Questions have arisen over the high number of embezzlement cases involving bank employees in the country. Market watchers point out that binding rules and responsibilities on banks internal control initiatives need to be strengthened, as the financial authorities current non-binding guidelines fall short of changing banks practices.
The launch of a new bourse operator in Korea is in sight, fueling optimism that it can become a game changer in stock trading that has been dominated by the Korea Exchange (KRX) for nearly seven decades. On Wednesday, the Financial Services Commission (FSC) gave preliminary approval for the alternative trading system (ATS) being planned by a coalition of major brokerage houses, ICT firms and Korea Financial Investment Association (KFIA), a finance think tank.
BOK Freezes Interest Rates for Another Month chosun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chosun.com Daily Mail and Mail on Sunday newspapers.
The key interest rate gap between Korea and the U.S. is anticipated to reach an unprecedented level of 2 percentage points, as the Bank of Korea (BOK) held the base rate steady at 3.5 percent Thursday.
Woori Financial Group is forecast to identify the ongoing financial turmoil - sparked by brokerages rising delinquency rates from their real estate project financing - as a possible opportunity for its long-awaited acquisition of a securities company. Securities firms are moving to pile up more allowance for bad debts amid the rapid deterioration of real estate sentiment.