Wearing Civil Defense Uniforms, Conducting Fundraising... Financial Holding CEOs Actively Responding to COVID-19 (Comprehensive)

[Asia Economy Reporter Kwon Haeyoung] Financial holding company chairpersons 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 where everyone contributes a little. 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 played a role in the movements of financial holding company chairpersons.

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 has made it mandatory for all employees to wear masks during face-to-face meetings and inside the office. 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 the so-called 'Civil Defense Jumper,' a yellow jacket worn by public officials during national disaster situations. Wearing the civil defense jumper 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.

Additionally, Chairman Kim donated 1 billion KRW to the National Disaster Relief Association on behalf of the holding company to support preemptive COVID-19 prevention and rapid damage recovery. The donation will be used for practical supplies for medical staff in Daegu and Gyeongbuk regions, which have been declared special management zones. It will provide not only basic medical supplies such as medical equipment, protective suits, and masks but also relief items including health supplement kits to boost the immunity of medical personnel.

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 inspection and response procedures for any health abnormalities among members. Sohn Tae-seung, Chairman of Woori Financial Group, recently decided to support daily necessities and donations worth 1.1 billion KRW at the group level to prevent the spread of COVID-19. They will provide daily necessity kits to vulnerable elderly people at risk of food insecurity due to the closure of multi-use facilities in Daegu and Gyeongbuk. They will also deliver 200 million KRW in donations, voluntarily contributed by employees from their salaries, to child care facilities in the region.

Kim Kwang-soo, Chairman of NH Nonghyup Financial Group, personally visited the homes of elderly people living alone in Yeongdeungpo-gu, Seoul, last month. He delivered packages of Korean agricultural products and spent time comforting elderly people struggling due to the suspension of free meals caused by COVID-19. He also visited Yeongdeungpo District Office to sponsor agricultural products and hand sanitizers.

In addition, financial holding company chairpersons have previously established comprehensive support measures across their organizations, 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 infection spread due to COVID-19 increase and the economy rapidly cools, many citizens including self-employed individuals and SME employees are going through difficult times. Financial holding companies are participating in overcoming the crisis by expanding not only financial support but also non-financial support."

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