• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Mortgages
    • Taxation
  • Fintech
  • Regulation
  • In Depth
  • Special Reports
  • Video
  • Directory
  • Advertise with us
  • Events
  • Middle East Hub
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Events
    • Upcoming events
      View all events
  • Middle East Hub
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • In Depth
  • Special Reports
  • Video
  • Directory
  • Other

South Korea vows to seek to ‘keep foreign finance firms’

South Korea vows to seek to ‘keep foreign finance firms’
  • Helen Burggraf
  • 20 July 2016
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

The head of South Korea’s financial services regulator vowed today to step up efforts keep foreign banks and other financial services firms from leaving, in the wake of a number of high-profile departures.

“It’s worrisome that the branches of some foreign financial companies have withdrawn or scaled down their operations,” Jeong Eun-bo, vice chairman of the country’s Financial Services Commission (FSC), was quoted by the English-language news website Yonhapnews as having told a gathering of CEOs of the South Korean operations of a number of foreign financial institutions.

Related articles

  • South Korea minister details ‘financial services reforms’
  • China’s central bank move on cryptocurrencies hits bitcoin: reports
  • South Korea announces cryptocurrency regulation
  • Goldman Sachs, RBS planning S Korea branch exits

The online Korea Herald newspaper added that he told the CEOs:  “[The South Korean financial authorities] will review whether there are elements in [the country’s] financial environment that fall short of global standards”.

Earlier this year Barclays pulled out of South Korea, on the heels of the Royal Bank of Scotland in 2015, Yonhapnews noted, while Goldman Sachs recently consolidated some of its operations in the market.

Jeong admitted that there were reasons some foreign firms leave, and have left, South Korea, such as a shift in management strategy at their headquarters; a worsening profitability outlook; and tougher global financial rules, according to Yonhapnews.

“Nonetheless,” it added, he vowed that the FSC “will review how to improve South Korea’s financial business conditions in consideration of global standards”, and “make more efforts to strengthen communication with you”.

Today’s reports of Jeong’s statements come two months after FSC chairman Yim Jong-yong, as reported,  detailed his country’s recent reforms to its financial sector in a comment piece published by the Wall Street Journal.

In the most recent ranking of international financial centres published by London-based Z/Yen, Seoul fell six places, to 12th, making it one of the biggest fallers out of the seven top-ten Asia/Pacific financial centres that slid lower, relative to their standing in 2015.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Other
  • Regulation
  • Asia
  • South Korea
  • Yim Jong-yong

More on Other

FCA claws back £291,000 from investment scheme fraudster

  • Regulation
  • 27 November 2019
Hong Kong rules that trustees are protected under anti-Bartlett clauses

  • Trusts
  • 27 November 2019
Citigroup slammed with record £44m fine for reporting failures

  • Banking
  • 27 November 2019
Australian watchdog slaps 5-year ban on former Linchpin director

  • Regulation
  • 27 November 2019
FCA to temporarily ban promotion of speculative mini-bonds

  • Regulation
  • 26 November 2019
Back to Top

Most read

EXCLUSIVE: deVere agrees sale of South Africa business
EXCLUSIVE: deVere agrees sale of South Africa business
DeVere to close Barcelona office
DeVere to close Barcelona office
US FATCA crackdown pushing demand for tax advice
US FATCA crackdown pushing demand for tax advice
Kuwait to ban diabetic expats
Kuwait to ban diabetic expats
UAE is most prosperous Arab nation and Saudi Arabia jumps 14 spots
UAE is most prosperous Arab nation and Saudi Arabia jumps 14 spots
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading