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Korea's major banks donate 4 billion won to wildfire relief

Published: 23 Mar. 2025, 18:03 Updated: 23 Mar. 2025, 18:17

KIM JU-YEON
[email protected]

Residents in Sicheon-myeon, Sancheong County, South Gyeongsang watch the wildfire that has been sweeping the county overtake a house on March 23. [YONHAP]

Korea's major financial groups have pledged financial relief, emergency supplies and recovery services to aid displaced evacuees and restore damages from the wildfires that have been blazing through Gyeongsang over the weekend.

On Sunday, KB Financial Group, Shinhan Financial Group, Woori Financial Group and Hana Financial Group each announced 1 billion won ($68,000) donations to relief efforts for survivors of recent wildfires, including those in Sancheong County, South Gyeongsang; Uiseong County, North Gyeongsang; and Ulju County, Ulsan.

Woori and Hana’s donations will be split between the Community Chest of Korea and Korean Red Cross and will help displaced individuals and restore property damage, as well as fund medical aid, food and sanitary products for evacuees.

KB’s funds will go toward rebuilding and first aid, including to shelter for impacted people.

Shinhan said it would provide financial aid to injured firefighters and the families of the workers who died while putting out the fires, as well as for preventive measures for potential future wildfires and natural disasters.

“I pray that the firefighters who died in the line of duty after dedicating themselves to extinguishing the wildfires rest in peace,” said Shinhan Financial Group CEO Jin Ok-dong.

PIctured are destroyed residences in Sicheon-myeon, Sancheong County, South Gyeongsang as the wildfire rages on behind the neighborhood on March 23. [NEWS1]

The financial firms’ bank, card and insurance subsidiaries also launched recovery services, offering benefits such as interest rate relief to residents and small- and medium-sized enterprises affected by the fires.

KB Kookmin Bank, for example, will reduce interest rates by up to 1 percentage point for self-employed individuals and small- and medium-sized enterprises for working capital and investment loans.

Hana Bank will lend up to 50 million won to individuals for emergency funds to stabilize living conditions while its life insurance affiliate, Hana Life, will postpone interest payments for insurance and insurance contract loans by up to six months.

“Woori Financial Group’s affiliates will work together to find additional measures and make all-out efforts to support damage relief for residents affected by the large wildfires,” said Woori Financial Group Chairman Yim Jong-yong.

GS Retail and SPC Group also said Sunday they would deliver disaster aid kits to residents affected by the wildfires in Sancheong County and Uiseong County.

BY KIM JU-YEON [[email protected]]