Saemaeul Geumgo Central Association Establishes Advisory Body 'Management Innovation Committee'

The National Credit Union Federation of Korea (NCUF) held a board meeting and resolved to establish an advisory body called the 'Saemaeul Geumgo Management Innovation Committee,' the federation announced on the 10th.

The Management Innovation Committee will be composed of a total of 12 members, including 8 external experts recommended by related institutions such as the Ministry of the Interior and Safety, the Financial Services Commission, the Financial Supervisory Service, and the Bank of Korea, as well as 4 directors from Saemaeul Geumgo. The chairperson is Kim Seong-ryeol, former Vice Minister of the Ministry of the Interior and Safety.

The committee will hold its first meeting within this month to begin its work. The committee plans to manage current issues such as enhancing the financial soundness of Saemaeul Geumgo and to prepare and propose measures related to governance and management innovation.

Saemaeul Geumgo has recently faced a series of adverse events, including a bank run (massive withdrawal of deposits) crisis, and the ongoing prosecution investigation into Chairman Park Cha-hoon of the National Credit Union Federation of Korea over allegations of accepting bribes related to fund investments.

A representative of the National Credit Union Federation of Korea stated, "Through the establishment of this Management Innovation Committee, financial soundness will be managed more systematically, and in the mid to long term, it will serve as an opportunity for development through management innovation."

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