Shinhan Bank Provides Support for Financial Recovery of Debtors in Trouble

Shinhan Bank CEO Jung Sang-hyuk (third from right) poses for a photo with other participants in a ceremony held to support legal aid and economic recovery for “debtors in crisis” including young people on Sept. 29. (Photo: Shinhan Bank)

On Sept. 29, Shinhan Bank donated 1.75 billion won to the Korea Legal Aid Corporation to support legal aid and economic recovery for debtors in crisis, including young adults.

The donation was presented at the corporation’s Seoul Comprehensive Support Center for Individual Rehabilitation and Bankruptcy in Seocho-gu, Seoul.

The donation ceremony was attended by Shinhan Bank CEO Jung Sang-hyuk, Korea Legal Aid Corporation Chairman Kim Young-jin, and officials from both organizations.

This initiative was launched to help debtors in crisis, including young people struggling with financial hardship and excessive debt, resolve their financial issues and make a stable recovery through legal assistance.

The donated funds will be utilized by Korea Legal Aid Corporation for legal aid programs, including identifying debtors in crisis, providing legal consultations, and assisting with individual rehabilitation and bankruptcy proceedings.

In particular, the initiative focuses on identifying debtors in need through the Comprehensive Support Center for Individual Rehabilitation and Bankruptcy, providing systematic support ranging from legal consultations to actual legal procedures for rehabilitation or bankruptcy.

Shinhan Bank has been collaborating with Korea Legal Aid Corporation since 1997 to support citizens who face difficulties accessing legal services due to financial hardship.

Last year, the bank provided 1.75 billion won in free legal aid to vulnerable groups, including victims of Jeonse fraud. Its cumulative sponsorship is set to reach 51 billion won by 2025.

The partnership between the two organizations has supported 298,099 legal aid cases for vulnerable groups such as recipients of basic livelihood security benefits, benefiting 311,208 individuals to date.

In addition, legal consultations were provided to 16,298 victims of Jeonse frauds and legal aid was given to 4,825 cases.

Shinhan Bank CEO Jung Sang-hyuk stated, “Helping those struggling with financial hardship and heavy debt burdens to get back on their feet is a crucial social role for the financial sector.”

He added, “We will continue to work with the Korea Legal Aid Corporation to address gaps in financial and legal services and support the successful recovery of vulnerable groups.”

“With this sponsorship, we will actively identify marginalized people who need assistance and provide systematic support ranging from legal consultations to legal proceedings like individual rehabilitation and bankruptcies, doing our utmost to offer practical solutions to their legal issues,” said Kim Young-jin, chairman of Korea Legal Aid Corporation.

Planting Event for Endangered Korean Fir Forest

On Sept. 19, Shinhan Bank held a second-year planting event for SOL Bangul Forest in Bangnae-ri, Hongcheon-gun, Gangwon-do, in partnership with social innovation enterprise Tree Planet.

SOL Bangul Forest is an ecosystem conservation project launched by Shinhan Bank to preserve the Korean fir, whose numbers are on the decline due to the climate crisis and enhance biodiversity.

The project aims to create an alternative habitat for Korean firs in Hongcheon, Gangwon-do, over a three-year period ending in 2027.

The Korean fir is a conifer native to Korea and is listed as an endangered species on the IUCN’s Red List.

With Korean firs dying off in key native habitats such as the alpine regions of Hallasan Mountain due to climate change, there is an urgent need to secure stable habitats and ensure ongoing conservation efforts.

Shinhan Bank initiated the SOL Bangul Forest Project last year by planting Korean firs and maintaining forest trails.

This year, the bank expanded the habitat foundation and the forest’s ecological diversity by planting additional Korean firs and establishing understory vegetation.

Shinhan Bank employees personally participated in the planting event.

Following the planting, they toured the developing forest and took part in biodiversity education, reflecting on the importance of responding to the climate crisis and conserving native species.