Meeting with Chairpersons of 5 Major Financial Holding Companies, Choo Kyung-ho Says "Supporting Finance to Rise as an Industry"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is speaking at a meeting with the chairpersons of the five major financial holding companies and financial institutions at the Korea Federation of Banks Building in Jung-gu, Seoul, on the 27th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Sejong=Reporter Kim Hyewon] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho held a meeting with the chairpersons of the five major financial holding companies and emphasized the industrial role of finance. Following last week's meeting with the small and medium-sized enterprises sector, the government plans to announce the new administration's economic policy direction in June after a series of relay meetings with the financial sector on this day and with expert groups next month.

On the 27th, at a meeting held at the Bankers' Hall with the chairpersons of the five major financial holding companies including NongHyup, Woori, KB, Shinhan, and Hana, Deputy Prime Minister Choo stated, "The financial industry is an industry where autonomy and creativity are more important than any other area, and it can serve as a model for job creation and value-added generation." He explained that the new government’s economic management philosophy is centered on the market and enterprises based on private autonomy and creativity, with finance being a pivotal sector. Attendees at the meeting included Sohn Byung-hwan, Chairman of NH NongHyup Financial Group; Sohn Tae-seung, Chairman of Woori Financial Group; Yoon Jong-kyu, Chairman of KB Financial Group; Cho Yong-byeong, Chairman of Shinhan Financial Group; Ham Young-joo, Chairman of Hana Financial Group; and Kim So-young, Vice Chairman of the Financial Services Commission.

Deputy Prime Minister Choo expressed, "I hope the financial industry becomes one of the driving forces of growth for our economy." He added, "In the past, the perception that finance was subject to regulation led to an excessive contraction of its industrial role, but the Yoon administration will do its utmost to support finance to rise as an industry." He emphasized that the government will boldly reform unnecessary and excessive regulations on the financial sector except for maintaining soundness and consumer protection, and will ensure that necessary regulations are enforced transparently and fairly.

He also called for the financial sector’s role in supporting the real economy. Deputy Prime Minister Choo said, "As liquidity, which increased in response to the COVID-19 crisis, normalizes, financial companies such as banks are required to take proactive roles to prevent damage to macroprudential soundness." He added, "They must become a strong breakwater for our economy by enhancing asset soundness and capital adequacy." Furthermore, he stated, "For market-centered economic growth, the role of finance with the ability to evaluate value and judge good companies and good businesses is essential," and added, "When the real economy and industries grow and innovation occurs, it will in turn enrich the financial industry." Lastly, he mentioned, "The supplementary budget includes a significant amount of financial support projects for stabilizing the financial system and supporting vulnerable low-income groups," and requested active cooperation from the financial sector in the supplementary budget projects.