Chairman Lee Eog-weon of the Financial Services Commission held a meeting with the CEOs of twelve mutual savings banks and related organizations and discussed ways to promote sound development of mutual savings banks on February 23. In his opening remarks, Chairman Lee discussed the need to undertake a structural transformation in the industry for the survival and growth of savings banks amid an enduring risk of default originating from real estate market volatility, digital transition in the financial industry, and a polarization in the savings banks sector. In this regard, the FSC put forward a set of measures intended to facilitate their transition away from the short-term profit driven and community-centered operational model toward a more real economy-oriented and nationwide operational approach. With the newly announced measures in place, FSC Chairman Lee said that savings banks are encouraged to step up efforts to boost accountability, have more flexibility in their supply of finance, strengthen consumer confidence, and increase the supply of community finance and microfinance opportunities.