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| Emergency officials clear waste and floating debris from Seoul's Jamsu Bridge to prepare for the resumption of traffic, Monday. Yonhap |
By Lee Yeon-woo
As heavy monsoon rain wreaks havoc across the country, leaving many reports of casualties and injuries, financial groups here are rolling up their sleeves to support those hit by the flood damage. They have donated billions of won for faster restoration, and are offering emergency loans to customers in need.
Shinhan Financial Group announced that they will contribute 1 billion won ($789,265) and begin offering comprehensive financial support worth 150 billion won. These measures include the donation of emergency relief kits to the hardest-hit Chungcheong provinces, and lowering an additional 1.5 percentage points on interest rates for loans provided to flood victims.
"We hope that Shinhan Financial Group's recent support will provide some comfort to customers who have suffered from the heavy rainfall," Shinhan Financial Group Chairman Jin Ok-dong said.
Hana Financial Group will also donate 1 billion won, a contribution gathered voluntarily from its 14 subsidiaries. The group will distribute 1,111 boxes of daily necessities and medical supplies to affected regions while offering emergency loans to individuals and small and medium-sized corporations.
"All of us at Hana Financial Group will pool our resources and provide substantial support to help the disaster victims overcome the damages and rise again," Hana Financial Group Chairman Ham Young-joo said.
Woori Financial Group has also taken part in the recovery efforts. It plans to offer comprehensive financial support for the victims within a budget of 200 billion won, such as offering new loans to affected customers, extending the due date for existing loans and applying preferential interest rates. The group has also donated 500 million won.
"We will spare no effort for the residents who have been affected by the continuing heavy rain," Woori Financial Group Chairman Yim Jong-yong said.
KB Financial Group was also no exception. It has donated 1 billion won and launched a donation campaign. Starting from Thursday, customers can participate in the campaign through the group's mobile apps. Additionally, the group has been preemptively adopting financial support programs since the end of June in preparation for the country's monsoon season.
"We hope that the people who have been affected by the recent heavy rain can return to their daily lives as soon as possible in good health," an official from the group said. "We hope the damage will not increase further, and KB Financial Group will do its best to provide support until the damage restoration is completed."
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