"The old saying 'They chase you until you pay off your bank debt'... BNK Busan Bank throws 30 billion won of non-performing loans to help the common people's recovery into the trash bin"

500 People, 8 Billion KRW This Year, 30 Billion KRW Over 3 Years Debt Relief Social Responsibility Practice

‘Crisis Overcoming Companion Project’ for Vulnerable Groups, Basic Livelihood Recipients, and Disabled

Busan Bank Headquarters.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The saying "Banks chase you until you pay off your debt" has become a thing of the past.

BNK Busan Bank has generously launched a program that fully forgives the debts of ordinary people who are unable to repay their loans.

This program will discard a total of 30 billion KRW worth of non-performing loans over three years. Considering the debtor qualifications, the first action is to forgive 8 billion KRW this year.

The regional bank has rolled up its sleeves to support ordinary citizens and vulnerable groups who are experiencing economic difficulties due to the prolonged COVID-19 pandemic.

Busan Bank (President An Gam-chan) announced on the 22nd that, to implement the ‘Crisis Overcoming Companion (同行) Project,’ it will first carry out a non-performing loan forgiveness program worth approximately 30 billion KRW for socially vulnerable groups.

The support targets BNK Financial customers who have weak debt repayment ability, including elderly people aged 70 or older, basic livelihood security recipients, and the near-poor including persons with disabilities.

Starting with forgiving 8 billion KRW worth of non-performing loans held by about 500 people this year, the program will continue until 2024, aiming to forgive a total of 30 billion KRW to help socially vulnerable groups recover.

Busan Bank President An Gam-chan said, “We want to help socially vulnerable groups make a new start through large-scale debt forgiveness,” adding, “As a financial institution representing the region, we will continue to fulfill various roles to coexist and move forward with local residents.”

BNK Financial Group declared on the 8th the launch of the ‘Crisis Overcoming Companion (同行) Project,’ the first of its kind in the financial sector, with four affiliates within the group?Busan Bank, Kyongnam Bank, BNK Capital, and BNK Savings Bank?jointly participating. Over the next three years, they plan to provide financial support worth a total of 14.7 trillion KRW to vulnerable groups.

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