Seoul will improve conditions for foreign financial instutions

[THE INVESTOR] Seoul will review the country’s financial industry environment for any shortcomings vis-a-vis global standards, Financial Services Commission Vice Chairman Jeong Eun-bo said on July 20.

“(The financial authorities) will review whether there are elements in (South Korea’s) financial environment that fall short of global standards,” Jeong said at a meeting the chiefs of foreign financial institutions’ South Korean operations, saying that concerns are growing over their decision to reduce operations here.

 

Jeong also said that a taskforce for improving conditions for foreign FIs will be set up to ensure that regulatory changes can lead to cost reduction for them.

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