BNK Bindaein "Tightened Management Inevitable This Year... Response Including Provisions"

"BNK Investment & Securities Faces Management Challenges... Not Beyond Response"

Bin Dae-in, Chairman of BNK Financial Group, stated on the 19th that "due to the continued difficulties in economic conditions and the financial environment, group-wide austerity management, including BNK Investment & Securities, is inevitable."

At a press conference held at the Busan headquarters on the same day, Chairman Bin said, "After reviewing the management status of group affiliates, it appears that the performance at the end of June will fall short of the target."

Chairman Bin explained, "As a result of conducting a management review of BNK Investment & Securities, many business sites have a large number of bridge loans and mezzanine bonds related to real estate projects, so we need to prepare for the possibility of not being able to recover funds by setting aside provisions to respond to risks," adding, "While the management situation is concerning, it is not to the extent that we cannot respond."

Nevertheless, Chairman Bin expressed his intention not to reduce projects for mutual growth with the local community. Regarding the IT integration of Busan Bank and Kyongnam Bank, he emphasized, "Integrating the IT systems of the affiliated banks can save 100 billion KRW in costs," and added, "All cost savings from this will be used entirely for regional mutual growth projects."

Meanwhile, concerning changes in the financial environment, Chairman Bin said, "We will adopt 'digital finance that is convenient for people' as the vision for digital transformation and establish a data-driven decision-making system," and added, "By accumulating and analyzing customer data for each group company through the AI and big data platform introduced earlier this year, we will strengthen data-based decision-making."

Chairman Bin also stated, "To establish a sustainable growth system, we plan to formulate the '2030 Strategy' and improve corporate culture by first establishing a 'Right BNK' based on the most fundamental morality required of financial professionals, through 'Right Thinking' and 'Right Actions.'"

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