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| Woori Financial Group Chairman Son Tae-seung / Courtesy of Woori Financial Group |
By Lee Min-hyung
Woori Financial Group will provide financial aid worth 23 trillion won ($17.55 billion) for the next three years for socially vulnerable groups here, the company said Wednesday.
Woori's four affiliates ― Woori Bank, Woori Card, Woori Financial Capital and Woori Savings Bank ― will join the so-called co-prosperity finance project. Other Woori subsidiaries will take part in the group-wide corporate social responsibility program (CSR) later as well.
The company will offer a series of financial aid packages in three areas. A total of 17.2 trillion won will be used to provide loans for young people's residential stabilization and the self-employed who are suffering from the financial effects of the pandemic, Woori said.
The company also allocated 3.5 trillion won in order to offer loan programs targeting low-income earners. Woori will also offer favorable interest rates to vulnerable borrowers, so they can also overcome financial obstacles.
The group plans to hold a series of CSR campaigns by running donation programs worth 500 billion won for the next three years for certain groups within society, the company said.
"We will offer the socially vulnerable groups practical assistance by running the project," Woori Financial Group Chairman Son Tae-seung said. "Woori will never spare any efforts in supporting them under the philosophy that the economy can bounce back only after vulnerable groups overcome their obstacles," the Woori chief said.
Earlier, Woori Financial Group set up the Woori Financial Future Foundation, a non-profit organization aimed at offering financial aid to the younger generation and vulnerable members of society. The foundation received a license to commence operations from the Seoul Metropolitan Government late last month. Woori's 15 affiliates have joined hands for the launch of the foundation.
Starting from August, Woori affiliates will carry out a variety of programs for those in need by partnering with the foundation.
