Shinhan Bank Joins Ministry of Industry and Financial Supervisory Service as Partner Institution for Business Restructuring System
Promotion of Government Support Projects Based on Bank-Owned Network, Information, and Know-How
[Asia Economy Reporter Yu Je-hoon] Shinhan Bank announced on the 7th that it will participate as a partnership institution in the business restructuring system cooperation agreement among the Ministry of Trade, Industry and Energy, the Financial Supervisory Service, and the Korea Federation of Banks.
The business restructuring system is designed to prevent insolvency by promoting proactive structural improvement and innovation activities of normal companies, thereby minimizing the enormous social costs caused by insolvency in advance. Through this agreement, Shinhan Bank will participate as a partner institution in the business restructuring system, utilizing the bank’s network, information, and know-how to actively identify companies in need of business restructuring and recommend them to the Ministry of Trade, Industry and Energy.
Specifically, Shinhan Bank will assess whether companies facing difficulties among its clients require business restructuring and review and recommend them according to the "Business Restructuring Candidate Recommendation Guidelines" provided by the Ministry of Trade, Industry and Energy. Subsequently, the ministry will grant additional points to companies recommended by banks, simplify the application process from five steps to two, and provide additional benefits such as consulting related to business restructuring to revitalize the system.
Companies wishing to apply for the business restructuring system can choose from three types: ▲Entry into new industries (companies seeking to enter new businesses), ▲Oversupply (industries designated as having excess supply compared to demand), and ▲Industrial crisis areas (companies in regions experiencing crises due to industrial decline). Companies approved through the business restructuring application will receive incentives during the three-year approval period, including ▲support for research and development funds for core technologies, ▲financial support through policy fund loans and preferential interest rates, ▲business restructuring consulting, and ▲corporate tax benefits.
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A Shinhan Bank official said, "We are honored to participate in such a meaningful system," and added, "We will do our best to help companies facing difficulties make the most of the business restructuring system and turn crises into opportunities."
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