Shinhan Bank announced on April 29 that it will hold a promotion to offer a preferential 100 percent exchange rate to foreign customers who remit their salaries in Korea to their home countries by Dec. 31 of 2025.
This promotion is available for the “remittance of foreigners’ salaries” in Shinhan SOL Bank App or Shinhan SOL Global App. The limit is up to $5,000 per month.
“We organized this promotion to provide practical benefits to foreign customers who remit their salaries,” a Shinhan Bank official said. “Shinhan Bank will continue to provide financial solutions with products and services that enhance the convenience of foreign customers.”
Shinhan Bank’s PR image on offering preferential exchange rates to foreign customers for overseas remittance.
Meanwhile, Shinhan Bank reorganized its mobile web channel and introduced a menu for foreigners in 16 languages, a first for a financial company in Korea.
The bank is also strengthening its services for foreigners, including receiving a new designation as an innovative financial service from the Financial Services Commission for its e9Pay SOL Global Passbook & Debit Card Service.
The Gimhae Foreign Customer Center which opened in January provides face-to-face financial counseling from 9 a.m. to 4 p.m. on weekdays and weekends and video consultations from 9 a.m. to 6 p.m. on weekdays and 9 a.m. to 5 p.m. on Saturdays.
Opening of Travel Card Lounge in Euljiro
Shinhan Bank has opened an unmanned branch that offers travel card services.
Shinhan Bank announced on May 7 that it has opened the SOL Travel Lounge in the Euljiro Area in Seoul.
At the lounge, customers can exchange currencies of 10 countries.
The SOL Travel Lounge is an unmanned, automated store that offers currency exchanges.
It is an offline extension of Shinhan Financial Group’s “SOL Travel Card” brand for travelers.
Shinhan SOL Bank’s Convenient SOL Currency Exchange Service allows customers to receive preferential exchange rates of up to 90 percent for US dollars, the Japanese yen and euro, and 50 percent for other currencies.
Thanks to the opening of SOL Travel Lounge in the Euljiro Area, Shinhan Bank will run a total of six SOL Travel Lounges.
Issuance of $500 Million ‘Global Senior Secured Foreign Currency Notes
Shinhan Bank announced on May 9 that it has successfully issued $500 million worth of global senior foreign currency bonds.
The notes have a fixed rate with a five-year maturity. Their issue rate has been set at 4.649 percent per annum, based on the U.S. treasury bill rate plus 0.72 percentage points.
Prior to the issuance of the notes, Shinhan Bank held a series of investor relation (IR) events for major investment institutions in Asia, Europe, and the Americas.
Amidst lingering market uncertainties, investor sentiment toward blue-chip note issuers recovered. Over 220 Investors placed orders totaling $4.4 billion.
Therefore, Shinhan Bank lowered the spread by 0.38 percentage points from the initially offered one.
Citigroup Global Markets Securities, Credit Agricole, JPMorgan, Mizuho Securities, MUFG Securities, and Standard Chartered took part in the issuance of the notes as joint lead managers.
Since the second half of 2020, Shinhan Bank has linked all of its publicly offered foreign currency notes to environmental, social, and governance (ESG).
These foreign currency notes were also successfully issued as social notes, making it an ESG note issued by the bank 12 times in a row.
Loans for Companies and Small Business Owners Hit by wildfires in Gyeongsangbuk-do
Shinhan Bank announced on April 24 that it will provide 4.5 billion won in win-win financial support to small companies and micro-entrepreneurs to help them recover from wildfires in Gyeongsangbuk-do.
This support is part of Shinhan Financial Group’s Rapid Guarantee Program for Disaster Victims. Shinhan Bank will provide 4.5 billion won in loans secured by a guarantee from the Gyeongsangbuk-do Credit Guarantee Foundation.
This support will cover small companies and micro-entrepreneurs, which have business sites in Andong, Uisung, Cheongsong, Yeongyang, and Yeongdeok of Gyeongsangbuk-do, which have been declared special disaster areas due to the wildfires.
The maximum loan amount is 100 million won.
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