Busan·Gyeongnam Bank, Temporary Suspension of Integration Talks
[Asia Economy Reporter Kim Min-young] Discussions to merge the two banks under BNK Financial Group have been temporarily suspended.
The labor union of Gyeongnam Bank issued a press release on the 9th, stating, "Following a meeting with Hwang Yoon-chul, president of Gyeongnam Bank, and officially confirming BNK Financial Group's position, we will fully suspend the ongoing struggle."
The Gyeongnam Bank labor union said that during the meeting with President Hwang, they confirmed the holding company's official stance that "the holding company is not considering a merger without the consent of Gyeongnam Bank members and will not do so in the future."
As a result, discussions on the merger between Busan Bank and Gyeongnam Bank have subsided. Although BNK Financial has not released an official statement, if the labor union of Gyeongnam Bank's claims are accurate, it seems unlikely that merger talks between the two banks will proceed for the time being.
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Previously, at a press conference held last month, Kim Ji-wan, chairman of BNK Financial, stated, "I will set a direction on the merger of banking affiliates during my term."
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