Hana Bank announced Thursday that the company would provide 355.7 billion won ($270 million) in financial support for small business owners, who are struggling with high interest rates and the recent economic setback. Hana Bank said its support program will offer cashback on interest payments, subsidies on utility fees and consulting services to some 300,000 small business owners and self-employed individuals. Hana B.
Finance Minister and Deputy Prime Minister Choi Sang-mok, who took office early this year, urged the financial sector to make their utmost effort in risk management to mitigate rising concerns over a looming real estate project financing crisis. Choi also stressed the value of solidarity and mutual support as keys to overcome challenges posed by economic uncertainties.
The heads of Korea’s leading financial groups - KB, Shinhan, Woori, Hana and NH NongHyup - each announced their New Year message emphasizing risk management as the top priority to navigate uncertainties this year, the lenders said, Tuesday.
The performance of the country’s top financial groups will deteriorate in 2024, hamstrung by sustained high interest rates and hefty contributions to so-called mutual growth funds set up to help small businesses, market watchers said Friday.
The performance of the country’s top financial groups will deteriorate in 2024, hamstrung by sustained high interest rates and hefty contributions to so-called mutual growth funds designed to ease the financial burdens shouldered by Koreans, market watchers said Friday.