Commercial banks will provide financial support, such as extending loan maturity and reducing interest rates, to domestic companies affected by the Ukraine crisis.
Shinhan Bank announced on the 8th that it will provide benefits such as emergency fund support, deferment of installment repayment, and loan interest rate reduction of up to 1.0 percentage point to companies that have suffered or are expected to be damaged by the Russian invasion of Ukraine. The total amount of support is KRW 300 billion. Shinhan Bank receives complaints from the affected companies through the ‘Financial Grievance Report Center’ installed on the 2nd and provides consulting services related to payment and exchange rates. Other commercial banks, such as KB Kookmin, Hana, and Woori, will also provide new loans up to KRW 500 million within the extent of damage to affected companies, extend the maturity of existing loans, and reduce interest rates.
Reporter Shin Ji-hwan jhshin93@donga.com