Financial Services Commission Chairman and Heads of 5 Major Financial Groups to Meet Next Week... Discussing COVID-19 Financial Support and More
[Asia Economy Reporter Kim Hyo-jin] Eun Sung-soo, Chairman of the Financial Services Commission, will meet with the heads of the five major financial holding companies to discuss issues related to financial support amid the novel coronavirus disease (COVID-19) pandemic.
According to the financial sector on the 19th, Chairman Eun will hold a breakfast meeting on the 24th at the Korea Federation of Banks in Jung-gu, Seoul, with KB Financial's Yoon Jong-kyu, Shinhan Financial's Cho Yong-byoung, Hana Financial's Kim Jung-tae, Woori Financial's Sohn Tae-seung, and NH Nonghyup Financial Group's Kim Kwang-soo. This will be in the format of Chairman Eun attending the regular meeting of the financial holding company heads.
At this meeting, Chairman Eun and the five holding company heads are expected to exchange opinions on the current status of financial support such as loans related to the COVID-19 situation.
Chairman Eun is expected to request the holding company heads to actively cooperate if measures such as additional extensions of loan maturities for small business owners and SMEs affected by COVID-19 are necessary.
While the holding company heads agree on the need for continuous bank-centered financial support, they are also expected to convey concerns to Chairman Eun about potential financial instability caused by the current financial support policy and request multifaceted preventive measures.
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The meeting is also anticipated to address controversies over 'reverse discrimination' between big tech companies increasingly entering the financial sector and existing financial firms. A financial sector official said, "The holding company heads are expected to convey to Chairman Eun the financial sector's concerns about risk factors that may arise if the threshold is lowered excessively under the financial innovation policy."
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