[New Year's Address] Park Jaesik, President of the Korea Federation of Savings Banks, "Proactive Support for Household Debt Risk Management"

Jae-sik Park, President of the Korea Federation of Savings Banks.

[Asia Economy Reporter Song Seung-seop] Park Jae-sik, Chairman of the Korea Federation of Savings Banks, announced that he will proactively manage the increased household debt risk during the COVID-19 period.

On the 3rd, Chairman Park stated in his New Year's address, "We will ensure that savings banks can achieve a stable soft landing through proactive management support for the inevitably increased household debt risk during the long tunnel of COVID-19," and emphasized, "We aim to revitalize local and low-income economies by expanding financial support for small and medium-sized enterprises and small business owners."

He also stressed, "We will enhance investments in digital banking and establish web banking and mini banking services to enable customers to conduct financial transactions more conveniently and securely."

He continued, "By promptly advancing the enactment of the Savings Bank Act and the Special Act on Litigation Promotion currently pending in the National Assembly, improving M&A regulations, revising the audit cycle for external auditors, and responding to increasing loan regulations, we will make the regulations related to savings banks more realistic to improve management conditions," adding, "We will support the expansion of business capabilities of local small and medium-sized savings banks and induce overall industry growth by creating a financial environment that is consumer-friendly and customized."

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