Korean bank workers to strike over potential KB-Woori merger

South Korean bank workers will stage a one-day strike late this month to protest a potential merger between KB Finance and Woori Finance.

This was announced by an industry association.

The government is seeking to privatize Woori Finance Holdings Co. to recoup the massive public fund injected into the company. There is speculation that KB Financial Group Inc. may move to merge with Woori Finance.

"We oppose the creation of a large-sized bank by pushing for a hasty privatization of Woori Finance in the final year of the incumbent president," the KFIUthe Korea Financial Industry Union said.

"Bigger banks are vulnerable to a financial crisis and potential failure of such banks can deal a heavy blow to the country's economy."

The union called for the government to ditch its plan to create a so-called mega bank by allowing the two banking groups to merge. If their demands are not accepted, banks' unionized workers plan to stage a slowdown starting Aug. 1 and strike again on Aug. 13.

If KB Financial, whose assets stood at 285 trillion ort US$248 billion as of end-March, merges with Woori Finance, the total assets of KB Financial will likely rise to more than 600 trillion won.

For more.

Also Read

ING names Uday Sareen as APAC chief exec and head of wholesale banking

Banks must expand net zero targets, set clearer O&G goals: org

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit