The measures follow a series of meetings held with private sector experts, financial industry officials and research institutions since the end of February to improve the management and operating practices of the country’s banks.
The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) intend to allow more banking players to enter the market, with regional banks now receiving permission to expand their business operations across the country.
“For the first time in 30 years, a new nationwide bank can be established. This change is meaningful as the new nationwide bank can have its headquarters not in Seoul but in another regional city,” says Kim Joo-hyun, chairman of the FSC.
