financial Supervisory Service for the time being unless urgent issues arise, to support these efforts. Furthermore, to facilitate smooth credit supply by the private sector, policy finance functions such as expanding guarantees by the Korea Credit Guarantee Fund will be strengthened. The financial authorities had previously sent exemption letters from sanctions related to COVID-19 funding support on the 18th, and issued non-action opinions allowing remote access to support telecommuting and separated work under the Business Continuity Plan (BCP).

In particular, Chairman Eun requested that the CEOs of financial companies take the lead personally to ensure proper funding supply at frontline branches.

Chairman Eun said, "Financial company CEOs should personally step forward, check support performance daily by region, and encourage frontline branches. Also, to prevent cases where affected companies and others cannot utilize support programs due to lack of awareness, related information should be actively promoted, and frontline staff should thoroughly understand the difficult situations of visitors and phone inquiries, responding and explaining as kindly and in detail as possible through internal training and guidance."

He also urged not only financial support but also practicing the virtue of coexistence with local communities and business partners in diverse and creative ways.

Chairman Eun requested, "Since major financial companies are already providing various support such as the Good Landlord Movement, purchasing traditional market products, and supplying masks to vulnerable groups, please join forces to spread good examples to other financial companies and encourage more diverse coexistence efforts to emerge."

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