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Home » Announcements » Samsung, Hyundai, Other Conglomerates Open Microcredit Branches in Korea

Samsung, Hyundai, Other Conglomerates Open Microcredit Branches in Korea
So-young, M.

The first branch of the Smile Microcredit Bank, a state-led program which will provide unsecured loans to low-income households, was launched recently. Samsung Group, the nation’s biggest conglomerate, will open the branch in Paldal District of Suwon city, Gyeonggi, according to the government. Samsung is one of six non-financial conglomerates that made 1 trillion won (US$860 million) in donations to the microcredit program.

The other five – Hyundai-Kia, SK, LG, Posco and Lotte - are also preparing to open their own branches soon. In this state-led program, each corporate contributor can operate its own donation money through their own Smile Microcredit Bank branches - for example, Samsung Smile Microcredit Bank branches for Samsung Group.

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Posted: 15 Dec 2009
Source: JoongAng Daily, South Korea
Originally Published: 15 Dec 2009