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Pledge to relocate bank's HQs worries South Korean financial firms

South Korean President-elect Yoon Suk-yeol's campaign pledge to relocate headquarters of several banks outside the country's capital has alarmed large financial companies. Yoon made a pledge in January and earlier this month to move state-run Korea Development Bank to the southern port city of Busan. He also vowed to make efforts to help several banks to relocate their headquarters and settle in Busan. However, workers unions at nine major banks in Seoul said relocating the banks' headquarters would only hinder their growth. In a joint statement, they said that the relocation of the banks would lead to a “collapse” in the system and the network they have built over decades in the nation’s capital.

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