Shinhan Bank to Waive Rent for Tenants of Owned Buildings

Monthly Rent Exemption and Reduction to Support Small Business Owners Affected by COVID-19

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 18th that it will exempt and reduce rent for tenants of bank-owned buildings to support small business owners who are struggling to operate their businesses due to the escalation of social distancing to level 2.5.

Shinhan Bank will exempt monthly rent for three months for tenants in prohibited gathering industries, such as indoor sports facilities, whose business operations have been suspended among tenants of bank-owned buildings. For small business tenants, the monthly rent will be reduced by 30% (up to 1 million KRW per month) for three months. If social distancing level 2.5 continues after three months, the bank plans to consider extending the reduction period.

If social distancing is further raised to level 3 in the future, rent will be exempted for expanded prohibited gathering industries such as study rooms and PC cafes, and other small business tenants will receive up to a 50% reduction in monthly rent.

In March, Shinhan Bank also participated in the government-led Good Landlord Movement by reducing monthly rent for tenants of bank-owned buildings for six months.

A Shinhan Bank official said, "We want to actively participate in the Good Landlord Movement to support small business owners who are having difficulty operating their businesses normally due to social distancing," adding, "We will faithfully fulfill the social responsibility of financial institutions for everyone practicing social distancing despite the difficult situation to prevent the spread of COVID-19."

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