Members of the unions of Korea Development Bank, Industrial Bank of Korea and Export-Import Bank of Korea chant slogans during a joint rally against the planned relocation of the three state policy banks, held in front of Korea Development Bank's headquarters in Yeouido, Seoul, on Tuesday. [Yonhap]
Members of the unions of Korea Development Bank, Industrial Bank of Korea and Export-Import Bank of Korea chant slogans during a joint rally against the planned relocation of the three state policy banks, held in front of Korea Development Bank's headquarters in Yeouido, Seoul, on Tuesday. [Yonhap]

Union members from three major state policy banks held a large joint rally Tuesday to oppose a second round of public institution relocations out of Seoul, saying a hasty move that ignores the nature of policy finance institutions is unacceptable.

The unions of Korea Development Bank, Industrial Bank of Korea and Export-Import Bank of Korea — all affiliates of the Korea Financial Industry Union — gathered at around 7 p.m. on Uisadang-daero beside Korea Development Bank's Yeouido headquarters for a roughly 70-minute rally vowing to block the relocation of the three banks.

The three state policy banks have been named as candidates for the second round of public institution relocations. The Ministry of Land, Infrastructure and Transport, working with the Korea Research Institute for Human Settlements, is expected to announce planned relocation destinations for some 350 public institutions as early as next month.

It was the first time the three banks' unions had joined forces to oppose relocation. Organizers estimated about 2,000 members attended — roughly 900 from Korea Development Bank, 800 from Industrial Bank of Korea and 350 from Export-Import Bank of Korea.

Kim Hyeon-jun, head of the Korea Development Bank union branch, rallied the crowd by invoking the union's earlier fight against relocation under the Yoon Suk Yeol administration. "When everyone else was ready to give up, we dug in and fought hard and won," he said. "Let's hold on to the very end."

Korea Development Bank's relocation to Busan had been pursued as a state policy priority under the Yoon administration. The plan was ultimately scrapped following fierce resistance, but the bank suffered lasting damage — a mass exodus of staff and deep internal divisions.

Ryu Jang-hee, head of the Industrial Bank of Korea union branch, invoked an agreement reached between the Democratic Party of Korea and the financial union during the last presidential election. "This is not a simple broken promise," he said. "It is an outrage that denies decency, reason, trust and scientific evidence all at once."

Jeong Eun-ju, head of the Export-Import Bank of Korea union branch, stressed the banks' policy role. "We must nurture industries on the front lines of policy finance, fill gaps in financial access and serve as a safety valve in times of national crisis," she said.

Union leaders from the three banks read out a joint resolution, declaring they would "resolutely stand against the government's unilateral relocation policy and solemnly resolve to protect the future of Korea's policy finance."

The unions argue the government is pushing ahead with relocation while ignoring the role of state policy banks and the unique nature of the financial industry. Because these institutions provide funding and financial support through networks built with businesses and industries, the unions say their situation is fundamentally different from that of ordinary public institutions.

Korea Development Bank handles large-scale policy finance programs including the National Growth Fund and the Advanced Strategic Industries Fund. Industrial Bank of Korea provides financial support to small and medium-sized enterprises and small business owners, while Export-Import Bank of Korea finances export companies and handles economic-security-related lending.

The Korea Financial Industry Union plans to hold a strike vote Wednesday on issues including a four-and-a-half-day workweek, wages and the relocation plan. A strike is reportedly possible as early as next month.


park.jiyeong@heraldcorp.com