Kim Byunghwan Meets Foreign Financial Firms: "We Have Sufficient Capability and Will to Maintain Financial Stability"

Financial Instability Amplified by 'Martial Law-Related Uncertainty'... Meeting with Foreign Financial Firm CEOs

The Financial Services Commission, chaired by Chairman Kim Byung-hwan, held a meeting with representatives of foreign financial companies to review overseas perspectives on South Korea's political and economic situation, while emphasizing that the Korean government has sufficient capability and determination to maintain stability in the financial market.

Attendees at the meeting included Standard & Poor's (S&P), Moody's, Citi Bank, HSBC Bank, Deutsche Bank, JP Morgan Chase, Bank of America, Soci?t? G?n?rale, and Mitsui Sumitomo Bank.

Chairman Kim emphasized at the meeting that despite increased political uncertainty, economic issues are being managed consistently and stably, centered around the economic team including the Deputy Prime Minister for Economy.

He stated, "The government's preparedness for market stability is firmly maintained, and key policy tasks such as the smooth landing of real estate project financing (PF), corporate value-up, and capital market advancement will be carried out as scheduled without any setbacks," adding, "We will ensure sufficient explanations about Korea's situation and the government's plans through closer communication with foreign financial companies going forward."

Participants from foreign financial companies expressed that they do not believe the current situation will undermine the foundation of the Korean economy or have a lasting negative impact, and that if political uncertainty is resolved promptly, the market can quickly regain stability. However, they also suggested that a more active role by institutional investors such as pension funds is necessary to mitigate short-term volatility in the stock market and other areas.