Shinhan, KB, Citibank Introduce Remote Work... Expansion Expected Across All Banks (Comprehensive)

[Asia Economy Reporter Kangwook Cho] As the novel coronavirus infection (COVID-19) rapidly spreads, Citibank, along with Shinhan Bank and KB Kookmin Bank, have introduced remote work for their employees. Since financial authorities have permitted remote work, it is expected to expand across all banks.

According to the financial sector on the 26th, KB Kookmin Bank decided in the afternoon to implement remote work for about 15% of the headquarters staff starting from the 27th.

Currently, the headquarters staff are distributed across four locations: the Seoul Yeouido main branch, annex building, Sewoo Building, and The-K Tower, totaling approximately 3,300 employees.

All headquarters departments will conduct remote work at the specified ratio. It is estimated that about 400 employees will start remote work from the 27th.

A KB Kookmin Bank official explained, "Due to the spread of COVID-19, remote work has been implemented starting with personnel who can perform the same tasks."

Shinhan Bank has shifted at least 20% of its headquarters staff to a remote work system or arranged for them to work in 4-5 shifts at a smart working center instead of the main branch.

Employees can work remotely using laptops provided by the bank, and a desktop virtualization environment has been established to allow work using external PCs such as personal computers.

To prepare for potential workplace closures and maintain operations, alternative offices have been set up. At Shinhan Bank’s Jukjeon Data Center, a Business Continuity Plan (BCP) office has been established for special departments such as the Sales & Trading (S&T) Center, Foreign Exchange Support Department, Treasury Department, and Financial Settlement Department. Additionally, alternative offices capable of supporting remote work have been arranged at the main branch, Gwanggyo Baeknyeon Building, and Yeongdeungpo.

Earlier, Citibank held an emergency management meeting on the 25th and decided to immediately implement remote work for some employees at the main branch.

The remote work target includes main branch employees who can work remotely, and with approval from their department heads, they will work from home until the 2nd of next month. If the COVID-19 situation continues, the remote work period may be extended. However, branches will operate normally.

BNK Financial Group has instructed about 1,000 working mothers within the group to take paid leave of up to 10 days starting from the 27th. This proactive family care paid leave is to support employees facing childcare difficulties due to nationwide kindergarten closures and elementary school delays.

Additionally, special leave of two weeks is provided for pregnant employees with weakened immunity, and a rotational remote work plan has been prepared for key headquarters staff.

The financial sector expects emergency response measures such as remote work to expand to all banks. The Financial Services Commission issued a press release on the same day, stating that on the 7th, it sent a "non-action opinion letter" to the Korea Financial Investment Association and Citibank Korea, allowing general employees of financial companies to work remotely via remote access in preparation for the spread of COVID-19. It also added that this guidance was provided to enable other financial companies to respond quickly. Following this directive from financial authorities, it is anticipated that the transition to remote work in financial companies will rapidly spread.

The financial authorities explained, "According to the non-action opinions, banks, financial companies, and financial public institutions are implementing their own 'emergency measures,' including business continuity plans, securing substitute workers and alternative workplaces to prepare for losses of key personnel, and establishing remote work systems."