Bank Presidents Rushing to the Frontlines Amid the COVID-19 Crisis

Major Bank CEOs Engage in On-Site Management... Supporting SMEs and Encouraging Employees
Also Aiming to Actively Respond to Government's Inclusive and Innovative Finance Policy

Yoon Jong-won, President of IBK Industrial Bank of Korea (right in the left photo), and Bang Moon-kyu, President of Korea Eximbank (left in the right photo), visiting small and medium-sized enterprises to listen to their difficulties for on-site management. (Photo by each company)

Top bank executives are actively engaged in on-site management to overcome the COVID-19 crisis. They are visiting not only small and medium-sized enterprises (SMEs) struggling from the direct impact of COVID-19 but also frontline sales staff to encourage them and promise support. This is also analyzed as part of their strong commitment to actively respond to the government's inclusive and innovative finance initiatives.

According to the financial sector on the 24th, Yoon Jong-won, President of IBK Industrial Bank of Korea, visited the Busan and Gyeongnam regions on the 13th and the Gyeonggi-do region on the 21st to listen to the difficulties faced by SME customers and discuss financial support measures.

This was Yoon’s 17th on-site visit since his inauguration. It is seen as a strong determination to directly hear the voices of companies facing severe management difficulties due to COVID-19 and to prepare customized financial support plans. In particular, it is interpreted as a move to align with the Moon Jae-in administration’s focus on fostering ‘innovative companies.’ Yoon’s strategy is to transform credit structures and financial support methods in a future-oriented way to quickly back the growth of innovative companies. An IBK official said, "In addition to on-site management, we continuously communicate with companies through meetings and seminars."

He is also actively encouraging frontline sales staff. On the 21st, Yoon visited his 100th branch since taking office to encourage employees. Although visits to frontline branches were not smooth immediately after his inauguration due to the COVID-19 outbreak, this reflects Yoon’s determination to listen to voices from the field. On the 21st, Yoon promised employees, "We will continue to strive to create a happy workplace."

The Export-Import Bank of Korea also paid attention to this aspect. President Bang Beom-gyu personally visited key support sectors such as shipbuilding and construction plant companies, as well as SMEs, to directly listen to suggestions and difficulties from the field as part of his on-site management activities. Since his inauguration, President Bang has visited the field a total of 10 times.

Going forward, the bank plans to further strengthen on-site management activities to actively support the export competitiveness of small and medium-sized enterprises and mid-sized companies and their entry into global markets. A bank official said, "We will listen carefully to voices from the field to ensure timely financial support for overcoming the COVID-19 crisis and entering new industries."

Communication and on-site management by Kwon Joon-hak, President of NH Nonghyup Bank, are also well known. He values voices from the field so much that he skipped the inauguration ceremony on New Year’s Day and visited a youth smart farm instead. President Kwon personally oversees business sites several times a month and takes the lead in financial support. Song Jong-wook, President of Gwangju Bank, also visited local SME sites at the end of March as his first move after reappointment to listen to difficulties caused by COVID-19. He directly assessed the damage caused by COVID-19 and sought ways to provide timely financial consultation and support.

Purpose of Supporting SMEs Struggling Due to COVID-19

The main reason why top bank executives are directly engaging in on-site management is their strong intention to promptly support companies facing difficulties due to COVID-19. It is also aimed at actively responding to the financial authorities’ request to prevent SMEs experiencing temporary sharp declines in sales from collapsing. Recent measures to minimize loan disadvantages for companies whose credit ratings have dropped due to COVID-19 and the extension of maturity and interest deferrals on related loans amounting to 80 trillion won are understood in the same context.

A banking industry official explained, "With the progress of COVID-19 vaccinations, on-site management by top bank executives is expected to gain more momentum in the second half of the year," adding, "This shows that despite the rapidly changing financial environment toward non-face-to-face services, the answer to management ultimately lies in the field."

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