Shinhan raises W56.4b fund to create jobs

Shinhan Financial Group raised 56.4 billion won ($48.7 million) for the JOB S.O.S. II project, which saves up installments for those who found work at small or medium-sized companies and provides funds to such companies to encourage employment.

The financial group has been showing particular interest in making social contributions. It was the first local bank to publish a report on social duties in 2005. It has been conducting many charity events, making donations and raising funds for social causes.

The group set up Shinhan Miso Financial Foundation in 2009 which raised about 70 billion won to support the less fortunate. The group also established Shinhan Scholarship Foundation in 2006, which provides scholarships for university and college freshmen.

Other notable social contributions made by the group include its activities to help preserve South Korea’s traditional culture and relics. It agreed with the Cultural Heritage Administration to support the restoration process of the destroyed Sungnyemun, the nation’s No.1 National treasure. Group employees also collected funds to buy relics that were smuggled overseas and return them to the National Palace Museum of Korea.

Shinhan Financial Group also keeps an eye overseas; it donated $500,000 to quake-hit Haiti in 2010 and 100 million yen to also earthquake-struck Japan in 2011. Together with Seoul National University Hospital, the group provided medical help to patients in many countries including Cambodia and Uzbekistan.

By Park Min-young  (claire@heraldcorp.com)