Democratic Party Lawmakers Visit Citi Bank... Tell CEO "Proceed After Sufficient Consultation with Labor Union"

Lawmakers Visit Labor Union in Solidarity and Hold Meeting... Also Meet with President
"President Yoo Responded That He Intends to Do the Same"
Labor Union Pushes for Official Financial Services Commission Position at Political Affairs Committee

Members of the Democratic Party of Korea and union officials visiting Citibank Korea are taking a commemorative photo in front of the main gate. Photo by Citibank Korea Labor Union

[Asia Economy Reporter Song Seung-seop] Six lawmakers from the Democratic Party of Korea visited the headquarters of Citibank Korea to hold a meeting on the sale and withdrawal of consumer finance. There is an analysis that political circles have begun to actively intervene in the withdrawal issues such as mergers and acquisitions of Citibank.

According to the Citibank Korea Labor Union on the 15th, the meeting was arranged to assess the actual situation of the job loss risk faced by about 2,500 employees and to seek measures for employment stability.

The meeting was held for about 90 minutes starting at 9 a.m. that day. The on-site visit proceeded in the order of a solidarity visit and meeting with the labor union, a meeting with Yoo Myung-soon, President of Citibank Korea, and sharing the results. From the Democratic Party, lawmakers Ahn Ho-young, Noh Woong-rae, and Jang Cheol-min from the National Assembly’s Environment and Labor Committee, and Kim Byung-wook, Min Byung-duk, and Lee Yong-woo from the Political Affairs Committee participated. On the union side, Park Hong-bae, Chairman of the Financial Labor Union, and Jin Chang-geun, Chairman of the Citibank Korea branch, also attended.

In his opening remarks at the meeting, Chairman Jin said, “We are not opposing the sale itself but want to continue working at a new workplace through a graceful farewell,” criticizing, “The current Korean management is becoming impatient as they are taking orders from the New York headquarters.” He added, “(The withdrawal of Citibank Korea) will set a precedent for a unilateral domino withdrawal by foreign capital,” urging, “The National Assembly and government must send a stern message that withdrawal causing customer damage and mass unemployment is unacceptable.”

Park Hong-bae, Chairman of the Financial Labor Union, also stated, “The bank is simultaneously conducting sales and withdrawals in 13 countries globally, so there is a risk of a rushed sale,” and insisted, “The sale negotiations must protect customers and employees.”

In response, Lawmaker Ahn shared the conversation with President Yoo and other executives, saying, “We requested that the process be conducted through sufficient consultation with the labor union, and received a positive response indicating that they would do so.” He also explained, “The sale is due to a change in the global strategy of the New York headquarters, but it has a significant impact on our financial consumers and employment stability,” adding, “We visited to request that consumer damage and employment instability do not occur.”

Meanwhile, the labor union plans to push for formalizing the Financial Services Commission’s position at a future full meeting of the Political Affairs Committee.