Financial Services Commission Chairman Attends Dinner for the First Time in Three Years
High Exchange Rate Response and Information Security Also on the Agenda
The heads of the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup), as well as those of specialized banks (Korea Development Bank and Industrial Bank of Korea), and regional banks, all gathered on January 26 for the regular board meeting of the Korea Federation of Banks. During the dinner meeting held afterward with Financial Services Commission Chairman Lee Eogwon, the role of the banking sector in supporting productive finance and stabilizing the exchange rate was expected to be a key topic of discussion.
According to the financial sector, the presidents of the five major banks, specialized banks, one regional bank (BNK Kyongnam Bank), and one internet bank-a total of 11 member banks-attended the first regular board meeting of the year at the Korea Federation of Banks in Jung-gu, Seoul.
Jang Minyoung, President of Industrial Bank of Korea, was the first to arrive at the federation. Regarding the recent union blockade of his office entry, he stated, "We are negotiating with the Financial Services Commission. Although it's not the stage to discuss specifics, it's too early to say we've reached a concrete conclusion, but I expect the situation will be resolved soon." Due to the union's ongoing protest demanding the abolition of the total wage cap system, President Jang has been unable to enter his office for two consecutive days as of this meeting.
Jung Jinwan, President of Woori Bank, greeted reporters with New Year's wishes before heading to the boardroom. Shinhan Bank President Jeong Sanghyuk, BNK Kyongnam Bank President Kim Taehan, Korea Development Bank Chairman Park Sangjin, KB Kookmin Bank President Lee Hwanjoo, Hana Bank President Lee Hosung, and NH Nonghyup Bank President Kang Taeyoung also attended the meeting without making additional comments.
Chairman Lee also attended the dinner that followed. The regular board meeting of the Korea Federation of Banks is held on the fourth Monday of every month. After the board meeting, bank presidents have traditionally invited the Chairman of the Financial Services Commission, the Governor of the Financial Supervisory Service, the Chairman of the National Assembly's Political Affairs Committee, the Deputy Prime Minister for Economy, and the Governor of the Bank of Korea to the dinner.
This is the first time in over three years that the Financial Services Commission Chairman has attended the dinner, with the last being former Chairman Kim Juhyun in September 2022. It is also Chairman Lee's first meeting with the bank presidents since his inauguration and introductory meeting in September last year.
As the financial authorities have set productive finance-redirecting funds from households and real estate to businesses and industries-as a key policy task, it is expected that the supply of funds by commercial banks and policy finance will be discussed between Chairman Lee and the bank presidents. Other topics likely to be addressed include responses to the current high exchange rate situation and strengthening information security systems.
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