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제목SOUTH KOREA: WORKERS SIEGE STOPS BANK MERGER
설명Unionized workers at one of South Korea's biggest banks ended a two-day siege of their head office on Thursday after their chairman promised to suspend merger talks. Kim Sang-hoon, head of Kookmin Bank, was allowed to walk out of his office after he announced suspension of merger talks with Housing and Commercial Bank. Kim had been kept in his office by 300 workers since late on Tuesday. In a written statement, Kim promised to have prior consultations with the bank's union in the event of Kookmin deciding to resume merger talks with Housing and Commercial. The two profitable banks reportedly had planned to announce a merger on Wednesday. In an attempt to block the announcement, Kookmin workers detained their chairman in his 7th floor office. The protesters feared a merger would lead to mass layoffs. Kookmin's merger plan was supported by Goldman Sachs Group Inc. of the United States, the largest shareholder in the bank with a 15.8 percent stake. Kookmin's labour union leader Lee Kyong-soo said the bank's 15-thousand workers were determined to block the planned merger. He said the merger, if pushed, would result in 30 percent job cuts at Kookmin alone. SOUNDBITE: (Korean) " This is so-called merger is causing job insecurity for employees working for a healthy bank. So we are staging a rally to protect our livelihood and our workplace where we have been working very hard. The merger between Kookmin Bank and Housing & Commerce Bank pushed by the government will have no (positive) effect. Actually, it is expected to have much negative effect of a possible disintegration in the organization. We also believe it will have a negative effect on the national economy as well." SUPER CAPTION: Lee Kyoung Soo, President of the Kookmin Bank Labour Union The 8-thousand-member Housing and Commercial Bank union also said it would protest unless it was given assurances that there would be no layoffs. The merger is in line with government plans to restructure South Korea's inefficient financial sector, which officials say has eroded the confidence of foreign investors. The government wants to finish the bank restructuring by the end of this year. Most South Korean banks are financially shaky, with huge debts incurred by the collapse of thousands of companies during the 1997-98 Asian financial crisis. You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
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날짜2000-12-14
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식별번호KC-R-05377
제목SOUTH KOREA: WORKERS SIEGE STOPS BANK MERGER
설명Unionized workers at one of South Korea's biggest banks ended a two-day siege of their head office on Thursday after their chairman promised to suspend merger talks. Kim Sang-hoon, head of Kookmin Bank, was allowed to walk out of his office after he announced suspension of merger talks with Housing and Commercial Bank. Kim had been kept in his office by 300 workers since late on Tuesday. In a written statement, Kim promised to have prior consultations with the bank's union in the event of Kookmin deciding to resume merger talks with Housing and Commercial. The two profitable banks reportedly had planned to announce a merger on Wednesday. In an attempt to block the announcement, Kookmin workers detained their chairman in his 7th floor office. The protesters feared a merger would lead to mass layoffs. Kookmin's merger plan was supported by Goldman Sachs Group Inc. of the United States, the largest shareholder in the bank with a 15.8 percent stake. Kookmin's labour union leader Lee Kyong-soo said the bank's 15-thousand workers were determined to block the planned merger. He said the merger, if pushed, would result in 30 percent job cuts at Kookmin alone. SOUNDBITE: (Korean) " This is so-called merger is causing job insecurity for employees working for a healthy bank. So we are staging a rally to protect our livelihood and our workplace where we have been working very hard. The merger between Kookmin Bank and Housing & Commerce Bank pushed by the government will have no (positive) effect. Actually, it is expected to have much negative effect of a possible disintegration in the organization. We also believe it will have a negative effect on the national economy as well." SUPER CAPTION: Lee Kyoung Soo, President of the Kookmin Bank Labour Union The 8-thousand-member Housing and Commercial Bank union also said it would protest unless it was given assurances that there would be no layoffs. The merger is in line with government plans to restructure South Korea's inefficient financial sector, which officials say has eroded the confidence of foreign investors. The government wants to finish the bank restructuring by the end of this year. Most South Korean banks are financially shaky, with huge debts incurred by the collapse of thousands of companies during the 1997-98 Asian financial crisis. You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
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날짜2000-12-14
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