Philanthropy A Priority For Shinhan Bank

Vanessa Doctor

19 August 2010

Korea's Shinhan Bank is stepping up in the social responsibility arena by placing its philanthropic activities at the forefront of its goals, The Korea Herald reports.

"We're committed to return our earnings to the society by reaching out to the community and to emerging markets across Asia. The Shinhan volunteer team allows us to work strategically whenever needs arise in the community," an unnamed Shinhan official was quoted as having said.

Among the projects Shinhan is involved in is the creation of a scholarship foundation, which offers 100 million won ($85,072) annually to children in emerging markets who are born under Korean parents, and the cultural asset protection program, which requires all Shinhan employees to attend seminars and monitor protection work in their regions.

Other projects include environmental protection efforts against carbon emissions, the establishment of a finance museum, microfinance programs for the poor, and the provision of free business educational programs for kindergarten and elementary school children.

Shinhan is reportedly the country's first bank to file a corporate social responsibility report in 2006. It posted an 88 per cent gain in second quarter earnings to 380.2 billion won ($324 million) in the latest reporting season.