"The Answer Lies in the Field"... Bank Presidents on the Move (Comprehensive)

Major Bank CEOs Take On-Site Management... Support for SMEs and Employee Encouragement
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)

[Asia Economy Reporter Kim Jin-ho] The heads of major banks 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 will 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 on-site visit by President Yoon is his 17th since taking office. It is seen as a strong determination to directly hear the voices of companies facing great 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.’ President Yoon’s strategy is to change the credit structure and financial support methods in a future-oriented way to quickly support 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, President 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 President Yoon’s determination to listen to voices from the field. On the 21st, he 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 not only shipbuilding and construction plant companies, which are the main support sectors, but also SMEs to directly listen to their suggestions and difficulties as part of on-site management activities. Since taking office, 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 enhancement of export competitiveness and global market entry of small and medium-sized enterprises. 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 skipped the inauguration ceremony on New Year's Day and visited a youth smart farm to emphasize the importance of voices from the field. 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.

Kwon Kwang-seok, President of Woori Bank, after his reappointment was confirmed on March 25, visited the MyData development team working at Woori Financial Digital Tower and the sales site in Segyo District, Osan, Gyeonggi-do, to encourage employees.

Supporting SMEs Struggling Due to COVID-19 is the Main Purpose

The main reason why major bank heads 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 interpreted in the same context.

A banking sector official explained, "With the progress of COVID-19 vaccinations, on-site management by major bank heads is expected to gain more momentum from the second half of the year," adding, "This shows that even in a 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.