On the 15th, the three financial holding companies—KB, Shinhan, and Woori—issued a joint statement, stating that there was no intention to discriminate against domestic investors regarding inclusive finance disclosures, as they were merely following disclosure requirements under US securities law.

The three companies emphasized, "We agree with the government's policy direction on productive and inclusive finance and are pursuing it as a core management task." It is unusual for the three major financial holding companies to issue a joint statement ahead of the weekend.

Previously, at the end of last month, the three companies included in the 'Risk Factors' section of their annual reports submitted to the New York Stock Exchange (NYSE) that there was a possibility of an increase in delinquency rates or a deterioration in asset soundness due to inclusive finance policies. This content was not included in their domestic business reports.

In response, the financial holding companies explained, "It is not intended to provide additional information to specific investors or to discriminate against domestic investors," adding that it is a "difference in disclosure methods according to the 'Full Disclosure' principle required by US securities law and our lawsuit risk response system."

They also noted that US disclosures require a broad description of various potential scenarios to protect investors and defend the legal liability of issuers. They also specified potential risk factors such as geopolitical risks in the Middle East, the possibility of changes in household loan regulations, and the industrial impact of artificial intelligence (AI) technological advancements.

The financial holding companies added that they have disclosed risk factors related to past government policies, such as the 2015 policy to expand technology finance, the 2020 strengthening of household debt management, and the potential for expanding political uncertainty in 2024, stating, "This disclosure is not a special case."

They also reaffirmed their policy to enhance the social role of finance by improving financial accessibility for low-income individuals, small business owners, and small and medium-sized enterprises, while expanding the supply of funds to venture, new industry, and real economy sectors. They noted that during the policy implementation process, they operate credit systems in accordance with internal risk assessments and systemic risk management frameworks, taking into account the long-term benefits of maintaining a sound financial system.

The three financial holding companies stated, "Moving forward, we will continue to manage our disclosures to ensure they are appropriate by comprehensively reflecting domestic and international regulatory requirements and investor protection principles."