Heads of financial authorities have once again called on domestic financial groups to take on greater social responsibility, pressuring the companies to lower the burden on small and medium-sized business owners stemming from soaring interest rates.
The nomination of KB Financial Group Vice Chairman Yang Jong-hee as the group s next chief signals that the group is on course to bolster its non-banking business under a broader strategy.
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.