"Easy Targets, It's Us" Employees Frustrated Over National Policy Bank Relocation Rumors

[Asia Economy Reporter Bu Aeri] "Are we that easy to deal with?" As the presidential election approaches, complaints continue to arise among employees of state-run banks. Both major presidential candidates have proposed relocating state-run banks to regional areas, raising concerns that no matter who wins, the banks will be moved out of Seoul.

According to industry sources on the 6th, Lee Jae-myung, the Democratic Party presidential candidate, and Yoon Seok-yeol, the People Power Party presidential candidate, have both pledged balanced regional development. Lee promised to relocate 200 public institutions, including the Korea Development Bank, Korea Eximbank, and IBK Industrial Bank of Korea.

Candidate Yoon pledged to move the Korea Development Bank to Busan. During his visit to Busan on the 15th of last month, Yoon said, "For Busan to emerge as a high-tech city, financial resources must be supported," and promised to relocate the Korea Development Bank to Busan.

Among employees, there is much dissatisfaction that these promises are being used to garner regional votes. Critics argue that the relocation of state-run banks is being used as a populist pledge without understanding the financial sector. On anonymous workplace communities, comments such as "This is populism" and "Are we that easy to deal with?" have been pouring in.

Within the industry, there are criticisms that relocating state-run banks to regional areas, while major financial institutions are concentrated in Seoul, would not only be operationally inefficient but also fatal in terms of talent drain. Lee Dong-geol, chairman of the Korea Development Bank, also stated at a press conference on the 27th of last month, "In the past, I said that relocating KDB to regional areas was not progress but regression. It goes against financial development," adding, "I believe it is better for KDB to be based in Seoul, the financial and economic capital, to oversee balanced development nationwide."

The Financial Workers' Union also publicly criticized the move through a statement. The union said, "Relocating KDB to Busan is an abandonment of the special nature of state-run banks and the East Asian financial hub policy," and declared, "We will respond with all-out struggle going forward."