Fundraising Campaign and Wearing Yellow Jumper... Financial Holding CEO 'Busy Everywhere' Supporting COVID-19 Damage Relief

[Asia Economy Reporter Haeyoung Kwon] Financial holding company chairmen are working tirelessly to respond to the novel coronavirus infection (COVID-19). They are participating in overcoming the crisis by coming up with innovative ideas such as expanding emergency loans, loan repayment deferrals and interest reductions, rent reductions, as well as launching a nationwide crowdfunding campaign. The financial authorities’ leaders urging support for self-employed individuals and small and medium-sized enterprises (SMEs) struggling due to the spread of COVID-19 have also contributed to the movements of the financial holding company chairmen.

According to the financial sector on the 4th, Cho Yong-byeong, Chairman of Shinhan Financial Group, held a board meeting of the Shinhan Financial Hope Foundation the day before and brainstormed with outside directors on measures to support COVID-19 victims.

Chairman Cho decided to launch the 'Hope Together Campaign,' a fundraising campaign involving all Shinhan Financial Group companies and the public. The goal is to raise a total of 5 billion KRW over four months from this month through June. To this end, a donation corner will be opened on Wadiz, a crowdfunding platform that collects small contributions from individual investors via the internet, and a fundraising campaign targeting the public will be conducted. Shinhan Financial Group companies will invest 2 billion KRW, the Shinhan Financial Hope Foundation will contribute 1 billion KRW, and the remaining 2 billion KRW will be raised through donations.

They have also taken steps to care for the health of internal employees. Chairman Cho mandated that all employees wear masks during face-to-face meetings and inside offices. Entry to the head office building is completely prohibited without a mask.

Kim Jung-tae, Chairman of Hana Financial Group, discussed COVID-19 support measures with subsidiary CEOs while wearing yellow jumpers known as 'Minbangwi jumpers,' which are worn by civil defense officials during national disaster situations. Wearing these jumpers aims to raise awareness about the spread of COVID-19 and to encourage active support for victims. On the 2nd, Chairman Kim shared the contents of a breakfast meeting with the Financial Services Commission chairman and urged subsidiary CEOs to support small self-employed businesses and SMEs suffering from sharp sales declines.

Yoon Jong-kyu, Chairman of KB Financial Group, established a Group Emergency Management Committee chaired by himself, with subsidiary CEOs and holding company executives as members. They have mandated mask-wearing and operate rapid health checks and response procedures for any abnormalities among members. Sohn Tae-seung, Chairman of Woori Financial Group, recently decided to provide daily necessities and donations worth approximately 1.1 billion KRW at the group level to prevent the spread of COVID-19. They will provide daily necessities kits to vulnerable elderly people at risk of food insecurity due to the closure of multi-use facilities in the Daegu and Gyeongbuk regions. They will also deliver 200 million KRW in donations, raised voluntarily by employees from part of their salaries, to child care facilities in the area.

Kim Kwang-soo, Chairman of NH Nonghyup Financial Group, personally visited the home of a solitary elderly person living in Yeongdeungpo-gu, Seoul, last month. He delivered packages of Korean agricultural products and spent time comforting the elderly who are struggling due to the suspension of free meals caused by COVID-19. Additionally, he visited Yeongdeungpo District Office to donate agricultural products and hand sanitizers.

Besides these efforts, financial holding company chairmen have previously established comprehensive company-wide support measures, providing various financial supports such as emergency funding, export safety net insurance subscription support, mask provision, and rent reductions.

A financial sector official said, "As concerns about COVID-19 infection spread and the economy rapidly cools, many citizens including self-employed individuals and SME employees are going through difficult times," adding, "Financial holding companies are participating in overcoming the crisis by expanding both financial and non-financial support."

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