Korean financial groups step up to aid flood-hit regions

With torrential rains battering South Korea’s central regions, local financial groups are lending a helping hand, including donations and staff volunteers to flood-hit regions.

Woori Financial Group has sent food and water supplies and a volunteer group in North Chungcheong Province, one of the regions that was hardly hit by torrential rains.

The group previously donated 100 million won ($84,100) for flood relief and sent support packages including hygiene, daily necessities and clothes to 400 households across the provinces of North Chungcheong and Gangwon that left many homeless due to floods.

Its flagship lender Woori Bank also recently announced a plan to operate a 200-billion-won financial support program until Sept. 29, to help repair facilities and businesses damaged by floods. Small and medium-sized business owners and the self-employed will be able to receive a special loan under 500 million won each - maximum of 20 million won per customer will be extended to any flood victims.

“We will do everything possible to help recover areas damaged by the floods and support our customers,” Sohn Tae-seung, chairman and CEO of Woori Financial Group said. 

NH Financial Group has also dispatched 50 volunteers -- including its chairman Kim Gwang-soo -- to a plant farm in Yongin, Gyeonggi Province on Friday, according to the firm.

The volunteers helped recover damaged facilities and greenhouses and relocated plants to safer grounds.

NH NongHyup vowed to continue its volunteering work with cooperation of its all units.

KB Financial Group donated 500 million won to an emergency relief fund managed by the Korea Disaster Relief Association. It said, it would top it up with 500 million won and 20 million won worth of corporate and personal loans, respectively. 

Hana Financial Group sent 1 billion won in donations to the KDRA, while Shinhan Financial Group’s flagship lender Shinhan Bank donated 500 million won via its 24 branches across the nation. Both plans to provide loan benefits for the flood-hit customers as well.

Unseasonably heavy rains and flooding across South Korea have left at least 30 people dead and 10 others missing, and displaced some 6,000 people, government data showed Sunday.

By Jung Min-kyung (mkjung@heraldcorp.com)