Woori Bank Provides 205 Billion KRW Benefits to Customers Including 0.7%P Loan Interest Rate Reduction

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Woori Bank announced the ‘Woori Win-Win Finance 3·3 Package’ on the 30th as a win-win financial support plan worth 205 billion KRW annually, including a maximum interest rate cut of 0.7 percentage points on household loan products. The package provides three types of support each for three major customer sectors: individuals, small business owners and SMEs, and financially vulnerable groups.

On the same day, Woori Bank held the ‘Yeongdeungpo Senior Plus Branch Opening Ceremony’ attended by Lee Bok-hyun, Governor of the Financial Supervisory Service, Lim Jong-ryong, the new Chairman of Woori Financial Group, and Lee Won-duk, President of Woori Bank, where the win-win financial support plan was unveiled. Lee Won-duk is urging win-win financial plans while touring commercial banks including Hana Bank, Busan Bank, Hana Bank, KB Kookmin Bank, and Shinhan Bank.

Lim, Chairman of Woori Financial Group, announced three major principles for win-win finance: ▲providing practical financial packages that all citizens can feel ▲continuously preparing win-win financial support plans ▲operating financial functions that fulfill the responsibility of ‘win-win’.

In the ‘Woori Win-Win Finance 3·3 Package,’ the interest rates on all household loan products for individual customers will be lowered first. Mortgage loan (new, refinancing, extension) interest rates will be cut by up to 0.7 percentage points, jeonse deposit loans (new, refinancing, extension) by up to 0.6 percentage points, and credit loans (new, refinancing) by up to 0.5 percentage points. Woori Bank explained that this will reduce interest expenses by 104 billion KRW annually. In addition, benefits worth 23 billion KRW are expected to be provided to customers through a 500 billion KRW leap loan for youth self-reliance support, financial vouchers for 10,000 people, and support for repayment of overdue principal equivalent to overdue interest payments for one year to prevent long-term delinquency.

For small business owners and SMEs, an emergency loan of 500 billion KRW for small business living stabilization funds will be implemented, and repayment support for overdue principal equivalent to overdue interest payments will be provided. Furthermore, financial support worth 1.5 trillion KRW will be provided through the Credit Guarantee Foundation, and the full interest for the first month of new guaranteed loans will be waived. A new product called ‘Safe Fixed-Rate Special Loan,’ which lowers the loan interest rate by 1 percentage point, will also be launched. The expected total savings through this are about 61 billion KRW.

For financially vulnerable groups, benefits worth about 17 billion KRW will be given by reducing the principal of microfinance loan products by 1% for faithful repayors and additionally waiving bank fees. There are also plans to expand social contribution specialized channels.

The newly opened Yeongdeungpo Senior Plus Branch is Woori Bank’s second branch specialized for the elderly. Unlike general branches, it features a waiting area designed to be elderly-friendly and operates a Sarangchae, a meeting and financial education space. It also makes ATM machines easier to use and provides financial services focused on principal-guaranteed products. The first ‘Senior Plus Hyo-sim (孝心) Branch’ for the elderly is the Dongsomun-ro Hyo-sim Branch, which opened in December last year.

Chairman Lim stated, “We will continue to build customer-friendly specialized channels without excessive branch closures.”

Meanwhile, banks visited by Lee Won-duk have been announcing support plans for vulnerable groups, including interest rate cuts. Hana Bank lowered the new interest rate on the Sae Hope Holssi Loan, a microfinance product, by up to 1 percentage point. Busan Bank cut mortgage loan rates by up to 0.8 percentage points, jeonse deposit loan rates by up to 0.85 percentage points, and credit loan rates by up to 0.6 percentage points. KB Kookmin Bank announced an interest reduction plan worth over 100 billion KRW annually by lowering interest rates on credit loans, mortgage loans, and jeonse loans simultaneously. Shinhan Bank also announced a 162.3 billion KRW ‘Win-Win Finance Expansion Comprehensive Support’ on the 24th, including interest rate cuts for individual customers and financial support for small business owners and SMEs.

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