Unions of 3 state-run banks stage large-scale rally against potential relocation

Seoul witnessed a massive protest on August 11 as unions representing employees of three state-run banks united to voice their concerns over a potential relocation of the institutions outside the capital city. The Korea Development Bank, Industrial Bank of Korea, and Export-Import Bank of Korea (Exim Bank) union members convened at the financial district of Yeouido in western Seoul at 7 p.m. for a one-hour rally, drawing an estimated 2,000 participants from the Korea Financial Industry Union.

The unions expressed their fears in a joint statement released the previous day, urging the government to suspend the review of the relocation plan, citing the risk of an economic disaster that could jeopardize the nation's high-tech industries. In response to the protest, riot police and other law enforcement officers were deployed to block access to the rally site near the National Assembly on Tuesday.

Additionally, the Korea Financial Industry Union is reportedly contemplating a strike in early September, with a vote scheduled for Wednesday to decide whether to stage a joint action addressing various concerns, including the reported relocation plan.