The Wall street sign hangs outside the New York Stock Exchange (NYSE) building on Tuesday following Monday’s broad sell off in New York City, U.S., March 11, 2025 in this file photo. REUTERS/YONHAP]
Recent annual reports filed by Korea’s major financial holding companies on the New York Stock Exchange (NYSE), in compliance with reporting requirements set by the U.S. Securities and Exchange Commission (SEC), offer a revealing glimpse into the realities of Korea’s financial market. KB Financial Group, Shinhan Financial Group and Woori Financial Group all identified the Lee Jae Myung government’s expanding push for “inclusive finance” — a policy initiative it has championed since last year — as an “investment risk factor.” Risks that could not be openly acknowledged in domestic disclosures were laid bare in filings made in the United States. Industry insiders say the firms were mindful of the U.S. legal environment, where insufficient disclosure of potential risks can trigger class-action lawsuits.
These financial groups are also listed on the NYSE through American depositary receipts (ADR), and their assessments were notably specific. KB Financial Group stated that “the government has sought to improve financial accessibility for low-income individuals and financially vulnerable borrowers through inclusive finance policies,” warning that such measures could heighten the risk of borrower defaults, leading to rising delinquency rates and deteriorating asset quality. Shinhan Financial Group similarly disclosed that efforts to comply with government-led inclusive finance programs could contribute to higher delinquency rates and weaker asset soundness. Woori Financial Group also warned that extending financial support to sectors that would not ordinarily qualify for assistance could result in unintended costs and losses.
The warning lights are already flashing. As of the end of the first quarter this year, delinquency rates among small- and medium-sized enterprises at Korea’s five major commercial banks had sharply worsened. Even more troubling is the distorted interest-rate structure that defies market principles. Some policy-driven microloan programs are now producing “interest-rate inversions,” in which low-credit borrowers receive lower rates than high-credit borrowers. Supporting financially vulnerable groups is important, but there is growing concern that such policies could undermine the most basic principle of finance: that interest rates must reflect risk.
The reality that policy pressure imposed under the banner of inclusive finance has begun to shake the very foundation of risk management — the core function of finance — and has even compelled financial institutions to classify it as an “investment risk factor” in overseas disclosures should not be taken lightly. The fact that financial holding companies chose to sound the alarm indirectly through SEC filings suggests that the burden has reached a critical threshold. No one disputes the public role of financial institutions emphasized by President Lee Jae Myung. But an excessive fixation on inclusive finance must not be allowed to distort the principles and order of the financial market itself. The government’s policy focus should be on preserving the soundness of the financial system, not on populist financial measures wrapped in the language of good intentions. Inclusion cannot be sustained once the financial system itself begins to crumble.
미국 증시에 ‘투자 위험요인’으로 공시된 한국의 포용금융
최근 국내 주요 금융지주사들이 미국 증권거래위원회(SEC) 보고 의무에 따라 뉴욕증권거래소(NYSE)에 공시한 2025년도 사업보고서는 우리 금융시장의 현실을 보여준다. KB·신한·우리금융지주 등은 이 보고서에 지난해부터 정부가 강조해 온 ‘포용금융’ 확대 기조를 ‘투자 위험요인’으로 기록했다. 국내 공시에서는 차마 드러내지 못했던 리스크를 미국에선 명시한 것이다. 미국 법률 특성상 잠재적 위험을 충분히 알리지 않을 경우 집단소송에 휘말릴 수 있다는 점을 고려했다는 게 업계 설명이다.
이들 금융지주는 주식예탁증서(ADR)를 통해 NYSE에도 상장돼 있다. KB금융은 “정부가 저소득층 및 금융 취약계층 차입자에 대한 포용적 금융정책으로 금융 접근성을 개선하고자 했다”고 언급하면서, 이러한 정책 대응이 고객의 채무 불이행 위험을 높이고 결과적으로 연체율 상승과 자산 건전성 악화로 이어질 수 있다고 밝혔다. 신한금융 역시 정부의 ‘새도약기금’ 등 포용금융 정책에 부응하려는 노력이 연체율 증가와 자산 건전성 악화로 연결될 수 있다고 적시했다. 우리금융도 정상적이라면 지원하지 않았을 부문에 대한 금융 지원이 의도치 않은 비용과 손실을 초래할 수 있다고 밝혔다.
실제 올해 1분기 말 기준 5대 시중은행의 중소기업 연체율에는 빨간불이 켜졌다. 시장 원리를 거스르는 왜곡된 금리 구조는 더 큰 문제다. 일부 정책성 소액대출에서는 저신용자 금리가 고신용자보다 낮은 ‘금리 역전’ 현상까지 나타나고 있다. 금융 취약계층 지원도 필요하지만, 금리는 위험을 반영한다는 금융의 기본 원칙까지 흔들 우려가 크다.
금융지주들이 SEC 공시를 통해 우회적으로 경고음을 낸 것은 현재의 부담이 임계점에 이르렀음을 보여준다. 이재명 대통령이 강조하는 금융기관의 공공성은 누구도 부인할 수 없다. 하지만 포용금융에만 집착해 금융시장의 원칙과 질서를 왜곡하는 수준에까지 이르면 안 된다. 정부는 선의로 포장된 포퓰리즘적 금융이 아니라 금융 시스템의 건전성을 지키는 데 정책의 중심을 둬야 한다. 금융 시스템이 무너진 뒤의 포용은 지속할 수 없기 때문이다.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
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