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Korean Development Bank’s relocation to Busan underway

Despite protests from workers, the planned relocation of state-run Korea Development Bank (KDB) to Busan, the second-most populous city after the capital, from Seoul is underway, according to reports. KDB Chairman & CEO Kong Seog-hoon said the decision was made by the president and the prime minister despite in-house resistance. The relocation plan, according to reports, is the latest government effort to decentralise economic and political power away from Seoul so other cities can flourish. Busan is located 400 kilometres away from Seoul and many KDB employees have refused to be part of what they consider to be a top-down decision that would likely prompt an alarming brain drain.

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