Eun Sung-soo "Discussed Myanmar Situation with Bank Presidents... Considering Emergency Measures"

[Image source=Yonhap News]

[Asia Economy Reporter Song Seung-seop] Eun Sung-soo, Chairman of the Financial Services Commission, held discussions on the incident where a bank employee stationed in Myanmar was shot amid the military's violent crackdown on protesters during a meeting with bank presidents on the 1st.

Immediately after the meeting, Chairman Eun told reporters, "We had thorough discussions with the bank presidents regarding the incident in which a domestic bank employee in Myanmar was shot locally," adding, "Human lives are the most important. We plan to establish an emergency contact network with the local area to monitor the situation across banks, securities, and insurance sectors without distinction, and take urgent measures if necessary."

He further stated, "However, if domestic financial institutions operating locally withdraw from the site, it may cause difficulties when returning in the future," and added, "In such cases, the authorities will step in to provide support when needed."

Currently, as the Myanmar military violently suppresses protesters, an incident occurred where a bank employee stationed locally was shot, prompting the financial sector to consider withdrawal. Around 5 p.m. the previous day, a local employee of Shinhan Bank's Yangon branch was shot while returning home using a dedicated commuting vehicle. The employee was injured and transferred to a nearby hospital for treatment. Following this incident, Shinhan Bank raised 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, and a phased withdrawal of resident staff is under review.

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