Financial workers take to streets over state-run banks' potential relocation

Unionized financial workers took to the streets of Seoul on Friday to protest the government's consideration of relocating state-run banks and other public financial institutions out of the capital city. The Korea Financial Industry Union (KFIU), a significant labor organization, organized a strike in Gwanghwamun Square, central Seoul, which saw an estimated 30,000 participants, with police reporting 14,000 attendees.

The primary focus of the demonstration was the potential relocation of state-run banks, specifically the Industrial Bank of Korea (IBK), Korea Development Bank (KDB), and the Export-Import Bank of Korea (Eximbank).

KFIU Chairman Yoon Seok-gu stated that the union opposed the relocation of financial institutions on political grounds, asserting that Seoul already functions as a major financial hub. He argued that the relocation logic is flawed, questioning the rationale behind telling financial institutions to move without a clear justification.

Yoon questioned the logic of simply instructing financial institutions to relocate without providing a compelling reason. The union's stance highlights concerns over the political motivations behind the proposed relocation and emphasizes Seoul's capability to continue serving as a prominent financial center, akin to New York, London, Tokyo, and Hong Kong.