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The Financial Services Commission says it will simplify the steps needed for Korean banks to enter overseas markets and for foreign banks interested in doing business in Korea.
The commission disclosed a plan Sunday that would let local banks report new branch offices and subsidiaries abroad after establishment. The current law requires banks to win the financial watchdog's agreement in advance.
Foreign banks will only need registration rather than authorization in order to set up shop here. And foreign investors who become the majority shareholder of a Korean bank or insurance company will not have to designate a local resident as a representative.
The commission plans to change the regulations by the end of the year.
Arirang News
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