Kookmin Bank’s labor union plans to strike on Sept. 3

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Kookmin Bank’s labor union plans to strike on Sept. 3

Labor union members at Kookmin Bank, Korea’s largest lender, said they may go on strike next month and want top executives to resign amid a regulatory probe.

The 17,500-member labor union said it plans to join a financial industry-wide strike on Sept. 3. The action is also intended to press Kookmin Bank Chief Executive Officer Lee Kun-ho and parent KB Financial Group’s Chairman Lim Young-rok to leave the company, the union said in a statement yesterday.

Korea’s Financial Supervisory Service is discussing whether to penalize KB Financial executives including Lim and Lee following illicit loans at Kookmin Bank’s Tokyo branch, client data leaks at the lender and a credit-card affiliate, and questions over the process for adopting a new computing system.

“The prolonged procedure at the FSS for penalizing management is hurting morale among employees and raising concerns over management vacancies,” the union said.

The financial supervisor told KB Financial two months ago that it planned to decide on the penalties before June 26. The sanctions committee is next scheduled to meet on Thursday.


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