Gov't plan to relocate state-run financial institutions to regional areas faces backlash
Major state-run financial institutions, including the Korea Development Bank (KDB), are intensifying their opposition to a possible government plan to relocate their headquarters out of Seoul, industry officials said Tuesday. Unions at three major policy lenders, the KDB, the Export-Import Bank of Korea and the Industrial Bank of Korea, have planned a joint rally against the relocation, while…
The government's proposed relocation of major state-run financial institutions out of Seoul is facing significant resistance from industry officials and unions. Major lenders such as the Korea Development Bank (KDB), Export-Import Bank of Korea, and Industrial Bank of Korea are among those opposing the plan. Their unions have announced a joint rally against the relocation, arguing that it would undermine the banks' capacity to provide policy financing and diminish national competitiveness.
The government has not yet determined which institutions will be moved, but local cities like Busan are actively courting them. Critics contend that concentrating all financial operations in one city is insufficient to compete with global financial centers.
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