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South Korea’s banking industry has been dominated by five big banks, effectively forming an oligopoly, but that is ending if the government has its way, citing the pain inflicted on the public by the Big Five’s iron-clad grip. Korean authorities hope that allowing new entrants into the sector will provide the competition it sorely needs.
South Korea’s major lenders are staring at a fundamental shake-up to their decades-long dominance of the country’s commercial bank sector, following the introduction of new rules. The South Korean Financial Services Commission (FSC) said in July that regional banks and financial firms will be allowed to apply for nationwide commercial bank licenses. “The government will proactively consider new approvals if accompanied by sufficient financial resources and feasible business plans,” said Kim Joo-hyun, chairman of the FSC, in front of major financial groups in the country.
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