Lee Jae-myung meets bank CEOs, calls for increased support for small businesses

By Kim Dong-young Posted : January 21, 2025, 16:26 Updated : January 21, 2025, 16:26
Democratic Party leader Lee Jae-myung (second from right) speaks at a meeting with CEOs of major banks at the headquarters of the Korea Federation of Banks, Jan. 20, 2025. Joint Press Corps
 
SEOUL, January 21 (AJP) - South Korea's opposition leader Lee Jae-myung convened a meeting with the heads of the country’s major banks on Tuesday, urging them to provide stronger financial support for small business owners and self-employed workers.

The gathering drew criticism from Lee's political rivals, who questioned the appropriateness of the meeting, suggesting it could be an attempt to bolster his profile ahead of a potential presidential bid.

Lee, widely regarded as a top contender for the presidency, dismissed such claims, emphasizing that the session was intended solely to foster dialogue and address the financial sector’s needs.

The gathering, held at the headquarters of the Korea Federation of Banks (KFB) in Seoul, included leaders from six major banks - Kookmin, Shinhan, Hana, Woori, Nonghyup, and the Industrial Bank of Korea.

“The fundamental role of financial institutions is to provide support, especially during tough times,” Lee said, highlighting high interest rates and a volatile currency market.

KFB Chairman Cho Yong-byoung expressed the banking sector’s commitment to assisting small business owners, describing them as “key customers and the backbone of the domestic economy.”

Behind closed doors, participants discussed broader issues, including regulatory reforms, enhancing the global competitiveness of South Korea’s financial sector, and bolstering financial diplomacy to safeguard the country’s credit rating, according to party officials.

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