Financial Union's Warning: "Next Bank Federation President Selection Must Be Transparent and Fair"

Park Hong-bae, Chairman of the Financial Labor Union / Photo by Asia Economy DB

[Asia Economy Reporter Kim Min-young] The National Financial Industry Labor Union (Financial Labor Union) has sent a warning message to bureaucrats and political figures vying for the next chairman position of the Korea Federation of Banks.

On the 13th, the Financial Labor Union urged that "the qualifications and abilities for the development of the financial industry must be thoroughly verified" regarding the appointment of the next chairman of the Korea Federation of Banks.

In a statement issued under the name of Chairman Park Hong-bae on the same day, the Financial Labor Union said, "With the current chairman's term expiring on November 30, rumors about candidates from bureaucrats and politicians are rampant."

The term of Kim Tae-young, chairman of the Korea Federation of Banks, ends next month, and the Federation is expected to recommend candidates for the next chairman at the board meeting scheduled for next month.

Within and outside the industry, names such as former Financial Services Commission Chairman Choi Jong-gu, former National Assembly Political Affairs Committee Chairman Min Byung-doo, former Financial Services Commission Chairman Lim Jong-ryong, and former NongHyup Financial Group Chairman Kim Yong-hwan are being mentioned. High-profile bureaucrats and political figures are being talked about.

The Korea Federation of Banks is a non-profit corporation established jointly by domestic and international banks and financial companies. The chairman is appointed at the general meeting attended by 22 member companies.

The Financial Labor Union emphasized, "The chairman of the Korea Federation of Banks represents the financial industry, frequently consults with financial authorities, discusses the development of the financial industry with member companies, and as the chairman of the Financial Industry Employers' Council, which is the sectoral labor-management partner of the Financial Labor Union, holds a crucial position in negotiating working conditions with the union," adding, "Given the significant role and authority of the chairman, the appointment process must be transparent and fair."

Furthermore, the union argued that the chairman must also possess ethics and social value orientation, including a philosophy on financial industry governance and labor-management relations that aligns with the changing times.

The Financial Labor Union stated, "We will closely verify whether the candidates for the chairman of the Korea Federation of Banks are individuals who will lead financial development and innovation," and added, "Candidates’ qualifications and abilities must be transparently and objectively evaluated from the perspective of financial industry members and the public, breaking free from the disgraceful cycle of government-controlled finance and secretive, parachute appointments."

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