Cho Yong-byeong, Chairman of the Korea Federation of Banks, Holds First Press Conference
Jo Yong-byeong, Chairman of the Korea Federation of Banks, said on the 11th, "The most important role of the Federation of Banks is to lay the foundation so that banks can increase their own value," adding, "We will actively discover various related agendas."
Chairman Jo attended a press conference held at the Federation of Banks building in Jung-gu, Seoul, in the afternoon and stated, "We will present a vision so that the increase in banks' value promotes a healthy circulation of the economic ecosystem and leads to coexistence with our society."
Cho Yong-byeong, Chairman of the Korea Federation of Banks, is giving an opening remark at the Banking Sector Livelihood Finance Support Meeting held at the Korea Federation of Banks in Jung-gu, Seoul on the 21st. Photo by Cho Yong-jun jun21@
Regarding recent support measures for the public, such as the cashback project for interest refunds to small business owners and self-employed individuals in the banking sector and voluntary programs, Chairman Jo said, "It was a difficult decision for private banks, which have the heavy responsibility of managing soundness and profitability," and expressed his gratitude to bank executives, frontline bankers, and financial authorities.
He continued about the outlook for the banking industry this year, "The direction of interest rates is uncertain, and while difficulties in the real estate market and the real economy persist, competition in operations such as refinancing loan platforms is intensifying," emphasizing, "Nevertheless, banks must respond to public trust that 'banks are safe' through thorough soundness and liquidity management as a bastion of the livelihood economy and contribute to the virtuous cycle of the economic ecosystem."
He also said, "Banks are promoting various institutional improvements for internal control and consumer protection, and especially to respond to the social issue of voice phishing, we have been cooperating with the Supreme Prosecutors' Office since early this year," adding, "As a national financial infrastructure, banks will bear a heavy responsibility and become the central axis of the private sector's response to voice phishing."
Regarding bank value-up, Chairman Jo said, "We will actively discover various agendas and strengthen communication with authorities and the market," and added, "We will strive to create an environment to enhance non-financial, platform, and digital capabilities, diversify businesses, and promote overseas expansion, which are tasks for the future of banks."
Explaining the recent reorganization of the Federation of Banks, he said, "We will adopt a broad approach to enhance integrated competitiveness not only from the perspective of individual commercial banks but also from the viewpoint of financial holding groups," and stated, "We will put on the table and publicize agendas that consider the unique characteristics of regional banks, internet-only banks, and foreign banks without omission."
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