Major Financial Firms Flock to Jeonbuk: A Green Light for the 'Third Financial Hub'?

[Anchor]

Major domestic and international financial firms are successively establishing their presence in Jeonbuk State. Following the opening of the KB Financial Town in the Jeonbuk Innovation City, a large asset management firm is also preparing to enter the region. With the securing of financial infrastructure and residential facilities identified as the most significant challenges, attention is now focused on whether the region will be designated as the third financial hub this coming October.

JTV reporter Lee Jung-min has the story.

[Reporter]

KB Financial Group has opened its financial town in the Jeonbuk Innovation City and commenced operations.

This comes five months after the group pledged to establish a financial town in Jeonbuk back in February.

Five core subsidiaries, including asset management and securities, have moved in to support asset management operations in connection with the National Pension Service.

In addition, a total of approximately 350 personnel will be working there, including 150 local talents.

[Yang Jong-hee / Chairman of KB Financial Group: This is the first step that embodies KB Financial Group's firm commitment to coexist with the local economy and become a partner that cooperates with the National Pension Service.]

Following Shinhan Financial Group, which entered the region earlier, major domestic financial firms are continuing to look toward Jeonbuk.

Next month, Hanwha Asset Management, which manages tens of trillions of won in stocks and bonds, plans to open an office in Jeonju.

Furthermore, Woori Financial Group has announced that it will station 300 resident employees in Jeonju by deploying five subsidiaries, including asset management and insurance.

[Kim Sung-joo / Chairman of the National Pension Service: The implementation of awarding extra points for establishing base offices in Jeonju has begun to bear fruit.]

However, creating the residential conditions and financial infrastructure necessary for these firms to settle stably remains a challenge.

Jeonbuk State plans to shorten the construction period of the international financial center, which requires 600 billion won, to three years to secure hotels, convention centers, and residential facilities.

[Lee Won-taek / Governor of Jeonbuk State: We will make thorough preparations to ensure that the financial hub designation is not hindered by a lack of financial infrastructure.]

The key will be how effectively the remaining task of expanding infrastructure is addressed before the evaluation for the third financial hub takes place this coming October.

(Video by Lee Jin-kang, JTV)

JTV Lee Jung-min
※ Please note: This article was translated by AI and may contain errors.