Credit Union Holds 'Pioneer Memorial Ceremony' for 65th Anniversary

Credit Union Movement for Koreans' Economic Self-Reliance... Reflecting on the Spirit of the 'Credit Union Movement'
Chairman Kim Yoonsik: "Embracing the Pioneer Spirit to Practice Inclusive Finance and Revitalize the Ordinary Economy"

▲On the 12th, Shinhan held the '2025 Shinhan Movement Pioneer Memorial Ceremony' at the Shinhan Central Training Institute in Yuseong-gu, Daejeon Metropolitan City. Provided by Shinhan Central Association

The National Credit Union Federation of Korea announced on the 13th that it held the 'Credit Union Pioneer Memorial Ceremony' at the Credit Union Central Training Institute in Yuseong-gu, Daejeon, to mark the 65th anniversary of its founding. At the event, the Credit Union paid tribute to the late Sister Mary Gabriella and the late Father Jang Daeik, pioneers of the Korean credit union movement.

The memorial ceremony was attended by 220 credit union executives and employees from across the country, including Chairman Kim Yoonsik, who reflected on the spirit of the 'Credit Union Movement.'

'Pioneers' Day' was established to honor the founding spirit of 'Seongga Credit Union,' which was created on May 1, 1960, in Busan by 27 members with a capital of 3,400 hwan (approximately 100,000 won). Each year, commemorative events are held in May, the month of the credit union's founding.

The credit union movement began when the late Sister Mary Gabriella, who came to Korea from the United States in 1926 for missionary work, established 'Seongga Credit Union' in Busan in May 1960. At that time, Sister Gabriella spread the credit union movement based on her conviction that what the impoverished people of Korea needed was not charity and relief, but self-reliance and self-help. She later led the establishment of the Korea Credit Union League (now the National Credit Union Federation of Korea). In 1982, she received a commemorative plaque from the Korean government honoring the 100th anniversary of Korea-U.S. diplomatic relations, and she passed away in 1993 at the age of 93.

The late Father Jang Daeik was the first Korean to lead the credit union movement, founding the country's second credit union, the 'Catholic Central Credit Union' in Seoul, in June 1960. He regarded love and solidarity among members as core values of the credit union, emphasized a member-centered management philosophy, and took the lead in addressing the problem of high-interest private loans. Father Jang passed away in 2008 at the age of 85.

Kim Yoonsik, Chairman of the National Credit Union Federation of Korea, stated, "The pioneering spirit and passion of those who first set out on a path no one had taken before became a driving force for the Korean credit union to grow into a financial cooperative that attracts global attention today. We will continue to uphold the spirit of the credit union movement as our unique competitive edge, serving as a strong support for ordinary people and the vulnerable, and as a partner to local communities."