Korea Federation of Banks Announces Organizational Restructuring Incorporating ESG Management

Bankers Association Organizational Restructuring and Personnel Changes

[Asia Economy Reporter Park Sun-mi] The Korea Federation of Banks announced on the 25th that it will undertake an organizational restructuring to respond to the changing financial environment, such as the spread of ESG (Environmental, Social, and Governance) management and digital transformation, and to efficiently support the work of member banks.

This organizational restructuring will change the current structure of 8 departments and 2 offices to 9 departments and 3 offices, effective from the 1st of next month. A Sustainable Management Department, responsible for ESG, and a Legal Support Department, supporting legal and compliance matters, have been newly established. The Bank Management Support Department will be abolished (with its tasks transferred to other departments). In addition, by introducing an agile organization, the flexibility of the organization will be enhanced to respond promptly to issues in the banking industry.

Kim Kwang-soo, Chairman of the Korea Federation of Banks, said, “Through this organizational restructuring and personnel changes, we plan to respond quickly and flexibly to changes in the financial environment, strengthen legal compliance, and systematically carry out social contribution activities to continuously support the development of the banking industry.”