Shinhan Bank Contemplates Withdrawal as Myanmar Staff Shot (Comprehensive)

Shinhan Bank Temporarily Closes Yangon Branch... "Considering Gradual Withdrawal of Expatriates"
Establishes Hotline with Local Authorities... Closely Monitoring in Real Time
Policy Banks Cooperate with Embassy... Responding According to Business Continuity Plan

[Asia Economy Reporter Kwangho Lee] As the Myanmar military violently suppressed protesters, an incident occurred where a bank employee working locally was shot, prompting the financial sector to consider withdrawal.

According to the financial sector on the 1st, around 5 p.m. the previous day, a local employee of Shinhan Bank's Yangon branch was shot while returning home using a vehicle designated for commuting. The employee was injured and transferred to a nearby hospital for treatment. Following this incident, Shinhan Bank escalated its crisis level to stage 3 and temporarily closed the Yangon branch to ensure the safety of local employees and resident staff. All employees have switched to working from home.

A Shinhan Bank official stated, "We are reviewing a phased withdrawal of resident staff," adding, "Essential services for customers of the Yangon branch will be supported by Shinhan Bank in Korea."

Other banks are also busy preparing countermeasures. According to the Financial Supervisory Service, as of the end of September last year, 11 domestic banks operate local corporations, offices, or branches in Myanmar. Commercial banks such as KB Kookmin, Shinhan, Woori, and NH Nonghyup have corporations, offices, or branches in Yangon, Myanmar, while three policy banks?KDB Industrial Bank, Korea Eximbank, and IBK Industrial Bank?also operate offices in Yangon. DGB Daegu Bank and Sh Suhyup Bank have local corporations in Bago and Naypyidaw, respectively. Hana Financial Group has Hana Microfinance, a subsidiary of Hana Capital, operating locally.

These banks are prioritizing safety and closely monitoring the current situation, planning to respond promptly to any changes.

A KB Kookmin Bank official explained, "KB Myanmar Bank employs a total of 38 people, including four dispatched from Korea, and as of today, all employees are working from home," adding, "We have established a hotline with the local office to closely monitor the situation." KB Kookmin Bank will respond to the withdrawal of domestic staff according to the Ministry of Foreign Affairs' policy on the evacuation of Korean nationals.

A Hana Financial Group official said, "Until yesterday, the local corporation and branches were operating normally," adding, "Although no decisions have been made yet, we are monitoring the situation in real time and preparing countermeasures."

Woori Bank is also operating with only essential personnel on reduced hours to maintain minimal operations, and Nonghyup Bank is strengthening its monitoring.

However, the banks stated that they do not currently plan a full-scale withdrawal. A Woori Bank official said, "There are no plans to withdraw the local corporation."

An official from Korea Eximbank stated, "Unlike commercial banks, as a policy bank, we are coordinating with the embassy," adding, "If the embassy issues an evacuation order, then withdrawal can be considered."

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