Public Institution Relocations Loom; Financial Unions Announce General Strike

South Korea's financial sector is bracing for the government's second phase of public institution relocations, a policy aimed at promoting balanced regional development. As the list of targeted institutions is expected soon, financial unions are voicing strong opposition, particularly concerning the potential move of the Korea Development Bank (KDB).

The KDB's labor union issued a statement demanding that KDB Chairman Park Sang-jin directly convey their stance to the government, urging the exclusion of the bank from the second relocation phase. This follows a joint protest held earlier this month by the KDB, IBK Industrial Bank of Korea, and the Export-Import Bank of Korea unions in front of the KDB headquarters in Seoul.

Adding to the pressure, the Financial Industry Union has announced plans for a general strike next month if the government pushes forward with the relocations. A significant 96.1% of union members have voted in favor of this action. In a press conference held in front of the Blue House, the union criticized the government's policy, stating, "Relocating based on political interests is an act that undermines national financial competitiveness."

Other organizations are also joining the resistance. NongHyup's union held a rally last month in Gwanghwamun, Seoul, to protest the potential relocation of their headquarters. The growing opposition highlights the significant concerns within the financial industry regarding the government's decentralization efforts.