Chairman of the Political Affairs Committee and Bank President Meeting "Expansion of Banks' Non-Financial Business Entry"

(From the bottom left) Kang Seok-hoon, President of Korea Development Bank; Yoo Myung-soon, President of Citibank Korea; Kang Shin-sook, President of Suhyup Bank; Baek Hye-ryun, Chairperson of the National Assembly's Political Affairs Committee; Kim Kwang-soo, Chairman of the Korea Federation of Banks; Yoon Jong-won, President of Industrial Bank of Korea; Park Jong-bok, President of SC First Bank
(From the top left) Choi Hong-young, President of Kyongnam Bank; An Gam-chan, President of Busan Bank; Park Sung-ho, President of Hana Bank; Seo Ho-sung, President of K Bank; Yoon Ho-young, CEO of Kakao Bank; Jin Ok-dong, President of Shinhan Bank; Lee Won-duk, President of Woori Bank; Lee Ho-hyung, Executive Director of the Korea Federation of Banks

[Asia Economy Reporter Bu Aeri] The banking sector has urged the National Assembly to improve regulations regarding the expansion of banks' non-financial ventures.

On the 19th, according to the Korea Federation of Banks, Baek Hyeryun, Chair of the National Assembly's Political Affairs Committee, Kim Kwangsoo, Chairman of the Korea Federation of Banks, and CEOs of commercial banks held a meeting at the Bankers' Hall.

Attendees included Kang Seokhoon, President of the Korea Development Bank; Yoon Jongwon, CEO of Industrial Bank of Korea; Jin Okdong, CEO of Shinhan Bank; Lee Wondeok, CEO of Woori Bank; Park Seongho, CEO of Hana Bank; Kang Shinsook, CEO of Suhyup Bank; Park Jongbok, CEO of SC First Bank; Yoo Myungsun, CEO of Korea Citibank; Choi Hongyoung, CEO of Kyongnam Bank; An Gamchan, CEO of Busan Bank; Yoon Hoyoung, CEO of Kakao Bank; Seo Hoseong, CEO of K Bank; and Lee Hohyeong, Executive Director of the Korea Federation of Banks.

At the meeting, Chairman Kim stated, "The banking sector has acted as a financial bulwark and the eldest brother of the financial industry, leading the way in overcoming crises through active liquidity supply." He added, "We have implemented various voluntary programs such as interest rate reductions on high-interest loans for vulnerable borrowers to alleviate the financial burden on disadvantaged groups," emphasizing, "Given concerns about further interest rate hikes and sluggish real economy next year, banks will continue to play an active role."

In particular, Chairman Kim voiced the need for regulatory improvements to expand banks' non-financial ventures. He said, "Since the expansion of banks' non-financial businesses is actively pursued in major countries such as the United States, Japan, and Singapore, I hope the National Assembly will engage in active discussions on this matter going forward."

Chairman Baek addressed the banks, saying, "In an era of low growth and aging population where the business environment is deteriorating, banks must fulfill their social roles while continuously seeking new growth engines."

He also added, "We will listen carefully to the concerns of the Korea Federation of Banks and its member companies and consider them during the legislative and regulatory improvement processes."

Meanwhile, the Korea Federation of Banks has been inviting the Financial Services Commission Chairman, the Governor of the Bank of Korea, the Chair of the Political Affairs Committee, and others to dinners following the board meetings on the fourth Monday of every month to hold discussions.

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