A faction from the minor opposition Bareunmirae Party(BP) opposed to party leadership has defected to establish a new conservative party.

At a press conference on Friday, eight BP representatives, including faction leader Yoo Seong-min and party floor leader Oh Shin-hwan, formally announced their defection.

Eleven party members, including former party supreme council members Kwon Eun-hee and Lee Jun-seok, also joined the move.

The group apologized to the South Korean people for falling short of their expectations for a party geared towards future-oriented politics following the merger of the conservative Bareun Party and the centrist People's Party to form the BP in February 2018.

The faction, which plans to launch the new party on Sunday, vowed to rebuild the foundation of conservatism and make a country that values dignity, national security and the Constitution, which protects justice, fairness, liberty and equality.