Financial authorities have called on major financial group leaders to shield borrowers from the impact of interest rate hikes, urging the companies themselves to absorb the rising costs from global interest rate increases as much as possible. The message came during a meeting between the financial authorities and chiefs of the country s five major financial groups in central Seoul on Friday morning.
The heads of Korea s five major financial groups had a common focus in their New Year s messages: the importance of risk management and a sustainable growth strategy amid heightened economic risks. In his New Year s message, KB Financial Group Chairman Yoon Jong-kyu stressed stable growth, as he forecast the economy will witness a decline in real purchasing power and weakened consumer sentiment this year, with continuing uncertainties on both the global and domestic economic fronts.
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The Korean Financial Industry Union (KFIU), together with the unions of financial companies, are raising voices of criticism and protest against the Yoon administration meddling in the appointments of the heads of the major financial groups.