Korea Federation of Banks Strengthens Cooperation with UK Banking Association on 'ESG and Financial Consumer Protection' MOU

Cho Yong-byeong, Chairman of the Korea Federation of Banks (right), and Bob Wigley, Chairman of the British Bankers' Association (left), are signing an MOU and taking a commemorative photo.

The Korea Federation of Banks announced on the 3rd that it visited the United Kingdom and signed a Memorandum of Understanding (MOU) with the British Bankers' Association to promote the development of the banking industry in both countries.

Through this MOU, both federations agreed to strengthen cooperation in areas such as Environmental, Social, and Governance (ESG), financial consumer protection, and digital finance, as well as to promote online and offline education and activate joint projects.

At the MOU event, Chairman Jo Yong-byeong stated, "Last year, the net income of overseas branches of the seven major banks in our country was approximately 1.6762 trillion KRW, an increase of about 40% compared to 1.2183 trillion KRW in 2022, which represents a twofold growth over the past seven years." He added, "This is the result of domestic banks' active localization efforts, along with diversifying country-specific entry strategies such as mergers and acquisitions (M&A) and equity acquisitions."

The Korea Federation of Banks plans to strengthen cooperation with the UK, which has advanced financial systems including ESG and financial consumer protection, through this MOU, thereby laying the foundation for domestic banks to develop into global banks. Chairman Jo said, "I hope this will be an opportunity for the financial markets of both countries to grow together by actively exchanging the financial strengths and know-how each country possesses."