[1mm Financial Talk] Why Former Financial Experts Are Declaring Support for Yoon

Senior Financial Opinion Leaders Holding Placards
"Financial Market Ruined Under Moon Jae-in Administration"
Raised Issues of "Being Swayed by Political Finance"
"Can Provide Help If Consulted After Election"

Support Declaration After Rise in Approval Ratings
"Is the Intention Pure?" Some Skepticism

Photo by Yonhap News

[Asia Economy Reporter Shim Nayoung] On the 18th, a call came to the People Power Party Yoon Seok-yeol campaign office. One hundred and ten senior figures in the financial sector expressed their intention to declare support for candidate Yoon. The campaign's policy headquarters quickly arranged a meeting. On the morning of the 20th, former financial professionals including Hwang Young-gi, former chairman of the Korea Financial Investment Association, Lee Jong-hwi, former president of Woori Bank, Min Byung-duk, former president of KB Kookmin Bank, and Kim Ju-ha, former president of NH Nonghyup Bank, stood on the podium at the Yeouido party headquarters.

Holding a self-made "Declaration of Support for Candidate Yoon Seok-yeol" placard, they stood before the microphone and stated, "The financial market was disastrously ruined under the Moon Jae-in administration," and "We fully agree with and support candidate Yoon Seok-yeol's financial policy direction, which aims to restore fairness and trust as principles."

Hwang, the former chairman who led the declaration, predicted, "Currently, household debt and small business owner issues are extremely serious, but once those issues pass, discussions on financial globalization, capital market advancement, and reform of the financial supervisory system will begin." He added that the goal of the 110 signatories is "to provide assistance if the transition team seeks advice on the financial market after the presidential election, to monitor detailed financial policies, and to raise their voices if there are any mistakes."

Some senior figures stepped forward because the financial sector is being swayed by politics to the extent that the term "political finance" is used beyond "government-controlled finance." Lee Jong-hwi, former president of Woori Bank, expressed concern, saying, "The current government's financial policies are politically biased and out of step with the times, causing our already backward financial sector to become increasingly marginalized." The suspicion that political figures are deeply involved in failed fund scandals such as Lime, Optimus, and Discovery has led the financial sector to point out the need to break the chain of the "new collusion between politics and business."

A People Power Party official explained, "The fact that they contacted the policy headquarters, not the functional headquarters directly related to votes, shows that these outraged financial figures are criticizing the current government and declaring support for candidate Yoon," but there are also less favorable views. Some in the financial sector question whether the timing and precedent of the support declaration truly reflect pure intentions.

A commercial bank official said, "With just over two weeks left until the presidential election, and with various polls showing rising support for candidate Yoon, it seems they moved because of that," recalling, "During the 2008 presidential election, 747 former bank presidents and others declared support for candidate Lee Myung-bak when his victory was anticipated, pledging to help with the '747 pledge.'"

The financial sector views that politics began to intervene in finance in earnest after former President Lee Myung-bak's election. Those with presidential connections came down as parachute financial holding company chairmen, called the "Four Heavenly Kings," dominating the banking sector. During former President Park Geun-hye's era, a Sogang University alumni financial group called "Seogeumhoe" was very active.

A financial sector insider said, "Considering that senior financial figures still serve as advisors in corporate or legal fields, there is suspicion that the support declaration may also be motivated by a desire to increase influence after the presidential election."

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