Shinhan Bank said it signed an agreement on Thursday with the Babo Ui Nanum foundation in Myeongdong, Seoul, to cooperate on legacy donations using trusts.

The Babo Ui Nanum foundation is a private organisation specialising in fundraising and distribution and runs various public interest projects and legacy donation campaigns.

Lee Jae-gyu (이재규), head of Shinhan Bank’s Wealth Management Solutions Group, and Kim In-kwon (김인권), executive director of the Babo Ui Nanum foundation, attended the signing ceremony.

Under the agreement, the two organisations will pursue support for legacy-donation design using testamentary substitute trusts, promotion of Babo Ui Nanum’s memorial legacy donation campaign, tailored donation consulting, and joint seminars and counselling programmes. Shinhan Bank plans to provide trust-based financial solutions so that donation intentions can lead to detailed design and execution.

Lee said trusts are an institutional mechanism that can steadily carry out customers’ intentions. He said the agreement would strengthen the bank’s role in supporting both asset succession planning and the realisation of public interest value.

Kim said legacy donation is a meaningful choice in which one person’s philosophy of life and values are passed on to the next generation. He said the agreement would help ensure that a final promise in life is fulfilled more safely and transparently through trusts.