Shinhan Financial Group Launches Comprehensive Financial Support for 'Hinnamno' Disaster Recovery

Shinhan Bank Launches 200 Billion KRW Financial Support and Donation Campaign for Affected Customers

[Asia Economy Reporter Yu Je-hoon] Shinhan Financial Group announced on the 7th that it will provide comprehensive financial support at the group level for early damage recovery and relief activities for residents affected by the 11th typhoon 'Hinnamnor.'

First, Shinhan Bank will provide a total of 200 billion KRW in emergency financial support to small and medium-sized enterprises (SMEs) affected by the typhoon, their partner companies, and individual customers. For SMEs temporarily facing difficulties in fund management, support will include ▲new loans up to 300 million KRW per company within the damage amount, totaling 100 billion KRW ▲loan maturity extensions ▲installment repayment deferrals ▲special preferential interest rates up to 1.5 percentage points (p) when issuing new credit or extending maturity for affected customers.

For individual customers, Shinhan Bank will support ▲new emergency living stabilization funds and loan maturity extensions totaling 100 billion KRW with a limit of 30 million KRW per person. Additionally, Shinhan Bank will run a customer participation donation campaign until the 23rd. By pressing the 'Participate' button on the donation campaign page through Shinhan SOL and major group company applications, Shinhan Bank will donate 1,000 KRW per participation.

Shinhan Card plans to provide financial support including ▲card payment deferral for 2 to 6 months for affected customers and their immediate family members, including those currently overdue ▲installment payments for up to 6 months after the deferral period ▲temporary limit support if the debt repayment deferral customers have insufficient limits ▲30% discount on card loan and cash service fees used after the damage date.

For Shinhan Card auto finance customers, support includes ▲extension of rental car service period from 10 days to 15 days in case of vehicle flooding ▲full waiver of fees for early repayment due to total loss ▲0.2 percentage point interest rate discount on Shinhan Card new car, used car installment, and rental car usage for affected customers ▲one-time 300,000 KRW billing discount for lease users.

In addition, Shinhan Card has prepared various support measures such as ▲providing discounts and cashback services for LG Electronics home appliance purchases by affected customers in collaboration with LG Electronics ▲free big data analysis services focused on regional consumption data for hopeful local governments in affected areas.

Shinhan Investment Corp. will lower interest rates by 0.5 percentage points for three months from the date of submission of damage confirmation certificates on stock-backed loans held by affected customers and their immediate family members before the damage occurred. Shinhan Life will provide financial support including ▲6-month premium payment deferral for affected customers ▲installment payments for up to 6 months after the deferral period ▲guaranteeing normal benefits regardless of premium payment during the period.

Jeju Bank will provide ▲emergency stabilization funds to SMEs and individual customers in the province ▲closer damage recovery efforts such as volunteer activities through identifying affected companies.

Shinhan Financial Group Chairman Cho Yong-byeong said, "I extend my deepest condolences to those affected by this typhoon," and added, "All group companies of Shinhan Financial will do their best together to support residents in the affected areas to overcome the disaster and return to their daily lives."

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