An alliance of local civic groups has urged President Moon Jae-in to veto the passage of a bill aimed at allow nonfinancial firms to boost their stakes in Internet-only banks.
The groups, including the Citizens’ Coalition for Economic Justice and the People’s Solidarity for Participatory Democracy, raised their voice at a press conference held in front of the presidential office on Friday.
They argued the president and the ruling Democratic Party pushed for the passage of the bill against their own vows to maintain the so-called principle of separation of banks and nonfinancial industries.
The groups said the principle has shielded industrial capital from owning financial capital over the past 50 years and blamed parliament for tearing it down without proper discussions.
On Thursday, the National Assembly passed the bill which allows nonfinancial firms to hold up to a 34 percent stake in Internet-only banks, easing the current four percent ownership limit.