KB Kookmin Bank said on Thursday that the Financial Supervisory Service selected its rate cut for four credit loan debt restructuring products as an outstanding case under the seventh win-win and cooperation new financial product programme hosted by the regulator.

The Financial Supervisory Service regularly selects and announces outstanding financial products that involve sharing pain or distributing benefits for socially vulnerable groups and financial consumers, to support voluntary win-win and cooperation efforts in the financial sector.

The products are designed to help vulnerable groups recover after facing economic hardship such as business suspension, closure or temporary cash shortages. They comprise four offerings: a scheme to convert credit loans to long-term instalment repayment, a debt restructuring programme for credit loans, a household loan debt restructuring programme for credit loans to self-employed people who have suspended or closed businesses, and the KB Restart Loan for self-employed people.

KB Kookmin Bank cut new rates on the products by 3.5 percentage points to 9.5 percent from 13 percent from Sept. 26 last year. It expects about 4,000 people a year to receive the rate benefit.

A KB Kookmin Bank official said, "We will continue to expand a range of products and services so that we can fulfill the bank's social responsibility through proactive inclusive finance."