Members of labor unions from the Industrial Bank of Korea, Export-Import Bank of Korea, and IBK held a large joint rally on August 11 to oppose the relocation of national banks. They argue that the headquarters of these banks should remain in Seoul to ensure a smooth supply of policy financing, as discussions about relocating public institutions have recently emerged.
The unions, affiliated with the National Financial Industry Labor Union, organized the "Rally to Oppose the Relocation of National Banks" in the Yeouido area of Seoul, near the headquarters of the Industrial Bank and Export-Import Bank. They read a resolution declaring their firm opposition to the government's unilateral relocation policy and their commitment to safeguarding the future of policy financing in South Korea.
Notably, discussions about relocating the Industrial Bank to Busan occurred during the Yoon Suk Yeol administration. The bank's union strongly opposed the move, which was ultimately abandoned, but the instability within the organization led to a significant number of employees leaving. Kim Hyun-jun, the union leader of the Industrial Bank, encouraged members at the rally, stating, "During the Yoon Suk Yeol administration, we fought fiercely and achieved victory. Let’s hold on until the end."
Also present at the rally was Democratic Party lawmaker Kim Hyun-jung, who emphasized, "What is needed in the regions is not merely the relocation of the national bank headquarters, but timely and sufficient low-interest policy funds for local businesses. Just as we opposed the relocation of the Industrial Bank, we will stand in solidarity again this time."
Meanwhile, it is anticipated that the Ministry of Land, Infrastructure and Transport will announce the planned relocation sites for about 350 public institutions as early as next month. In this context, the financial union will conduct a vote on whether to engage in strike actions regarding the relocation and other issues on August 12.
The unions, affiliated with the National Financial Industry Labor Union, organized the "Rally to Oppose the Relocation of National Banks" in the Yeouido area of Seoul, near the headquarters of the Industrial Bank and Export-Import Bank. They read a resolution declaring their firm opposition to the government's unilateral relocation policy and their commitment to safeguarding the future of policy financing in South Korea.
Notably, discussions about relocating the Industrial Bank to Busan occurred during the Yoon Suk Yeol administration. The bank's union strongly opposed the move, which was ultimately abandoned, but the instability within the organization led to a significant number of employees leaving. Kim Hyun-jun, the union leader of the Industrial Bank, encouraged members at the rally, stating, "During the Yoon Suk Yeol administration, we fought fiercely and achieved victory. Let’s hold on until the end."
Also present at the rally was Democratic Party lawmaker Kim Hyun-jung, who emphasized, "What is needed in the regions is not merely the relocation of the national bank headquarters, but timely and sufficient low-interest policy funds for local businesses. Just as we opposed the relocation of the Industrial Bank, we will stand in solidarity again this time."
Meanwhile, it is anticipated that the Ministry of Land, Infrastructure and Transport will announce the planned relocation sites for about 350 public institutions as early as next month. In this context, the financial union will conduct a vote on whether to engage in strike actions regarding the relocation and other issues on August 12.
* This article has been translated by AI.
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