South Korea's four major financial holding groups - KB, Shinhan, Hana and Woori - will each provide 500 million won in donations, totalling 2 billion won, to help restore damage from torrential rains in South Gyeongsang province, including Geoje and Tongyeong. They will also roll out affiliate-by-affiliate financial support, including banks' emergency living funds and loans for small business owners and small and medium-sized enterprises, as well as deferrals of card payments and insurance premiums.

In the financial sector on Aug. 21, KB Financial Group will donate 500 million won to support recovery efforts and help evacuees return to daily life in South Gyeongsang province. The funds are expected to be used for emergency relief in flood-hit areas, recovery work, and securing daily necessities and housing safety for evacuees.

KB Kookmin Bank will provide individuals with up to 20 million won in emergency living funds within the scope of the damage. It will support self-employed people and SMEs with up to 500 million won in working capital and funds needed to restore facilities, applying preferential interest rates of up to 1.0 percentage point. KB Kookmin Card will defer card payment settlements for up to 6 months and cut fees on card loans and cash advances used after the damage by 30 percent. KB Insurance will also provide support to ease burdens from premium payments and repayment of existing loans.

Shinhan Financial Group will also deliver an additional 500 million won in donations to help restore flood-hit areas in South Gyeongsang province. The group-level support follows an earlier 200 million won delivered by Shinhan Bank to help affected residents. Shinhan Financial plans to provide emergency relief kits and relief tents and to take part in restoring public facilities and local infrastructure.

Shinhan Bank is providing individual customers with up to 30 million won in emergency living funds and business customers with up to 500 million won in new working capital. It will also form a volunteer group centered on employees in the Busan and South Gyeongsang areas and take part in restoration work at damaged sites. Shinhan Card will support measures including deferrals of card payment bills and installment repayments and a 30 percent discount on card loan fees, while Shinhan Life will provide support including deferrals of insurance premium payments and reductions in interest on policy loans.

Hana Financial Group will donate 500 million won for flood-hit areas including Geoje and Tongyeong and for flood victims, and will provide comprehensive group-level financial support. It decided on additional support after Hana Bank began emergency financial support on Aug. 17.

Hana Bank will provide up to 500 million won in emergency business stability funds to affected SMEs, small business owners and sole proprietors, and up to 50 million won in emergency living funds to individuals. It will also offer loan maturity extensions for up to 1 year, deferrals of installment repayments for up to 6 months, and preferential interest rates of up to 1.3 percentage points. Hana Card will defer billing for card settlement funds for up to 6 months, while Hana Life and Hana Insurance will also support measures including deferrals of insurance premium payments and advance payments of insurance proceeds.

Woori Financial Group will also deliver 500 million won through the National Disaster Relief Association, and major affiliates will join special financial support efforts. Woori Bank will provide a total of 200 billion won in financial support for small business owners and SMEs. It will offer up to 500 million won per company in working capital and facility loans and preferential interest rates of up to 1.5 percentage points, and will support affected residents with up to 20 million won in emergency living funds and interest rate cuts of up to 1.0 percentage point.

Woori Card will defer card payment settlements for up to 6 months and waive overdue interest incurred after the damage occurred. Woori Financial Capital will defer loan principal payments for up to 6 months, while Woori Savings Bank will defer repayment of loan principal and interest for 3 months and extend loan maturities for up to 6 months. It delivered emergency relief kits through the Korean Red Cross and also dispatched mobile meal service vehicles to the site.

Woori Financial Chairman Jong-ryong Im (임종룡) said, "We will spare no support for local residents who are suffering due to the sudden torrential rain," adding, "All group companies will do their utmost to support recovery, including seeking additional support measures."