Banks Busy Preparing Win-Win Packages Amid Pressure from President Yoon...

President Yoon Suk-yeol speaking at the 21st Emergency Economic and Livelihood Meeting held on the 1st at a cafe in Mapo-gu, Seoul, attended by housewives, office workers, and small business owners. Photo by Yonhap News

As President Yoon Suk-yeol continues to pressure the banking sector with expressions such as 'servitude' and 'gapjil' (abuse of power), the banks have also become busy with their responses. The banking sector appears to be struggling to prepare packages for win-win finance.

Hana Bank proactively introduced a financial support plan worth 100 billion KRW on the 3rd to support small business owners. The plan includes refunding interest and providing support for energy living expenses and communication costs. Specifically, it will offer interest cashback to about 300,000 individual business customers, expand the supply of financial services for the underprivileged, support energy living expenses and communication costs, and provide management consulting support.

Woori Financial Group is also preparing win-win finance for small business owners, self-employed individuals, and youth. The focus is on preparing improved new products and alleviating the burden on citizens suffering from interest rate hikes or delinquencies on existing loans. On the 3rd, Im Jong-ryong, chairman of Woori Financial, held an emergency meeting attended by representatives of all affiliates to review the current status of win-win finance promotion and discuss expansion plans. Chairman Im said, "In addition to keeping the previously announced win-win finance promises, we must find better measures that meet the public's expectations and provide practical help as soon as possible." On the same day, Cho Byung-kyu, president of Woori Bank, also convened an emergency executive meeting to encourage the expansion of win-win finance.

BNK Financial Group also held a meeting on the same day, chaired by Chairman Bin Dae-in, with all subsidiary representatives and chief financial officers (CFOs) attending to review the current status of win-win finance promotion and discuss expansion plans. They plan to form a Regional Win-Win Development Committee including external experts and concretize detailed tasks centered on three major strategic tasks: 'growth support' for local small and medium-sized enterprises, 'recovery support' for small business owners and vulnerable groups, and 'startup support' for youth, to ensure practical win-win finance.

KB and Shinhan Financial Groups are also expected to disclose major win-win finance measures as early as the 6th after meetings throughout this weekend. NH Nonghyup Financial is also reportedly discussing win-win finance measures internally.

Related discussions are also expected at the meeting between financial authorities and the chairpersons of the four major financial holding companies scheduled for the 16th. Financial Services Commission Chairman Kim Ju-hyun and Financial Supervisory Service Governor Lee Bok-hyun will meet with the chairpersons of KB, Shinhan, Woori, and Hana Financial Holdings. Discussions on the banks' social contributions are also expected at this meeting.

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