Shinhan Bank Decides Compensation for Some Companies Affected by KIKO Losses

Compensating Affected Companies to Fulfill the Social Responsibility of Financial Institutions

[Asia Economy Reporter Jo Gang-wook] Shinhan Bank announced on the 15th that it has decided to provide compensation to some companies affected by KIKO in order to fulfill the social responsibility of financial institutions.

Shinhan Bank held an extraordinary board meeting on the morning of the same day and made this decision.

Shinhan Bank explained, "Although there is no legal liability related to the KIKO dispute, we decided to provide compensation considering the social role of financial institutions and the reality of small and medium-sized enterprises currently facing difficulties." However, the number of companies to receive compensation and the level of compensation were not disclosed.

Shinhan Bank had decided to participate in the 'Bank Council' last June to resolve the prolonged dispute and fulfill the social responsibility of financial institutions to protect consumers.

A Shinhan Bank official said, "The compensation criteria were based on existing Supreme Court rulings and legal opinions from external experts such as lawyers, and comprehensively considered the circumstances of individual companies."

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