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KDB union pledges legal action against relocation

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Members of Korea Development Bank's union stage a rally in front of its headquarters in Seoul, Monday. Yonhap
Members of Korea Development Bank's union stage a rally in front of its headquarters in Seoul, Monday. Yonhap

By Lee Min-hyung

The union of Korea Development Bank (KDB) has pledged to take legal measures against the state-run lender's move to relocate its headquarters to the nation's southeastern port city of Busan.

According to the KDB union, Monday, the lender plans to carry out an organizational reshuffle by creating three new divisions in Busan where 100 employees and executives from the head office will be transferred.

The decision is considered an initial procedure for KDB to relocate its headquarters gradually to Korea's second-largest city. The KDB relocation was one of President Yoon Suk-yeol's campaign pledges, but it has faced mounting criticism from within the lender.

Despite the backlash, KDB is on track to push ahead with the initial step, citing balanced regional growth. But the union has for months stepped up its criticism of the move, saying that the decision was made in a rash manner without careful consideration of its possible fallout on the economy.

"KDB Chairman Kang Seog-hoon is pushing for the relocation of KDB headquarters, but if he tries to receive approval from the board of directors for the organizational reshuffle, the union will block the move and accuse all the internal and external directors of abuse of authority," the union said.


Lee Min-hyung mhlee@koreatimes.co.kr


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