Among the state-run banks shortlisted for regional transfer, attention in the industry is focusing on the moves by Industrial Bank of Korea (IBK)(024110) and the Export-Import Bank of Korea. That is because the two banks' chiefs rose from within and have no particular ties with President Lee Jae-myung. The heads of the Financial Supervisory Service, Korea Development Bank (KDB), and Korea Deposit Insurance Corporation (KDIC) all at one time had connections with the president at university or the Judicial Research and Training Institute.
According to the financial sector on the 31st, the Ministry of Land, Infrastructure and Transport plans to finalize the second-phase plan to transfer public institutions to the regions after October. Minister Kim Yun-duk said at the full session of the Special Committee on Budget & Accounts on the 24th, "The list of public institutions for regional transfer and the transfer locations are in preparation. After a public discussion process, we expect around October to November."
Three state-run banks—the Korea Development Bank (KDB), Industrial Bank of Korea (IBK), and the Export-Import Bank of Korea—are being mentioned as candidates for regional transfer. Jang Min-young, IBK president, and Hwang Ki-yeon, Export-Import Bank of Korea president, have worked at a single institution for more than 35 years without particular ties to the president. Jang joined IBK through open recruitment in 1989 and became president in February this year, while Hwang joined the Export-Import Bank of Korea in 1990 and became president in November last year.
Because they are chiefs promoted from within, pressure from labor unions is considerable. The IBK union has been steadily asking President Jang in closed-door settings to "speak up for the organization." An Export-Import Bank of Korea union official said, "We can issue a statement at any time and publicly demand that the president oppose regional transfer. For now, however, we are watching various situations and the mood."
President Jang has indirectly expressed opposition to regional transfer in public. When a question about regional transfer came up at the opening ceremony of the 2026 joint financial sector job fair held in Seoul on the 19th, Jang said, "Since nearly 60% of our staff are concentrated in the Seoul metropolitan area, there will likely be that level of opposition." President Hwang has not yet made public remarks related to regional transfer.
Industry views are split in two. One side says, "Because the internally promoted heads of state-run banks have no particular ties with the Ministry of Land, Infrastructure and Transport (MOLIT) or the presidential office personnel, their room to maneuver is narrow and they will not be able to mount much resistance."
Others say that, because they have spent their entire careers at a single organization and rose from within, they could oppose more strongly. An official at a state-run bank said, "Because internally promoted chiefs have strong affection for and loyalty to the organization, when the right time comes they can express opposition to regional transfer more strongly than anyone."