An exterior view of BNK Financial Group [BNK Financial Group]
An exterior view of BNK Financial Group [BNK Financial Group]

BNK Financial Group, led by Chairman Bin Dae-in, is launching a group-wide emergency relief effort to help residents of Busan and South Gyeongsang Province recover from the recent heavy rains.

The group said Tuesday it would closely monitor conditions in the affected areas and roll out a range of support measures for flood victims and businesses through its subsidiaries, including BNK Busan Bank and BNK Kyongnam Bank.

Emergency relief supplies — including bottled water and daily necessities — will be distributed to displaced residents and recovery workers in the hardest-hit areas. The group also plans to provide meals and deploy employee volunteers for cleanup efforts, adjusting its response based on conditions on the ground.

BNK Busan Bank and BNK Kyongnam Bank will each provide 100 billion won ($70.7 million) in emergency financial support — 200 billion won in total — to ease the financial burden on small and medium-sized enterprises and individuals affected by the downpours. Those who suffered direct losses from the flooding are eligible, provided they submit a damage certificate issued by the relevant local government authority or other documentation verifying the damage.

Affected small and medium-sized enterprises can receive emergency operating funds of up to 500 million won per company, while facility restoration loans will be available within the scope needed for repairs. Individuals may apply for up to 20 million won in emergency living-expense funds as well as additional financing for recovery costs. New loans will also carry an interest rate reduction of up to 1.0 percentage point.

Customers with loans coming due will have their maturities extended without requiring principal repayment, and installment payments will be deferred.

"We want to offer whatever support we can to local residents struggling in the wake of the sudden heavy rains, and to everyone working hard on recovery efforts," a BNK Financial Group official said. "We will not only provide the immediate support needed but also keep a close eye on the recovery process, and continue to play our part in helping the community return to normal life as quickly as possible."


kaf2002@heraldcorp.com