Shinhan Financial Surpasses 20 Billion Won in Refinancing Loans for Prime Mid-Credit Customers

Prime Customers of Shinhan Savings Bank Shift to Shinhan Bank Loans at Lower Rates
Success of the "Bring-Up & Value-Up" Project as Part of Inclusive Finance

Shinhan Financial Group announced on December 9 that the cumulative loan execution amount for the "Bring-Up & Value-Up" project, which was launched in September last year to improve the credit of mid-credit customers at savings banks and reduce their financial costs, has surpassed 20 billion won.

Shinhan Financial Group Headquarters Exterior.

This project involves converting prime customer loans from Shinhan Savings Bank to Shinhan Bank's "Win-Win Refinancing Loan" at a lower interest rate, and is one of Shinhan Financial Group's flagship inclusive finance initiatives. It also aligns with the recent stance of financial authorities emphasizing the need to alleviate the actual interest burden on vulnerable groups.

The project surpassed 10 billion won in cumulative loans just nine months after its launch in June, and exceeded 20 billion won as of the end of November. A total of 1,083 beneficiary customers have received an average interest rate reduction of 4.8 percentage points, with annual interest savings expected to reach approximately 2 billion won.

As previously announced last month, Shinhan Financial Group plans to expand its inclusive finance funding, including the "Bring-Up & Value-Up" project, to between 12 trillion and 17 trillion won.

In addition, as part of its inclusive finance efforts, Shinhan Financial Group has also been running the "Help-Up & Value-Up" project since July. The main focus is to uniformly reduce double-digit household loan interest rates to single digits and lower interest rates on new credit loans for low-income individuals. The support scope has also been expanded to Jeju Bank and Shinhan Savings Bank, offering relief on overdue interest for long-term delinquent customers and interest rate reductions for customers with good repayment records.

Other group-specific inclusive finance services are also underway, such as Shinhan Bank's "Ddanggyeyo" business loan and Jeju Bank's ERP (Enterprise Resource Planning) banking.

Jin Okdong, Chairman of Shinhan Financial Group, stated, "We are continuously identifying practical support measures to expand inclusive finance," adding, "Based on the group's mission of 'Warm Finance,' we will broaden the virtuous cycle of win-win finance, actively serve as a financial ladder for growth together with our customers, and further solidify Shinhan's unique inclusive finance model."

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