JAKARTA - Shinhan Bank, based in Seoul, South Korea, decided to temporarily close its Yangon office after one of its employees was in critical condition after being shot by the Myanmar military regime.
This is based on the highest level three emergency response procedures. All employees there have started working from home after the incident. Apart from that, it was also considered that the repatriation of employees was based on the manual for handling if the crisis escalated.
"We have decided to raise the level of vigilance for the safety of our staff there. Shinhan Korea headquarters will support the work for customers in Yangon," a Shinhan spokesman said.
It is known that a Shinhan Yangon Bank employee who is a native of Myanmar, was shot while inside a company vehicle on his way home from work, Wednesday afternoon. His condition is called middle critical.
Data from South Korea's Financial Supervisory Service states that there are eleven banks that operate branches or offices in Myanmar. The chaos caused by the coup of the Myanmar military regime, made banks consider the continuity of their business in Myanmar.
After the Shinhan incident, most immediately raised their guard and tightened monitoring, for the sake of employee safety.
Woori Bank Myanmar's branch, Woori Finance Myanmar, said it would keep a close eye on the deepening conflict between Myanmar's military coup and protesters. Woori employs more than 500 Myanmar staff there.
"Few employees stay in the office during the shortened working hours to continue business there. We are constantly increasing monitoring of the country's political situation, and plan to take additional steps in line with our contingency plans," said an official from Woori.
KB Kookmin Bank is also looking into whether regional unrest will escalate to a level that could pose a safety threat to its employees there.
"All our Korean and Burmese employees there work from home. KB remains in close contact with the Myanmar office via a hotline, so we can take swift action in the event of an emergency," explained KB official Kookmin.
KB itself sent four of its workers to the KB Bank Myanmar. The bank will decide whether to send them home or not, according to guidelines from the South Korean Ministry of Foreign Affairs.
Meanwhile, two state-run banks, the Korean Development Bank (KDB) and the Korean Industrial Bank (IBK), have also increased their vigilance to ensure the safety of their employees there, as well as coordinating with the South Korean diplomatic office.
"We remain in close contact with the Korean Embassy in Yangon, and plan to continue conducting our business there in accordance with the BCP (business continuity plans)," said a KDB spokesperson.
The South Korean Financial Services Commission also held an hour-long meeting on Thursday morning to ensure the operation of a network of emergency contacts with employees of Korean financial firms there.
"The financial authorities will remain in touch with the Ministry of Foreign Affairs and do their best for the safety of employees of Korean financial companies there by taking relevant steps," the authority wrote in a statement.
Myanmar Coup. The VOI editorial team continues to monitor the political situation in one of the ASEAN member countries. Casualties from civilians continue to fall. Readers can follow the news surrounding the Myanmar military coup by tapping on this link.
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