KB Kookmin Bank Partners with Credit Recovery Committee to Operate KB Hope Financial Center

At the business agreement ceremony held on the 13th at the KB Kookmin Bank headquarters in Yeongdeungpo-gu, Seoul, Lee Jaeyeon, Chairman of the Credit Recovery Committee (left), and Lee Hwanju, President of KB Kookmin Bank, are posing for a commemorative photo. Provided by KB Kookmin Bank

KB Kookmin Bank announced on the 14th that it has signed a Memorandum of Understanding (MOU) with the Credit Recovery Committee for the establishment and operation of the KB Hope Financial Center.

The business agreement ceremony, held the previous day at the new building of KB Kookmin Bank in Yeongdeungpo-gu, Seoul, was attended by Lee Jaeyeon, Chairman of the Credit Recovery Committee, Lee Hwanju, President of KB Kookmin Bank, and other officials.

Under this agreement, KB Kookmin Bank plans to provide specialized credit counseling services and strengthen support for debt adjustment to assist the economic recovery of vulnerable groups. The bank also donated 500 million won to the Credit Recovery Committee, which will be used to offer professional psychological counseling services for debtors.

The KB Hope Financial Center is scheduled to open in Seoul and Incheon by the end of this year, with plans to expand nationwide next year. Customers who are unable to visit in person can also access credit counseling services through non-face-to-face channels.

The credit counseling services will include: consulting on credit issues through analysis of credit scores and loan status; guidance on the bank’s own debt adjustment and credit recovery programs, the New Start Fund, personal rehabilitation, and bankruptcy systems; and information on policy financial products and options for converting high-interest loans. All counseling services will be provided free of charge.

The "Mind Care Counseling Service" will be offered in partnership with the Korea EAP Association starting in November. Through 943 psychological counseling centers affiliated with the Korea EAP Association nationwide, professional psychological counseling will be provided to customers receiving debt adjustment counseling from the Credit Recovery Committee.

A representative from KB Kookmin Bank stated, "This agreement goes beyond simple financial support and represents an inclusive finance initiative that also embraces psychological recovery. We will continue to expand our financial support activities so that vulnerable groups can make meaningful efforts toward economic recovery."

Meanwhile, on September 26, KB Kookmin Bank expanded the eligibility for its own debt adjustment program from "delinquent borrowers with loans under 30 million won" to "delinquent borrowers with loans of up to 50 million won." As a result, more than 4,000 additional customers are expected to have new opportunities for recovery.

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