Main opposition Democratic Party of Korea (DPK) leader Lee Jae-myung speaks during the party's Supreme Council meeting at the National Assembly in Yeouido, Seoul, Friday. Yonhap

CEOs of the country's major banks are expected to face pressure to bolster support for financially distressed borrowers in their upcoming meeting with opposition leader Lee Jae-myung on Monday.

According to financial and political sources on Friday, the meeting will be attended by CEOs of the six lenders — KB Kookmin, Shinhan, Hana, Woori, NH NongHyup and Industrial Bank of Korea.

Sources said the main opposition Democratic Party of Korea (DPK) proposed the meeting with Lee to share possible measures to "expand co-prosperity between banks and customers."

"The gathering is Lee's routine efforts to meet relevant parties concerning the people's livelihoods," a DPK lawmaker said, noting that Lee has been meeting CEOs and executives of financial institutions.

However, some sources pointed out it was rare for a main opposition leader to meet banking CEOs, speculating that the gathering "is believed to be aimed at pressing them to comply with the party's economic objectives."

The sources noted that the meeting will be held with the possibility of an early presidential election this year as President Yoon Suk Yeol was impeached in December over his botched martial law.

The Constitutional Court is currently reviewing Yoon's impeachment to decide whether to remove him from office or to reinstate him as president. The court has up to six months to complete the review.

Under the circumstances, Lee remains the top presidential contender. He has continued to focus on economic issues in the middle of stagnant economic growth, which has aggravated people's livelihoods.

"The banking CEOs certainly will be burdened by what Lee demands," a source said, noting the major banks especially have been criticized for reaping massive interest income over the Bank of Korea's rate hike in the postpandemic era.

The rate remained at 3.5 percent — the highest since December 2023, until October 2024, when it was lowered to 3.25 percent and then to 3 percent in November of the same year.

Many borrowers complained over the diverging fortunes between them and commercial banks, arguing that lenders' massive fortunes were not earned by their hard work but rather were given as "windfall profits" in the wake of a high rate.

Accordingly, the DPK sought to propose a bill that asks the banks to return "windfall profits" to society.

At the upcoming meeting, Lee is anticipated to address the need to help small business owners and self-employed individuals who are struggling with payment after taking out loans during the pandemic.

He is also expected to discuss whether the rates for housing loans and other borrowing from banks should be adjusted.

Meanwhile, some market observers argued that pressing banks to share their profit is against the rule of a free market economy. Such moves, they claim, may prompt investors to refrain from buying banking shares.