As the government prepares to announce its roadmap for the second phase of public institution regional relocation, opposition from the financial sector is intensifying. Unions from the Industrial Bank, Corporate Bank, and Export-Import Bank are jointly mobilizing to resist the relocation.
On August 11, the unions under the National Financial Industry Labor Union will hold a rally near the Industrial Bank headquarters in Yeouido, Seoul, titled 'Resolution Rally to Prevent the Relocation of National Policy Banks.'
Approximately 2,000 employees from the three national policy banks are expected to voice their opposition to the relocation. This marks the first time the unions have come together for a joint rally. About 150 officials from the NH Nonghyup union will also participate.
The unions argue that relocating national policy banks goes beyond merely moving headquarters; it could undermine their ability to perform policy financing and diminish the competitiveness of the financial industry. They emphasize the importance of physical and operational accessibility to financial hubs due to the nature of their work, which requires close collaboration with financial authorities, private financial institutions, and businesses.
The Korea Deposit Insurance Corporation (KDIC) union also held a policy discussion on the relocation earlier that day, asserting the need to maintain its headquarters in Seoul.
Ko Dong-won, head of the Financial Law Research Center at Law Firm Lin, stated, 'The decision on the KDIC's location should prioritize the efficiency of the financial safety net over mere relocation costs or regional balanced development logic.' He added that ensuring access to financial hubs is essential for the KDIC to effectively fulfill its core functions. Other discussion participants echoed that having the KDIC located in Seoul, where major financial institutions and markets are concentrated, would facilitate its financial stability functions.
The government is expected to unveil the second phase of its public institution regional relocation roadmap in September. Under the policy of 'minimizing the retention in the metropolitan area,' the KDIC and other major financial public institutions are being considered for relocation.
However, the criteria for selecting institutions for relocation have yet to be specified. On July 28, the Korean Confederation of Trade Unions' financial union and the Korean Public Service and Transport Workers' Union held an informal meeting with officials from the Ministry of Land, Infrastructure and Transport, demanding clarity on the selection criteria and principles for relocation. Reports indicate that the ministry has not provided a concrete response.
As the government's roadmap announcement approaches, the financial sector anticipates that opposition from unions and financial public institutions regarding the regional relocation will intensify.
* This article has been translated by AI.
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