The Korea Federation of Banks Achieves 500 Billion KRW Social Contribution Project Goal Over 3 Years

Kim Tae-young, Chairman of the Korea Federation of Banks

[Asia Economy Reporter Kim Min-young] The Korea Federation of Banks announced on the 7th that it will complete a joint social contribution project by banks worth 500 billion won over three years within this year.

The board of directors of the Korea Federation of Banks decided in April 2018 to promote a joint social contribution project by banks worth 500 billion won over three years to contribute to the social return of bank profits and job creation. Accordingly, by the first half of this year, a total of 345 billion won was contributed to the Bank Sector Job Fund (220 billion won), job enterprise agreement guarantees (100 billion won), and social finance activation projects (25 billion won).

Also, at last month's board meeting, a total of 155 billion won in social contribution projects was confirmed and approved, including the third contribution to the Bank Sector Job Fund (100 billion won), projects for vulnerable groups affected by COVID-19 (30 billion won), and operating funds for the startup support space Front1 (25 billion won).

The banking sector is also expected to achieve social contribution support performance worth 3 trillion won from 2018 to this year by carrying out social contribution projects in various fields. By year, it is 990.5 billion won in 2018, 1.1359 trillion won in 2019, and an estimated 1.052 trillion won this year.

Kim Tae-young, chairman of the Korea Federation of Banks, said, “We are very pleased to complete the joint social contribution project by banks promised to the public in 2018 within this year, and social contribution support performance worth a total of 3 trillion won over three years is expected by the end of this year.” He added, “In the future, despite difficult management conditions, the banking sector will continue to practice inclusive finance and social responsibility, grow together with the people, and contribute to the sustainable development of our society.”

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