Two state-run banks agree to withdraw from lobbying group

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Two state-run banks agree to withdraw from lobbying group

The state-run Korea Development Bank (KDB) and Industrial Bank of Korea (IBK) will withdraw their membership from the Federation of Korean Industries, the lobbying group of conglomerates, the banks said Thursday.

The move comes after Samsung Group’s heir-apparent, Lee Jae-yong, told lawmakers of his intention to leave the lobbying group during a public hearing investigating the Choi Soon-sil scandal on Tuesday.

IBK President Kwon Seon-joo told lawmakers at the National Assembly that the state-run bank has already reviewed the idea of leaving the lobbying group and has decided to turn in their membership cancellation next Monday.

KDB Senior Vice President Lee Dae-hyun said the bank is also planning to turn in their membership cancellation next week, though he did not specify a date.

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