Financial workers take to streets over state-run banks' potential relocation
Unionized workers in the financial sector took to the streets Friday to oppose the government's consideration of relocating state-run banks and other public financial institutions out of the capital. The Korea Financial Industry Union (KFIU), a major umbrella labor group, staged a strike in Gwanghwamun Square in central Seoul, drawing about 30,000 members, according to organizers. Police…
Financial industry workers demonstrated in Seoul on Friday to protest the government's consideration of moving state-run banks and other public financial institutions out of the capital city. The Korea Financial Industry Union (KFIU), a major labor organization, organized a strike in Gwanghwamun Square, attracting around 30,000 members, according to organizers. Police estimated the crowd at 14,000.
The rally centered on the potential relocation of prominent state-run banks, including Industrial Bank of Korea (IBK), Korea Development Bank (KDB), and the Export-Import Bank of Korea (Eximbank). KFIU President Yoon Seok-gu stated that the union opposed the move for political reasons, asserting that Seoul already functions as a major global financial hub.
Notably, Yoon argued that other major financial centers like New York, London, Tokyo, and Hong Kong have concentrated financial institutions within their cities, and Seoul possesses the necessary capacity to perform the same role.
Yoon questioned the rationale behind relocating financial institutions to another location without providing any clear justification.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
