Major South Korean banks launch emergency relief for heavy rain victims

South Korea’s four major commercial banks—KB Kookmin, Shinhan, Hana, and Woori—have announced emergency financial and material support for residents and businesses affected by heavy rainfall in southern regions, including Gyeongsangnam-do.

Financial assistance includes emergency living stability loans for individuals, with limits ranging from 20 million to 50 million won depending on the bank. For small businesses and SMEs, banks are providing up to 500 million won in operating funds with preferential interest rate reductions of 1.0 to 1.5 percentage points. Additionally, banks are offering loan maturity extensions and deferrals on principal and installment payments to ease the burden on victims.

Beyond financial aid, the banks are providing direct relief. KB Kookmin and Shinhan are supplying relief tents, while Hana Bank is distributing 500 ‘happiness boxes’ containing blankets, toiletries, and medicine. Woori Bank and KB Kookmin are deploying food service vehicles to support evacuees and rescue workers. Woori Card and other affiliates are also offering payment deferrals and interest waivers for affected customers.