Eun Sung-soo, Financial Services Commission Chairman, "If Possible, Hope for Full Sale of Citibank"

Issue of Issuing Real-Name Accounts for Virtual Currency... "It's a Matter for Banks to Decide"

Financial Services Commission Chairman Eun Sung-soo listens to Prime Minister Kim Boo-kyum's remarks at the Cabinet meeting held at the Government Seoul Office in Jongno-gu, Seoul, on the 15th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Jin-ho Kim] Eun Seong-su, Chairman of the Financial Services Commission, stated on the 1st that he hopes for a 'block sale' regarding the sale of Korea Citibank.

Chairman Eun attended the plenary session of the National Assembly's Political Affairs Committee on the same day and responded to Justice Party lawmaker Bae Jin-kyo's question about Citibank's current issues by saying, "If possible, both the management and the labor union would agree to maintain employment and minimize consumer damage through a block sale," adding, "This is also the hope of the financial authorities."

He continued, "However, the issue is whether a block sale is possible. If either the management or labor side needs assistance from the authorities, we will try to help within the limits allowed by law."

Citibank is currently known to have received letters of intent from multiple financial companies for the sale. While a block sale is the principle, they have stated that a split sale could be considered if a block sale proves difficult.

Regarding the issuance of real-name accounts by cryptocurrency exchanges, Chairman Eun strongly refuted the criticism from People Power Party lawmaker Yoon Chang-hyun that banks bear a heavy burden.

Chairman Eun said, "The primary responsibility for money laundering lies with the banks," and added, "It is not that the authorities intervene with instructions, but because U.S. authorities impose enormous penalties that could bring down banks, the banks are cautious on their own."

He further stated, "So, if you ask which bank you should go to for real-name account issuance, you should go to a prepared bank," adding, "If they think they can handle it sufficiently, they will accept it, but if they think they might collapse due to mistakes, they will not. If they cannot make such judgments, then banks should not conduct banking operations."

In response to a question from Min Byung-duk of the Democratic Party about whether the extension of COVID-19 loan maturity and interest repayment deferral measures will be extended again, he replied, "The future quarantine situation is a major factor."

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