Citibank Korea CEO Yoo Myung-soon, center, poses with Save the Children Board Chair Oh Joon, right, and Korea Land and Housing Corp. CEO Lee Han-joon after signing an agreement to support young people having to leave shelters and stand their own, Wednesday. Courtesy of Citibank Korea

Children and teenagers living in shelters have to leave when they reach a certain age, despite receiving a small subsidy from the government upon departure. However, this support is often insufficient for these young individuals who must now fend for themselves.

Citibank Korea signed an agreement with Save the Children and Korea Land and Housing Corp. (LH) to offer extensive support for young people as they transition to independence after their protection period ends.

As part of its aid programs, Citibank Korea will provide financial support totaling 600 million won ($435,000) over two years to the "Standing Together" project, aimed at providing a stable start for youth preparing for independence.

"Through the ‘Standing Together' project, Citibank Korea is committed to offering practical support to help young individuals preparing for independence become thriving members of our society," Citibank Korea CEO Yoo Myung-soon said at the signing ceremony held at the Children's Garden in Yongsan District, Seoul, Wednesday.

At the ceremony, which was also attended by Save the Children Board Chair Oh Joon and LH CEO Lee Han-joon, Yoo delivered 300 million won, which is the first-year sponsorship fund.

The three organizations will deliver comprehensive assistance in housing, daily living, and essential information to ease the challenges faced during this transition, fostering a stable and secure living environment.

The bank will assist youth transitioning into LH rental housing by providing a "Living Stability Tailored Package" which includes essential household items and small home appliances. Furthermore, they will offer the "Independent Living Handbook (provisional name)" featuring educational programs on housing, finance, and employment, along with instructional videos to bolster their independence skills.