Banks Hesitant to Withdraw from Myanmar... Eun Sung-soo: "Will Take Emergency Measures if Necessary" (Comprehensive 2)

A soldier carrying a gun stands next to a participant in the military coup protest detained in Mandalay, Myanmar's second-largest city. (Photo by Yonhap News)

Shinhan Bank Temporarily Closes Yangon Branch... "Considering Gradual Withdrawal of Expatriates"

[Asia Economy Reporter Lee Kwang-ho] Following the Myanmar military's violent crackdown on protesters, an incident occurred where a bank employee stationed locally was shot, prompting financial institutions to enter emergency response mode. Withdrawal is also being considered depending on the situation.

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 is currently receiving treatment at a nearby hospital. Due to this incident, Shinhan Bank escalated the crisis level to stage 3 and temporarily closed the Yangon branch to ensure the safety of local staff and expatriates. All employees have switched to working from home.

A Shinhan Bank official stated, "We are considering the gradual withdrawal of expatriates," adding, "Essential services for customers of the Yangon branch will be supported by Shinhan Bank in Korea."

Commercial Banks Establish Hotline with Local Offices... Busy Preparing Response Measures

Other banks are also busy preparing response measures. According to the Financial Services Commission, nine domestic banks operate local corporations, offices, or branches in Myanmar. KB Kookmin, Shinhan, IBK Industrial, and KDB Industrial Bank have local corporations and branches, while Woori, Hana, Busan, NH Nonghyup, and Korea Eximbank operate offices.

A KB Kookmin Bank official explained, "KB Myanmar Bank employs a total of 38 people, including four dispatched from Korea, and currently 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 residents.

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

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

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

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

Financial Services Commission Closely Monitoring Situation... "Will Take Emergency Measures if Necessary"

The financial authorities also held a meeting with related agencies regarding the Myanmar situation on the same day, stating they will closely monitor and prepare response plans. The authorities plan to order the return of domestic staff depending on the situation.

A Financial Services Commission official said, "Depending on the situation at the local branch locations, measures such as temporary branch closures and switching all employees to work from home are being implemented," adding, "We are also considering the gradual withdrawal of expatriates."

Financial Services Commission Chairman Eun Sung-soo told reporters after a meeting with bank heads, "I understand that constant communication is not always 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," adding, "We will take emergency measures if necessary."

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