Eun Sung-soo, Financial Services Commission Chairman, Urges Banks to "Make This a Year to Restore Public Trust"

At the bank presidents' meeting hosted by the Financial Services Commission Chairman held at the Bankers' Hall in Jung-gu, Seoul on the 20th, participants are taking a commemorative photo. (Bottom row from left) Bindaein, President of Busan Bank; Bang Moon-kyu, President of Export-Import Bank; Yoon Jong-won, President of Industrial Bank of Korea; Sohn Tae-seung, Chairman of Woori Financial Group and President of Woori Bank; Kim Tae-young, Chairman of the Korea Federation of Banks; Eun Sung-soo, Chairman of the Financial Services Commission; Yoon Dae-hee, Chairman of the Korea Credit Guarantee Fund; Lee Dong-geol, Chairman of KDB Industrial Bank; Park Jin-hoe, President of Citibank Korea; Jeong Yun-mo, Chairman of the Korea Technology Finance Corporation. (Middle row from left) Choi Jae-young, Director of the International Financial Center; Kim Hak-soo, President of the Korea Financial Telecommunications & Clearings Institute; Kim Tae-oh, Chairman of DGB Financial Group and President of Daegu Bank; Lim Yong-taek, President of Jeonbuk Bank; Lee Jeong-hwan, President of Korea Housing Finance Corporation; Jin Ok-dong, President of Shinhan Bank; Song Jong-wook, President of Gwangju Bank; Moon Jae-woo, Director of the Korea Institute of Finance; Hwang Yoon-chul, President of Kyongnam Bank; Yoon Ho-young, CEO of KakaoBank. (Top row from left) Lee Dae-hoon, President of NongHyup Bank; Lee Dong-bin, President of Suhyup Bank; Heo In, President of KB Kookmin Bank; Ji Sung-kyu, President of KEB Hana Bank; Shim Sung-hoon, President of K Bank; Shin Hyun-joon, President of the Credit Information Center; Sohn Sang-ho, President of the Korea Institute of Finance; Yoon Chang-ho, Director of the Financial Industry Bureau at the Financial Services Commission; Hong Jae-moon, Executive Director of the Korea Federation of Banks. Photo by Korea Federation of Banks

[Asia Economy Reporter Kim Min-young] Eun Sung-soo, Chairman of the Financial Services Commission, stated on the 20th that he hopes this year will be one in which the banking sector "regains the trust of the people."

At a meeting of bank presidents hosted by the Korea Federation of Banks held at the Bankers' Hall in Jung-gu, Seoul, Chairman Eun said, "I ask the banking sector to support the innovative growth of our economy and strengthen consumer protection."

To this end, Chairman Eun urged efforts to innovate the corporate credit system so that bank funds can flow into loans for innovative and small and medium-sized enterprises, to activate mid-interest loans for medium- and low-credit borrowers, and to strengthen internal control systems for consumer protection.

Kim Tae-young, Chairman of the Korea Federation of Banks, expressed regret and apology regarding consumer damages caused by incidents such as the overseas interest rate-linked derivative-linked fund (DLF) crisis, which resulted in large principal losses, saying, "We are sorry and regretful," and added, "We plan to make every effort to become a banking industry loved by the people by prioritizing consumer interests and shifting to customer-centric management."

He further emphasized that amid difficult economic conditions such as low growth, low interest rates, low birth rates, and aging, the banking sector is actively working to expand support for the real economy and enhance financial inclusiveness to contribute to revitalizing our economy.