A plan by 18 local commercial lenders providing a combined 1.6 trillion won ($1.2 billion) in financial aid to small businesses and self-employed people is facing efficacy and eligibility requirement concerns, market watchers said Thursday.
SEOUL (Reuters) - South Korea's commercial banks will provide 2 trillion won ($1.53 billion) to support small businesses, the organisation representing the
Financial Supervisory Service (FSS) Governor Lee Bok-hyun called on the boards of directors of financial holdings companies, Tuesday, to enhance fairness and transparency in the appointment process of CEOs and outside directors to improve corporate governance.
Local banks are considering a financial support program worth 2 trillion won ($1.52 billion) for owners of small businesses by giving back a part of their loan payments, amid prolonged inflation and high interest rates. The measure was discussed Thursday during a task force meeting of local financial institutions and regulatory bodies aimed at finding means to support the public livelihood, industry sources said Sund.