Two Major Financial Unions: "Cautious Approach Needed for Relocating Financial Public Institutions to Provinces... Prioritize Enhancing Competitiveness of Hub Institutions"

(From left) Na Jae-cheol, Chairman of the Korea Financial Investment Association; Kim Tae-young, Chairman of the Korea Federation of Banks; Eun Sung-soo, Chairman of the Financial Services Commission; Park Hong-bae, Chairman of the Financial Industry Labor Union; and Lee Jae-jin, Chairman of the Office and Financial Labor Union, are having a meeting on the morning of the 4th at the Financial Services Commission Chairman's Reception Room in the Government Seoul Office in Gwanghwamun, Seoul. (Photo by Financial Services Commission)

[Asia Economy Reporter Kim Hyo-jin] The two major labor unions in the financial sector have requested the financial authorities to exercise caution regarding the relocation of financial public institutions to regional areas.

According to the financial authorities on the 4th, Park Hong-bae, chairman of the Financial Industry Union, and Lee Jae-jin, chairman of the Office and Financial Union, conveyed this position during the 'Financial Sector Labor-Management-Government Representative Meeting' with Eun Sung-soo, chairman of the Financial Services Commission, in the morning. Kim Tae-young, chairman of the Korea Federation of Banks, and Na Jae-cheol, chairman of the Korea Financial Investment Association, also attended the meeting.

The two major unions stated, "The relocation of financial public institutions to regional areas should be decided carefully, taking into full consideration the competition for a global financial hub and the benefits to financial consumers."

They also proposed, "Before relocating financial public institutions to regional areas, let's enhance the competitiveness of regional financial institutions such as regional banks to contribute to the revitalization of the local economy."

Additionally, the two major unions urged the establishment of fair competition and consumer protection measures in response to the entry of big tech (large information and communication companies) into the financial industry. They also requested discussions on various measures for prompt and effective compensation for damages related to recent financial accidents such as the consecutive suspension of private equity fund redemptions.

The financial sector labor-management-government agreed to continue dialogue through regular consultation channels to respond swiftly to the rapidly changing financial industry environment.

The financial authorities pledged to make efforts to ensure that the opinions of the two major financial unions, representing 800,000 financial industry workers, are sufficiently considered not only by financial companies but also in the process of establishing financial policies.

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