Kim Juhyun "Need to Restore Bank Business Hours... Normalizing the Abnormal"

Chairman Kim Juhyun Visits KB Kookmin Bank's 'Flexible Branch'

[Asia Economy Reporter Yoo Je-hoon] On the 5th, Kim Joo-hyun, Chairman of the Financial Services Commission, visited a flexible bank branch and urged the banking sector to normalize bank operating hours, which were shortened due to the COVID-19 pandemic.

On the same day, Chairman Kim visited the KB Kookmin Bank Namdaemun Comprehensive Financial Center located in Jung-gu, Seoul, together with Kim Kwang-soo, Chairman of the Korea Federation of Banks, and Lee Jae-geun, CEO of KB Kookmin Bank. The KB Namdaemun Comprehensive Financial Center (9to6 bank) is one of the flexible branches that operates from 9:30 AM to 5:30 PM, unlike other bank branches.

During the visit, Chairman Kim reviewed the operational status and difficulties of flexible branches promoted by each bank to improve financial accessibility, and also checked the execution status of various financial support programs promoted by the government, such as maturity extension, repayment deferral, and the New Start Fund.

Recently, the banking sector, which is focusing on digital transformation, is promoting alternatives such as flexible branches, joint branches, and entrusted post office services for digitally vulnerable groups such as the elderly. Chairman Kim said that although these measures are in the early stages, they will be of considerable help in meeting various face-to-face demands and urged the banking sector to continue its efforts.

Regarding the continued shortened bank operating hours due to the COVID-19 pandemic, Chairman Kim emphasized, "As COVID-19 quarantine measures are normalizing, restoring bank operating hours to normal aligns with the public sentiment and expectations toward the banking sector," adding, "Normalizing bank operating hours is significant not only in terms of alleviating public inconvenience but also in enhancing the perception of banks as service industries and restoring normalcy from abnormal conditions."

Meanwhile, regarding support for small business owners and self-employed individuals, Chairman Kim stated, "I ask the financial sector, including banks, to carry out various financial support programs such as maturity extension, repayment deferral, and the New Start Fund smoothly on the ground," and added, "We will continue to monitor the situation and work with the financial sector to supplement and expand financial support programs and self-support programs."

[Image source=Yonhap News]

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