Financial watchdog seeks foreign banks’ support in Brexit countermeasures

[THE INVESTOR] Financial Supervisory Service Governor Zhin Woong-seob on July 5 called on foreign financial institutions to cooperate with the government in responding to any fallout from UK’s departure from the European Union.

“Cooperation between the supervisory agency and foreign financial companies is needed to minimize negative impact of Brexit,” Zhin said at a meeting with the CEOs of the 15 foreign financial companies’ Korean operations. 

He added that the government is closely monitoring the market, and called on the attending CEOs to focus on risk management, and that foreign banks’ role as providers of foreign currency liquidity must not be compromised.

By Choi He-suk (cheesuk@heraldcorp.com)