Shinhan Bank is moving to promote legacy donations using trust services with the Holt Child Welfare Association.

Shinhan Bank said on Aug. 13 it signed a business agreement on Aug. 12 with the Holt Child Welfare Association at Shinhan Bank's Trust Lounge at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul to support legacy donations using trusts and spread a donation culture.

Under the agreement, the two organisations will cooperate on linking counselling for legacy giving and trust-based donations, supporting financial advice to help manage donors' assets, reviewing ways to execute donations through trusts, and publicity related to donation trusts and legacy donations.

Customers who want to leave bequests to the Holt Child Welfare Association can use Shinhan Bank trust services such as its will-substitute trust. The service manages and operates assets during a customer's lifetime based on the customer's needs and supports donating the estate after death according to a plan set in advance by the customer.

The two organisations plan to share ideas on donation trust-related products and services and to review additional cooperation measures to expand a donation culture through trusts.

Lee Jae-gyu (이재규), head of Shinhan Bank's Wealth Management Solutions Group, said the bank can now provide safer and more professional donation solutions to customers who want warm sharing for children and underserved groups. He stressed Shinhan will work to establish a legacy donation culture using the trust system and take the lead in creating social value through finance.

Kim Eun-hee (김은희), head of the Sharing Business Division at the Holt Child Welfare Association, said legacy giving is meaningful sharing that carries the values and intentions donors have cherished throughout their lives to the next generation. She said the agreement with Shinhan Bank has laid the groundwork for supporters who want to make legacy donations to receive stable counselling.