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Woori Financial Group announced Friday it will donate 500 million won ($359,000) through the Community Chest of Korea's disaster relief arm to support the swift recovery of residents, small business owners and small and medium-sized enterprises affected by three days of torrential rain in South Gyeongsang Province, alongside a broader package of financial assistance at the group level.
Woori Bank will provide a total of 200 billion won in financial support for small business owners and SMEs struggling with the economic fallout from the flooding.
The bank will offer operating and facility loans of up to 500 million won per business, apply a special preferential interest rate of up to 1.5 percentage points, and extend maturities on existing loans by up to one year while deferring installment repayments.
Affected residents will be eligible for emergency living-stabilization loans of up to 20 million won, interest rate reductions of up to 1.0 percentage point, payment of contracted interest on early termination of savings and deposit accounts, and waived remittance fees.
Woori Card will defer card payment obligations for affected customers by up to six months, waive overdue interest accrued after the disaster, and erase related delinquency records. The card unit also plans to offer a 30 percent preferential rate reduction on financial products including card loans, credit loans and cash advance services.
Woori Financial Capital will defer principal repayments by up to six months and waive overdue interest that accrues after the disaster.
Woori Financial Group's savings bank subsidiary will also defer principal and interest repayments for three months and extend loan maturities by up to six months for affected customers.
Woori Financial Group is also conducting on-the-ground relief efforts through the Korean Red Cross, delivering emergency relief kits — comprising blankets, clothing and daily necessities — to displaced residents, and dispatching mobile meal-service vehicles to feed both displaced residents and recovery workers at the scene.
Financial authorities plan to establish an emergency flood-response task force — bringing together the Financial Supervisory Service, related financial institutions and industry associations — to coordinate financial support and help affected households and SMEs return to normal life as quickly as possible.
Woori Financial Group Chairman Lim Jong-ryong said the group would spare no effort for residents struggling in the wake of the sudden heavy rains. "All group affiliates will explore additional support measures and do everything in our power to help with disaster recovery," he said.
hyuk@heraldcorp.com
