IBK CEO Yoon Jong-won Begins Full Duties... Attends Former CEO Memorial and SME Association Meeting (Comprehensive)

Temporary Office Set Up at Financial Training Institute in Jongno-gu, Seoul
Morning of 6th: Visit to Late Kang Kwon-seok, CEO of Industrial Bank of Korea's Grave
Followed by 3 PM Attendance at Small Business New Year's Meeting
Attempt to Return to Headquarters as Early as 7th... Standoff with Union Intensifies

Yoon Jong-won, the newly appointed president of IBK Industrial Bank, was blocked by union members opposing his appointment as he tried to go to the bank's headquarters in Jung-gu, Seoul on the 3rd. President Yoon was unable to enter due to the union members' protest against what they called a "parachute appointment" and had to turn back. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kim Min-young] Yoon Jong-won, President of IBK Industrial Bank of Korea, has set up a 'temporary office' at the Korea Institute of Finance and has officially begun performing his duties as president. Although he has been prevented from going to his office by the bank's labor union, he plans to establish a temporary base outside and confront the 'parachute appointment controversy' head-on. He expressed his determination to continue his presidency by visiting the grave of the late Kang Kwon-seok, former president of IBK.

Union members, who have been blocking his attendance for two consecutive days, are demanding Yoon's resignation and have announced plans for a general strike, so it is expected that the disruption of the president working outside the head office will continue for the time being.

According to the financial sector on the 6th, Yoon set up a temporary office at the Korea Institute of Finance in Jongno-gu, Seoul, and began full-scale work by receiving reports on the current status of operations. The Korea Institute of Finance is mainly used as an office where senior financial officials prepare for hearings and other matters.

Earlier, on the 3rd, when Yoon's first attempt to go to the bank's head office in Euljiro, Jung-gu, Seoul was blocked by the union's attendance obstruction, he set up a temporary office at the Korea Financial Research Institute nearby and held an introductory meeting with the vice presidents. This office was used when he worked as a research fellow at the Financial Research Institute after resigning as the Blue House economic chief in June last year. The Financial Research Institute is about a 4-minute walk from the bank.

An IBK official said, "On the 3rd, the introductory meeting with the vice presidents was held at the temporary office," and added, "From today, reports on the current status of operations are expected to be conducted at the Korea Institute of Finance."

Yoon also carried out external official schedules as planned. On the first day of attendance, he attended the New Year's meeting of the financial sector held at the Shilla Hotel in Jung-gu, Seoul, in the afternoon. It was reported that Yoon insisted on attending despite the objections of his close aides. On the same day in the morning, Yoon visited the grave of the late Kang Kwon-seok, former president, at Bundang Memorial Park in Seongnam, Gyeonggi Province, to pay tribute. Kang, the first IBK president to serve consecutive terms, passed away in 2007 due to an illness during his second term.

Yoon said, "President Kang laid the foundation for the current IBK as a leading bank in small and medium enterprise finance despite fierce competition with commercial banks," and added, "I will carry on his legacy by supporting the development of SMEs, the backbone of the national economy, through innovative finance, and lead IBK to become a top-tier bank."

At 3 p.m. on the same day, he is also scheduled to attend the New Year's meeting of small and medium-sized business owners held at the Korea Federation of SMEs in Yeouido, Seoul.

It is also expected that he will attempt to return to the bank's head office again. He cannot stay outside the bank indefinitely. It is known that Yoon plans to try to go to the head office again as early as the 7th.

The conflict with the union is expected to deepen due to Yoon's determination to push forward. The union is holding a sit-in protest in front of the head office, demanding Yoon's resignation. It is known that Yoon's side has not yet contacted the union for talks, and the union plans not to engage in dialogue even if contacted. A union official said, "President Moon Jae-in promised through a policy agreement that there would be no parachute appointments," and added, "The ruling party and the Blue House must take responsible measures."

The Blue House and the government are refuting the parachute appointment controversy and supporting Yoon. They say that regardless of whether he is an internal promotion or an external bureaucrat, the president was appointed based on competence.

Voices are emerging that a conclusion must be reached soon, whether Yoon voluntarily resigns or continues his term, for IBK to stabilize. IBK is expected to face worsening management, with declining performance last year. The market expects IBK's net profit for last year to decrease by 38.4 billion KRW from the previous year to 1.7259 trillion KRW, marking the first decline in six years since 2013.

This content was produced with the assistance of AI translation services.