Shinhan Financial to write off W500b in bad debt

Shinhan Financial Group said Wednesday it will write off 500 billion won ($328 million) in delinquent debt this year and provide 4.5 trillion won in financing for vulnerable borrowers and small businesses as part of a 5 trillion won social finance initiative.

The group unveiled its "Inclusive Finance 2.0 ON" program at a meeting of its Productive Finance Task Force in Seoul, positioning the plan as a broader effort to reduce financial blind spots and strengthen support for economically vulnerabl ...