Shinhan Financial Group vowed to strengthen its social contribution activities to help the country enhance its welfare and culture in a practical way.

One such attempt is the group’s corporate social responsibilities council, which consists of the chief executives of Shinhan subsidiaries. The council is the group’s highest decision-making body for corporate social responsibility activities.

CSR achievement is one of the qualifications that Shinhan evaluates when employees are considered for promotion.

In the belief that financial ignorance eventually leads to social marginalization, the group has offered basic financial education programs to children, seniors and the disabled, with its affiliates, such as Shinhan Bank, Shinhan Card, Shinhan Investment and Shinhan Life Insurance, since July 2012.

In six months, a total of 21,352 seniors and children benefited from this free educational program, according to the group’s data.

Shinhan Bank was the first of its kind in the nation to launch three branches catering to low-income customer services. In 2012, Shinhan Bank ― Shinhan Financial’s banking affiliate ― provided about 328.2 billion won ($305.2 million) in ultralow-interest New Hope Seed Loans to households of the country’s lowest economic bracket.

The bank has also waived service fees for financially strained households, multicultural families and single parents since September 2011, which gradually expanded to war veterans and families of certified patriots.

In addition, Shinhan Financial boosted support, worth 285 billion won, for about 220 faltering small and medium enterprises last year by lifting service fees, reducing interest and offering financial tips.

Shinhan Financial has widened its scope to the country’s cultural sector as well. In 1997, the group established the country’s first museum of financial history and donated about 6,400 pieces of historically valuable materials and records.

The group has supported the Great Mountains Music Festival and other numerous cultural events including for the performing arts and writing competitions.

By Chung Joo-won (joowonc@heraldcorp.com)