Park Jae-sik, Chairman of the Korea Federation of Savings Banks, Conducts On-site Inspection of COVID-19 Financial Support

On the 8th, at the NH Savings Bank Dongdaemun Branch in Seoul, Park Jae-sik, President of the Korea Federation of Savings Banks (right), is inspecting the financial support operations for small and medium-sized enterprises and self-employed individuals affected by the novel coronavirus disease (COVID-19). Photo by Korea Federation of Savings Banks

[Asia Economy Reporter Kim Min-young] On the 8th, Park Jae-sik, Chairman of the Korea Federation of Savings Banks, visited the NH Savings Bank Dongdaemun Branch in Seoul to check the status of maturity extensions and interest repayment deferrals for small and medium-sized enterprises and self-employed individuals affected by the novel coronavirus infection (COVID-19).

On that day, Chairman Park said, "It is because there were customers who trusted and consistently transacted with savings banks that we have today's savings banks, so now it is time for savings banks to support customers in overcoming the crisis," adding, "I ask the savings bank industry to actively support customers who are experiencing difficulties due to COVID-19 through new financial support and principal and interest repayment deferrals."

The savings bank industry is providing financial support such as maturity extensions and new loans to self-employed individuals and small business owners struggling due to COVID-19. They are also participating in overcoming the crisis through donations and material support for vulnerable groups.

As of the 3rd, approximately 115.8 billion KRW (including maturity extensions, principal repayment deferrals, new loans, etc.) in financial support has been provided, and social contribution activities amounting to 2.42 billion KRW through donations and material support have been carried out.

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