BNK Financial Group Provides 200 Billion KRW in Emergency Support for Heavy Rain Recovery

Busan and Kyongnam Banks to Provide 100 Billion KRW Each

Relief Supplies, Meal Support, and Volunteer Restoration Efforts Planned

BNK Financial Group is launching an emergency financial support program worth 200 billion KRW to assist residents and businesses affected by the heavy rainfall.

On August 18, BNK Financial Group (Chairman Bin Daein) announced that it will provide emergency support, focusing on its major affiliates including BNK Busan Bank and BNK Kyongnam Bank, after reviewing the recent situation in the areas hit by concentrated heavy rains.

Emergency relief supplies such as bottled water and daily necessities will be provided to displaced residents and recovery personnel in the hardest-hit regions. Depending on the situation and specific needs at each site, BNK will also offer meal support and organize volunteer activities by its employees to help with restoration efforts.

The financial support will total 200 billion KRW, with BNK Busan Bank and BNK Kyongnam Bank each providing 100 billion KRW. The program targets small and medium-sized enterprises (SMEs) and individuals who have suffered actual damages due to the recent heavy rains.

For affected SMEs, emergency operating funds of up to 500 million KRW per business will be provided. For facility funds, support will be provided within the range necessary for restoring damaged facilities. Individuals will be eligible for emergency living stabilization funds of up to 20 million KRW and other funding required for recovery from damages.

For new loans, an additional interest rate reduction of up to 1.0 percentage point will be applied. For affected customers whose loan maturities are coming due, extensions will be offered without principal repayment, and repayment of installment payments can also be deferred.

To receive financial support, applicants must submit a damage confirmation certificate issued by the relevant local government office or other objective supporting documents verifying the damages.

A representative from BNK Financial Group stated, "We hope to offer at least some assistance to residents struggling from the sudden flooding and to everyone devoted to recovery efforts. We will continue to monitor the recovery process closely and fulfill our responsibilities to help the local community return to normal as soon as possible."

BNK Financial Group.

This content was produced with the assistance of AI translation services.