Lee Ok-yeon, Chairman of the Financial Services Commission, stated that he understands there are no plans to relocate the Industrial Bank of Korea to Busan. When asked whether this reflects the government's official position, he indicated that the matter is under discussion in the National Assembly and that the government would follow its decision.
During a comprehensive audit of the Financial Services Commission and the Financial Supervisory Service by the National Assembly's Political Affairs Committee on October 22, Lee responded to a question from Park Seong-hoon, a lawmaker from the People Power Party, regarding the relocation of the Industrial Bank to Busan, saying, "I understand it has been settled."
When Park pressed for clarification on whether this meant the relocation was still being pursued, Lee replied, "I believe it has been settled not to proceed with it, as it was discussed in the National Assembly."
Park raised concerns about the appropriateness of designating a new financial hub while the relocation of the Industrial Bank to Busan has not made progress. Lee explained that the designation of financial hubs aims to enhance the competitiveness of the financial industry, noting that Busan's international financial center ranking has improved from 33rd to 22nd. He stated that the decision on whether to designate a third financial hub would be made based on research results and through a fair process.
Later in the afternoon session, questions regarding the Industrial Bank's relocation to Busan resurfaced. Park referenced Lee's earlier response and sought confirmation on whether the government's official stance is that it will not pursue the relocation. He pointed out that relevant legislation regarding the relocation is still pending in the National Assembly and that no decision has been made to withdraw or abandon the move. He insisted that the government should clarify its position.
In response, Lee reiterated, "I mentioned that it is under discussion in the National Assembly, and I answered that way because you kept asking." He added, "That is all I know."
When asked whether the decision on the relocation has not been finalized and if it depends on the National Assembly's decision, Lee replied, "The National Assembly will decide, and it has the authority to do so."
To relocate the Industrial Bank, an amendment to the Industrial Bank of Korea Act, which designates its headquarters in Seoul, is necessary. Currently, the relevant bill is pending in the National Assembly, and the relocation decision remains unconfirmed.
* This article has been translated by AI.
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