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Foreign Banks in S. Korea See Profits Down 4.5 pct in 2021

SEOUL, May 23 (Korea Bizwire) — Foreign bank branches in South Korea saw their combined net profit down 4.5 percent in 2021 due to a rise in securities-linked losses amid market downswings, data showed Monday. The combined net income of 35 foreign lenders’ local branches stood at 1.15 trillion won (US$904.4 million) in the fiscal [...]

Financial Regulator Pledges to Ease Access for Foreign Banks

SEOUL, Sept. 4 (Korea Bizwire) — The head of South Korea’s top financial regulator pledged Friday to lower entry barriers for foreign banks seeking to tap into the local market. “To encourage financial companies to tap into other countries, each country must work to increase the conformity of their local rules with international norms,” Financial [...]