Bank targets long-term delinquent bonds held in special accounts for five or more years
June cancellation of 221.8 billion won also part of ongoing credit-recovery push
Hana Bank said Thursday it has canceled 134.3 billion won ($100 million) in long-term delinquent debt to help financially vulnerable borrowers rebuild their economic footing.
The move is aimed at enabling people in dire financial straits to return to normal economic life as quickly as possible.
The canceled debt consists of bonds that had been held in special accounts for at least five years. A large share of the beneficiaries are young and elderly borrowers with weak financial foundations who were deemed in urgent need of relief.
A total of 5,738 people across 9,215 accounts benefited from the measure, with combined principal and interest obligations totaling 134.3 billion won fully extinguished.
The bank has been steadily expanding its credit-recovery support for vulnerable borrowers. In June, it canceled 221.8 billion won in long-term delinquent debt covering 5,225 borrowers and 15,105 accounts.
"We will continue to broaden inclusive support that provides real, tangible help to financially vulnerable people facing hardship," a bank official said.
Hana Bank recently partnered with Naver and Naver Pay to make a special contribution of 5 billion won to the Seoul Credit Guarantee Foundation to support the city's nighttime commercial districts and youth entrepreneurship.
hyuk@heraldcorp.com
