Financial workers take to streets over state-run banks' potential relocation

Unionized workers in the financial sector took to the streets Friday to oppose the government's consideration of relocating state-run banks and other public financial institutions out of the capital. The Korea Financial Industry Union (KFIU), a major umbrella labor group, staged a strike in Gwanghwamun Square in central Seoul, drawing about 30,000 members, according to organizers. Police estimated the turnout at 14,000. The rally focused on the prospect of relocating state-run banks, including Industrial Bank of Korea (IBK), Korea Development Bank (KDB) and Export-Import Bank of Korea (Eximbank). KFIU Chairman Yoon Seok-gu said the union opposed relocating financial institutions for political reasons, arguing that Seoul already serves as a major financial hub. "Major financial centers such as New York, London, Tokyo and Hong Kong have their financial institutions concentrated in their cities, and Seoul is fully capable of serving the same role," Yoon said. "What kind of logic is it to simply tell us to go somewhere else without any clear reason or justification?" he said. The union's other