FSC meeting with the heads of financial institutions’ overseas branches

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Chairman Shin Je-yoon of the Financial Services Commission invited heads of financial institutions’ overseas branches and listened to various opinions on how to support and encourage financial institutions to more actively pioneer overseas market.

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Chairman Shin underlined that the financial firms must devise differentiated strategies for the soft landing of their overseas business. He added that the FSC will review the current supervisory system on overseas branches to lift their profitability burdens while ensuring a level playing field with the local financial institutions in the respective countries. Moreover, Chairman Shin committed that the government will further strengthen diplomatic relations with foreign countries to provide more business-friendly environments to the offshore Korean financial firms.

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Participants, on the other hand, introduced and shared their own know-hows and overseas business strategies when operating business in foreign countries.

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10 figures including the head of Shinhan Bank’s branch in Vietnam, head of Hana Bank’s branch in China, and head of Samsung Securities’ London office joined the event.

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