Shinhan Bank and SK Sign ESG Cooperation Agreement... Financial Support for Outstanding SMEs

Financial Support for ESG Excellent Partners Selected by SK... Up to 2%p Loan Interest Rate Reduction Together with Both Companies

[Asia Economy Reporter Yu Je-hoon] Shinhan Bank announced on the 1st that it has signed a business agreement with SK to cooperate on ESG to expand environmental, social, and governance (ESG) management and enhance social value.

Through this business agreement, the two companies plan to mutually cooperate in ▲ ESG financial support ▲ ESG management consulting ▲ ESG business ▲ advancement of ESG management, and expand ESG management across the industry including SK’s partners to create a sustainable corporate ecosystem.

As a core project, they will jointly develop and implement within the year a loan interest support program targeting SK’s ESG excellent partners. To this end, SK will diagnose ESG levels and assign grades on the ESG platform Click ESG, and Shinhan Bank will provide financial support to partners who receive excellent grades. ESG excellent partners can receive benefits within a maximum range of 2 percentage points (p) annually through interest rate reductions and interest support jointly provided by the two companies according to their ESG grades.

Additionally, Shinhan Bank will provide customized ESG management consulting to SK’s partners and jointly promote financial support related to overseas renewable energy and energy supply, sharing the secrets of measuring social value with SK to advance ESG management. Jin Ok-dong, CEO of Shinhan Bank, said, "We consider it a great honor to join forces with SK, which is setting the standard for ESG management, to enhance social value," adding, "We hope this agreement will be a new starting point to raise social value through ESG management."

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