By Kim Jae-won
Following the global financial crisis, Shinhan Bank has solidified its leading position both in profitability and productivity among local lenders on the back of a strong risk management system.
Now the nation’s third largest lender, the flagship of Shinhan Financial Group, is seeking to take the lead in social contribution activities, as part of efforts to share their profits to the society and the underprivileged.
Shinhan’s social contribution activities are focusing on supporting the low income family. Most recently, ahead of the Chuseok holidays, the lender provided financial aid to hundreds of families out of the social safety net.
Chuseok is one of two major traditional holidays for Koreans along with Lunar New Year’s Day. Family members, near and far, come together at their parents’ or grandparent’s home to enjoy a big dinner.
During this fall season the lender donated gift certificates worth 40 million won to 400 households in the low-income bracket earlier this month ahead of Chuseok.
Shinhan’s General Director Oh Se-il gave them to Lee Sun, general manager of The University of Seoul Community Welfare Center in northern Seoul on Sept. 15.
With this generous contribution, those beneficiaries could use the certificates as cash at traditional markets nationwide to properly prepare foods for the Chuseok or thanksgiving holiday.
“We aim to support low-income and underprivileged families to help them enjoy a happy holiday,” a Shinhan spokesman said. “We will continue these activities on a regular basis to support them as well as to vitalize local economy.”
Shinhan also provided medical help for chronic renal disorder patients. Executives of the lender donated hemodialyzer, a machine for performing hemodialysis in acute or chronic renal failure, for the patients at the Home of Rapha located in Chungjeongno, central Seoul on Aug. 25.
Shinhan executives also do volunteer activities for the patients on a regular basis by cleaning the center and helping with other duties.
“We replaced the old hemodialyzer with a new one hoping it will help the patients,” a spokesman of Shinhan said. “We will keep sharing our love to become a beautiful bank here.”
About 2,000 Shinhan employees pledged to donate their organs after they die since the lender signed a memorandum of understanding with the Korean Organ Donor Program in May 2005.
Shinhan Bank CEO Lee Baek-soon emphasized that the lender’s social contribution activities are not a one-time performance, adding that it will seek to continue supporting the underprivileged to become a responsible corporate citizen.
“Shinhan will not be like a brief shower pouring onto the parched land. Rather, we will orient towards being a bigger sea to create a warm and bright world,” Lee said on its official website.