[1mm Financial Talk] Even the Chairman's Direct TF... Forcing Busan Relocation, 'Calm Before the Storm' at KDB

[Asia Economy Reporter Bu Aeri] As the relocation of the Industrial Bank of Korea's (IBK) headquarters to Busan becomes more visible, the bank is engulfed in a storm before the calm. IBK employees have been fiercely protesting for over 90 days.

According to the 'IBK Busan Relocation Promotion Plan' received by Kim Heegon, a member of the National Assembly's Political Affairs Committee from the People Power Party, from the Financial Services Commission on the 7th, IBK will elevate the 'Busan Relocation Task Force (TF)' to a dedicated organization directly under Chairman Kang Seok-hoon starting this month.

The Financial Services Commission and IBK plan to complete reviews within this year regarding the scope of functions to be relocated, site acquisition plans, schedules for personnel and equipment relocation, and the establishment of IT networks related to the headquarters' move to Busan.

Next year, the Ministry of Land, Infrastructure and Transport and the Financial Services Commission plan to submit the 'Designation of IBK as a Relocated Public Institution' to the Balanced Development Committee for deliberation and resolution, followed by final approval from the Minister of Land, Infrastructure and Transport.

Subsequently, the Industrial Bank of Korea Act Article 4, which stipulates that the headquarters be located in Seoul, will be amended, and practical procedures such as land purchase and new building construction will proceed. The IBK headquarters will move to Busan upon the completion of the building.

The relocation of IBK to Busan, a key pledge of President Yoon Seok-yeol, gained momentum on the 31st of last month following the president's directive.

On the 31st, President Yoon chaired the 7th Emergency Economic and Livelihood Meeting at Hanjin Terminal in Busan New Port, Changwon, Gyeongnam, urging, "IBK must relocate to the Busan, Ulsan, and Gyeongnam regions and play an essential role in the path toward becoming a maritime city, logistics city, and advanced science industry city." In response, Chairman Kang said, "We will work closely with relevant ministries to promote the relocation as swiftly as possible."

As the IBK Busan relocation plan began to take shape, employees became greatly unsettled. According to the IBK labor union's tally, excluding employees under the wage peak system in the first half of this year, a total of 34 employees?23 general staff and 11 professionals?resigned. This number approaches the typical annual turnover.

Among employees, various rumors such as the deployment of a 500-person advance team to Busan have caused unrest. An IBK official stated, "Speculations related to the Busan relocation are being updated continuously," describing the atmosphere.

Protests by IBK employees have also intensified. Recently, IBK employees collectively sent text message protests to a member of the National Assembly who inquired about the relocation. About 400 employees have gathered daily in front of Chairman Kang's office since President Yoon's remarks, continuing their protest.

They plan to continue their struggle during the nationwide general strike by the Financial Industry Labor Union (Financial Union) scheduled for the 16th. Jo Yoonseung, IBK labor union chairman, warned of a strong response, stating, "Nearly 90% of IBK employees will participate in the Financial Union strike."

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