Financial Services Commission Closely Monitoring Myanmar Situation... "Considering Gradual Withdrawal of Resident Staff"

[Asia Economy Reporter Kwangho Lee] Regarding the incident in which the commute vehicles of Shinhan Bank's Yangon branch employees in Myanmar were shot at, financial authorities are closely monitoring the situation and have stated that they will prepare response measures. Depending on the situation, they may also order the return of employees to their home country.

On the 1st, the Financial Services Commission held a meeting with related agencies concerning the situation in Myanmar and decided to closely monitor the local situation in cooperation with financial companies according to emergency response procedures and take necessary measures.

The meeting was attended by the Financial Services Commission, Ministry of Foreign Affairs, Financial Supervisory Service, KDB Industrial Bank, IBK Industrial Bank, Shinhan Bank, Korea Federation of Banks, and Korea Credit Finance Association.

A Financial Services Commission official stated, "Depending on the situation at the local branch location, measures such as temporary closure of branches and switching all employees to remote work are being implemented," and added, "We are also considering the phased withdrawal of resident employees."

Financial Services Commission Chairman Eun Sung-soo, after a meeting with bank presidents on the same day, told reporters, "I understand that constant communication is not possible due to local circumstances, but the financial authorities have established an emergency contact network with local financial companies and will continue to monitor the situation," and expressed, "We will take urgent measures if necessary."

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