Shinhan Financial Group Donates 1 Billion KRW for Wildfire Damage Recovery on the East Coast

[Asia Economy Reporter Buaeri] Shinhan Financial Group announced on the 6th that it will donate 1 billion KRW to residents affected by the wildfires in the East Coast region.

Each affiliate of Shinhan Financial will also carry out various support measures to help residents affected by the wildfires in the East Coast region.

Shinhan Bank plans to provide emergency living stabilization funds of up to 50 million KRW per individual to residents affected by the wildfires, and operating funds of up to 500 million KRW per company to small and medium-sized enterprises and partner companies affected by the disaster.

Financial support such as repayment deferral and maturity extension for installment repayments on existing loans, as well as interest rate reductions of up to 1.0 percentage point, will also be implemented. Shinhan Bank’s Gangwon Headquarters is conducting relief activities including meal support and laundry services for rescue workers and disaster victims.

Shinhan Card is providing financial support to wildfire-affected customers by allowing a 6-month payment deferral on card bills ('payment deferral') and installment payments over 6 months after the deferral period ends ('installment repayment').

Shinhan Life will defer insurance premium payments for wildfire-affected customers for 6 months. After the deferral period, payments can be made either as a lump sum or in installments over 2 to 6 months. During this period, customers will receive normal coverage benefits regardless of premium payment status.

Cho Yong-byeong, Chairman of Shinhan Financial Group, said, "We hope this will bring some comfort to the residents affected by the wildfires," and added, "We will continue to provide support so that the residents of the affected areas can overcome the disaster and return to their daily lives."

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