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| Rep. Suh Byung-soo speaks during a parliamentary committee meeting, Feb.9, at the National Assembly in Seoul. Korea Times file |
By Lee Kyung-min
The Bank of Korea (BOK) and state-run lenders including the Export-Import Bank of Korea (Eximbank) are facing increasing pressure to relocate out of Seoul following legislative moves to transfer them to other cities.
Rep. Suh Byung-soo of the People Power Party (PPP) said Friday that he has proposed a bill that will enable the relocation of Eximbank from Seoul to Busan.
This is the latest in a recent series of similar bipartisan legislative moves to relocate Seoul-based state-run lenders including the Korea Development Bank (KDB) to the southern port city, as well as the country's central bank.
Behind the unified efforts for the relocations is President-elect Yoon Suk-yeol, whose campaign pledge included moving the KDB to Busan, a decision he said would help elevate the status of the nation's second-largest city, transforming it into a global financial hub, housing major financial institutions. Eximbank was added to the list, April 4, when Yoon met with a group of PPP lawmakers to discuss ways to tackle the country's ultra-low birthrate.
Suh said the bill, which was sponsored jointly by 12 other lawmakers, was amended to revise a clause that stipulates that the headquarters of Eximbank be located in Seoul, adding the word Seoul was replaced with the word Busan.
A group of PPP lawmakers who serve constituents in Busan proposed a similar bill in January, he said, adding that he expects a great synergy effect will be created if Eximbank moves to Busan.
The relocation of the KDB and Eximbank, in his view, will help small industries related to shipbuilding and marine businesses, the growth drivers of not only Busan but nearby South Gyeongsang Province.
"Busan will become a financial hub city that can foster not only maritime businesses but also high-tech, advanced financial technologies including fintech and blockchain," he said.
Similarly, Rep. Kim Du-kwan of the Democratic Party of Korea (DPK) proposed a bill, Monday, to revise a clause that stipulates the headquarters of BOK, KDB and Eximbank be located in Seoul. He said the word Seoul was replaced with the word Korea.
The Korean Financial Industry Union representing employees of KDB, Eximbank, and state-run Industrial Bank of Korea (IBK) issued a statement, April 1, protesting the relocation of the KDB.
"Pushing for the relocation of state-run lenders over all other pressing reform tasks is nothing but a political gimmick designed to court voters ahead of the June 1 local election," the union said.
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