BNK Financial Group Welcomes Passage of Special Act on Relocation of Ministry of Oceans and Fisheries

Private Sector’s First Response Strategy Package Launched Following Passage
"Financial Support for Building the Maritime Economic Ecosystem in Busan, Ulsan, and Gyeongnam"

BNK Financial Group announced on December 4 that it welcomes the passage of the “Special Act on Support for Relocated Institutions to Busan as the Maritime Capital” at the recent plenary session of the National Assembly, and that it will immediately activate a comprehensive response strategy package to lead the new era of Busan as the nation’s maritime capital.

This special act is centered on granting Busan institutional status as the core of Korea’s maritime policy. It stipulates the formal designation of Busan as the maritime capital, support for the settlement of employees of the Ministry of Oceans and Fisheries and relocated public institutions-including housing, education, and working environment-and financial and administrative measures necessary for the relocation to Busan.

On December 2, immediately after the special act passed the Cabinet meeting, BNK Financial Group convened an emergency meeting of its “Group Maritime City Strategy Task Force (TF)” to announce its support for the passage of the special act and the relocation of the Ministry of Oceans and Fisheries to Busan, and to prepare a strategy package in response to the policy changes. The strategy package includes the launch of various financial products linked to policy initiatives, as well as promotion, citizen engagement, and collaboration with Busan Metropolitan City and the Ministry of Oceans and Fisheries (including affiliated institutions). Through these measures, the company plans to swiftly fulfill its responsibilities as a “specialized maritime finance group” in support of national policy implementation.

First, BNK Financial Group will launch a special deposit product to commemorate the passage of the special act. With Busan Bank having been selected as the exclusive lender for employees of the Ministry of Oceans and Fisheries, the group will also make every effort to expand financial accessibility for affiliated institutions and shipping companies relocating to Busan. To foster new maritime businesses, the group will establish a maritime startup fund to support the growth of innovative companies, and will operate a special period of financial support-including fee reductions-for companies engaged in the maritime and fisheries industries.

BNK Financial Group also announced plans to accelerate strategic investments in projects related to the development of the Arctic shipping route. In October, the group launched the “BNK New Maritime Power Fund,” jointly funded by its affiliates, and plans to work with a variety of institutional investors to further expand investment. Centered on the “BNK Maritime Finance Future Strategy Think Lab,” established within Busan Bank in November, the group will share the future direction of Busan’s maritime economy and regularly host forums linking industry, academia, research institutes, and finance to strengthen networks within the maritime sector.

Going forward, BNK Financial Group plans to form a working group with the Ministry of Oceans and Fisheries, expand financial support for relocated institutions and their employees, and establish a financial support system for the creation of a maritime industry cluster.

A BNK Financial Group representative stated, “The enactment of this special act is a decisive opportunity for Busan, Ulsan, and Gyeongnam to once again become the core cities driving Korea’s future,” adding, “We will fulfill our role and responsibilities as the private financial group that responds first when policy moves.”

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