San-eun Union Opposes Organizational Restructuring as "De Facto Busan Relocation"... Tent Sit-in Protest

Organizational Restructuring Announced Through Board Meeting
"Second Phase of Busan Relocation Organizational Restructuring to Proceed"

The Korea Industrial Bank Branch of the National Financial Industry Labor Union began a tent sit-in protest in front of the Korea Industrial Bank headquarters in Yeouido, Seoul, starting the afternoon of the 19th. They are opposing the management's organizational restructuring, which is effectively aimed at relocating to Busan.

According to the Industrial Bank union on the 19th, the bank notified the union that it plans to implement an organizational restructuring, including the transfer of personnel to Busan, at the board meeting scheduled for the 26th.

In response, Kim Hyun-jun, chairman of the Industrial Bank union, stated in a fight speech, "This organizational restructuring is not simply about a few employees moving down; it is an illegal order from President directly instructing Kang Seok-hoon, chairman of the Korea Industrial Bank, to 'achieve the effect of a legal amendment before the law is amended,'" adding, "We will actively publicize the unfairness of the organizational restructuring so that union members are not caught up in the president's 'illegal orders.'"

He continued, "The Industrial Bank already underwent an organizational restructuring involving relocation to Busan in January last year, but it is unclear whether it was effective," and added, "Even now, the most branches and personnel are located in Busan, Ulsan, and Gyeongnam, so I question the effectiveness of yet another organizational restructuring."

In June, Chairman Kang said at a press conference marking his second anniversary in office, "Even before the revision of the San-eun Act, we will achieve practical relocation effects," and "We will promptly establish the Southern Investment Banking Headquarters in the second half of this year."

Kim Hyun-jun, Chairman of the Korea Industrial Bank Branch of the National Financial Industry Labor Union, began a tent protest in front of the Korea Industrial Bank headquarters in Yeouido, Seoul, from the afternoon of the 19th, opposing the company's organizational restructuring.
[Photo by Korea Industrial Bank Labor Union]