Assemblyman An Ho-young Urges Citibank and Financial Authorities to Prevent Consumer Harm and Job Insecurity

Ahn Ho-young, Member of the Democratic Party of Korea

[Asia Economy Reporter Song Seung-seop] On the 17th, a warning message was issued toward Citibank Korea and financial authorities at the Democratic Party of Korea's policy coordination meeting. The message argued that approval of partial sales and phased closures is inappropriate as it would cause massive unemployment.

At the 47th policy coordination meeting of the Democratic Party of Korea held in the National Assembly main building's floor leader meeting room, Representative Ahn Ho-young stated in his opening remarks, “Even if Citibank Korea is sold, we sternly warn that there should be no financial consumer damage or employment instability.”

Citibank Korea’s New York headquarters has announced sales and withdrawals from 13 countries including Korea as part of a global strategy change. Representative Ahn visited Citibank Korea on the 15th as the deputy head of the Labor Respect Practice Group and had a meeting with President Yoo Myung-soon.

Representative Ahn said, “Rather than rushing the sale under New York headquarters’ orders, we request that sufficient time be taken and that the sale process be conducted through thorough consultation with the labor union,” adding, “If a partial purchase occurs, the remaining business units will inevitably proceed with withdrawal.” He criticized, “A rushed sale would cause over 2,000 employees to lose their jobs, leaving a precedent of unilateral withdrawal by foreign capital, with the damage falling entirely on the workers.”

He further warned the Financial Services Commission and the Ministry of Employment and Labor, “Proactive measures are necessary regarding the damages that the sale of Citibank Korea will bring,” and cautioned, “Approving a withdrawal method that produces large-scale unemployment and customer damage could be seen as an act of relinquishing South Korea’s financial sovereignty.”

He also urged, “The government and financial authorities must carefully examine whether the sale of Citibank Korea’s consumer finance business neglects customer protection and employment succession measures.”

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