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S. Korea working to keep foreign financial firms from leaving

All News 14:11 July 20, 2016

SEOUL, July 20 (Yonhap) -- South Korea's top financial regulator on Wednesday said it will step up efforts for "communication" with foreign banks and other financial services firms to help resolve their troubles in doing business here.

"It's worrisome that the branches of some foreign financial companies have withdrawn or scaled down their operations," said Jeong Eun-bo, vice chairman of the Financial Services Commission (FSC).

He was meeting with a group of CEOs of foreign financial firms.

There are various reasons for those foreign offices to leave South Korea, such as a shift in management strategy at their headquarters, a worsened profitability outlook and toughened global financial rules, the official pointed out.

Nonetheless, Jeong said, the FSC will review how to improve South Korea's financial business conditions in consideration of global standards.

"We will make more efforts to strengthen communication with you," he said, adding the FSC plans to launch a related task force composed of on-site inspectors, law firms and relevant specialists.

Earlier this year, British investment bank Barclays shut its operations in South Korea following the departure of the Royal Bank of Scotland (RBS) in 2015.

Goldman Sachs recently consolidated its local banking services with the securities sector after quitting its asset management business in the country. German insurer Allianz sold its business here to China's Anbang Insurance Group.

lcd@yna.co.kr
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