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Regulator puts plan for third financial hub city on hold

All News 10:57 April 12, 2019

SEOUL, April 12 (Yonhap) -- The financial regulator said Friday it has held off a plan to designate a region in North Jeolla Province as the country's third financial hub city, saying that the plan needs further conditions to be fulfilled.

For years, the North Jeolla Province has made efforts to host a third financial hub city after Seoul and Busan, because the province is home to the headquarters of the National Pension Fund, one of the world's largest pension funds by assets.

In a statement, the Financial Services Commission (FSC) said the province should improve its infrastructure and meet other conditions in order to become a financial hub city host.

Regulator puts plan for third financial hub city on hold - 1

The FSC said, however, it would approve the plan if such conditions are met.

South Korea's ambition to become a regional center of the financial industry began in 2008, but it has subsequently made little headway. Foreign financial firms have withdrawn or scaled down their businesses in South Korea.

Financial authorities have said they will make various policy efforts to bolster the competitiveness of South Korea's financial industry and revitalize its private equity markets.


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