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Finance

Jang Min-young takes office as IBK Industrial Bank chief after one month, facing twin tasks

Jang Min-young (장민영) has taken office as IBK Industrial Bank of Korea’s 28th chief executive after a month-long labour-management standoff kept him out of headquarters for 22 days. A wage deal reached on Feb. 13 ended the immediate crisis, but issues such as total wage caps, unpaid allowances and settlement rules remain. Jang pledged to expand policy finance, including a 300 trillion won plan through 2030 and 75 trillion won support for small merchants, while stressing internal controls and consumer protection.

Finance

FSS faces fresh decision on public institution designation

South Korea will decide late this month whether to redesignate the Financial Supervisory Service as a public institution, potentially for the first time in 18 years. The decision comes as debate resurfaces over the watchdog’s independence and stronger public accountability under tighter government oversight. The FSS was designated in 2007 and removed in 2009. The agency argues redesignation could add layers of control and worsen staff departures, while some officials have called for stronger public functions.