Yoon-sik Kim, President of the National Credit Union Federation of Korea, "Early Termination of MOU... Will Achieve Financial Independence"

Yunsik Kim, President of the National Credit Union Federation of Korea

[Asia Economy Reporter Buaeri] Kim Yunsik, Chairman of the National Credit Union Federation of Korea (NACUFOK), announced on the 2nd that he will "achieve an early termination of the Memorandum of Understanding (MOU) and complete financial independence of the federation."

At the inauguration ceremony held at the NACUFOK Training Center in Yuseong-gu, Daejeon, Chairman Kim stated, "Just as I devoted all my efforts over the past four years as chairman to easing regulations on credit unions and reducing the burden on cooperatives, I will push these efforts even more strongly for the next four years."

NACUFOK suffered deficits after taking on the burden of cooperative insolvencies during the IMF foreign exchange crisis, and in 2007 signed a management improvement order MOU with the government, receiving 260 billion won in support from 2007 to 2009. The agreement period extends until 2024.

Chairman Kim was nominated as the sole candidate in the first direct election for chairman held in December last year and succeeded in his re-election. His term is four years, from March 1, 2022, to February 28, 2026.

Kim said, "The immortal value that Korean credit unions strive to protect is not a world where economic profit ranks all values, but one that unwaveringly protects the most vulnerable, weak, and shadowed sides of our society." He added, "In a society deeply sighing from COVID-19, Korean credit unions will gladly become a ray of light."

Meanwhile, on the same day, the following were inaugurated as NACUFOK executives: Ko Youngcheol (Gwangju Munhwa Credit Union), Kim Myungho (Gyeongnam Gaon Credit Union), Kim Jongchan (Gumi Credit Union), Kim Haksan (Kkulbeol Credit Union), Nam Gihwa (Sasang Credit Union), Noh Wonho (Cheongju Nambu Credit Union), Park Jongsik (Samik Credit Union), Yang Junmo (Gongju Jungang Credit Union), Oh Gyunho (Seodaegu Credit Union), Oh Inhwan (Majang Credit Union), Lee Gichan (Suji Credit Union, Director and Audit Committee Member), Jo Gangrae (Daegu Chilgok Credit Union), and Han Sukja (Chuncheon Credit Union).

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