50th Anniversary of Savings Banks... "Let's Become the Pillar of Korean Finance"

Korea Federation of Savings Banks '50th Anniversary Ceremony'
"Must Become a Financial Institution for Mutual Growth and a Shelter for the Common People"

At the 50th anniversary ceremony of the Korea Federation of Savings Banks held on the 8th at Lotte Hotel in Jung-gu, Seoul, Baek Hye-ryun, Chairperson of the Political Affairs Committee, Kim Ju-hyun, Chairperson of the Financial Services Commission, Oh Hwa-kyung, President of the Korea Federation of Savings Banks, and other officials are posing for a commemorative photo.

[Asia Economy Reporter Song Seung-seop] The Korea Federation of Savings Banks held its 50th anniversary ceremony on the 8th and announced a new vision as a "core specialized institution in small and medium finance leading the value of coexistence."

At the opening speech of the ceremony held at Lotte Hotel in Jung-gu, Seoul, Oh Hwa-kyung, president of the Korea Federation of Savings Banks, said, "I am grateful to the savings bank contributors who have dedicated themselves to the development of grassroots finance and local communities, as well as to the customers who have supported us," adding, "In the increasingly difficult economic and financial environment, based on past crisis overcoming experiences, I ask you to overcome well and become a financial institution of coexistence with the region, serving as a shield for the grassroots and small and medium enterprises."

The strategic tasks of the new vision were selected as "providing a strong shield for grassroots and small and medium enterprises through open finance," "expanding positive customer experiences through customer-centered services," "enhancing trust of customers and society through sound management," and "fulfilling social responsibility for co-growth with local communities." President Oh emphasized, "We will become a solid pillar of Korea's finance and achieve a long-term vision," and "We will do our best."

Support policies for financially vulnerable groups were also introduced. The savings bank industry announced that it will actively support the recovery of normal economic activities for vulnerable groups through the "special bond cancellation plan for the recovery support of vulnerable borrowers." According to the plan, the savings bank industry will cancel 10,000 bonds worth 112.2 billion won. A "joint declaration for expanding the social role of savings banks" was also made. President Oh and representatives of savings banks by region signed the declaration and promised to actively carry out social contribution activities.

In addition, plaques of merit and appreciation were presented to long-serving savings bank representatives, meritorious executives and employees, excellent transaction customers, and related organizations.