Savings Bank Central Association and Jeogowi Join Hands to Address Low Birthrate Crisis

"Promoting Financial Products Addressing Low Birthrate...
Improving Corporate Culture"

The Korea Federation of Savings Banks announced on the 7th that it signed a business agreement with the Low Fertility and Aging Society Committee at the Government Seoul Office in Jongno-gu, Seoul, to jointly respond to the low birthrate crisis.

Joo Hyung-hwan, Vice Chairman of the Low Birthrate and Aging Society Committee (center left), Oh Hwa-kyung, President of the Korea Federation of Savings Banks (center right), Jung Young-seok, CEO of Yuanta Savings Bank (left), and Lee Kyung-hee, CEO of Geumhwa Savings Bank, are posing for a commemorative photo after signing a joint response agreement to the low birthrate crisis on the 7th at the Government Seoul Office in Jongno-gu, Seoul. Provided by the Korea Federation of Savings Banks

As the low birthrate crisis has emerged as a national issue, there is a growing consensus within the industry that savings banks must strengthen their role in responding to this crisis, leading to the signing of the agreement with the committee, the Federation explained.

The signing ceremony was attended by Joo Hyung-hwan, Vice Chairman of the committee, and Oh Hwa-kyung, President of the Federation. From the industry, Jeong Young-seok, CEO of Yuanta Savings Bank, and Lee Kyung-hee, CEO of Geumhwa Savings Bank, representing savings banks located in Seoul, Incheon, and Gyeonggi, participated.

The two organizations will identify and promote tasks such as activating financial products addressing the low birthrate, spreading a family-friendly corporate culture within the industry, and expanding social contribution activities to support childbirth and childcare.

President Oh stated, "The industry plans to continuously strengthen its role in responding to the low birthrate crisis," adding, "In the future, savings banks will continue to pay close attention to social issues as warm and inclusive financial institutions."

As a follow-up to the business agreement, the industry plans to expand the supply of preferential financial products to respond to the low birthrate crisis and provide comprehensive information about these products on the Federation's website.