Busan Bank and Kyongnam Bank to contribute 100 billion won each
BNK Financial Group announced Tuesday it will launch a group-wide emergency support effort to help residents and businesses in areas hit by recent heavy rainfall recover from the damage. The group said it will assess conditions and on-the-ground needs in each affected area and provide additional support as necessary.
BNK Financial will extend a total of 200 billion won ($141 million) in emergency financial support to affected small and medium-sized enterprises and individuals. Busan Bank and Kyongnam Bank will each contribute 100 billion won.
Affected businesses will be eligible for emergency operating funds of up to 500 million won per company, with facility funds available within the scope needed for recovery. Individuals can receive up to 20 million won in emergency living-stabilization and recovery funds. New loans will carry an additional interest rate reduction of up to 1.0 percentage point.
Customers with loans coming due may extend their maturities without making separate principal repayments, and installment repayments will also be deferred. To apply, customers must submit a damage certificate issued by a government authority or other documentation confirming the damage.
Through its key subsidiaries, the group will also provide emergency relief supplies — including bottled water and daily necessities — to flood victims and recovery workers in affected areas. Meal support and employee volunteer activities are also planned, depending on conditions on the ground.
"We want to offer whatever help we can to residents struggling in the wake of the heavy rains and to those working hard on recovery efforts," a BNK Financial official said. "We will continue to monitor the recovery process closely and do what is needed to help our communities return to normal life as quickly as possible."
forest@heraldcorp.com
