The National Union of Financial Industry Workers launched a general strike to oppose moves to relocate financial institutions such as Korea Development Bank, Industrial Bank of Korea, Korea Eximbank and NongHyup outside Seoul. It argued that the financial industry depends on specialised workers and the benefits of concentration and cooperation among institutions, and that a uniform relocation could damage financial competitiveness.

The union held its first general strike on Thursday morning on Sejong-daero in Gwanghwamun, Seoul, demanding that the relocation of financial institutions be halted, among other calls. About 30,000 members took part, the union estimated.

Finance union leader Seok-gu Yoon (윤석구) criticised the relocation discussions as proceeding without sufficient consideration for the roles played by Korea Development Bank, Industrial Bank of Korea, Korea Eximbank and NongHyup, as well as the concentration effects of the financial industry.

Yoon pointed to major financial cities such as New York, London, Singapore and Hong Kong concentrating financial institutions and specialised workers in one place. "The reason we must remain in Seoul is neither political nor simply because we do not want to be separated from our families. It is necessary for the South Korean economy and financial competitiveness," he said.

The union also stressed that balanced regional development should focus on creating a structure in which regional industry and finance, universities and jobs grow together, rather than physically relocating a handful of institutions.

Participants in the strike said in a resolution that they would block the relocation of financial institutions, including Korea Development Bank, Industrial Bank of Korea, Korea Eximbank and NongHyup, as well as cooperatives, without sufficient verification and consultation with the parties concerned. For institutions that have already been relocated, they also demanded improvements in living conditions.

The union said it plans to escalate its action, including additional general strikes, if there is no progress on its demands in future talks.