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| Financial Services Commission (FSC) / Korea Times file |
By Yi Whan-woo
The government will look into the governing structures of banking groups overseas and capitalize on these cases as examples for overhauling banking groups here.
The planned study to be made by the Financial Services Commission (FSC) comes as the Yoon Suk Yeol administration finds the banking groups lacking transparency when electing new leaders and extending their terms.
Multiple banking group chairmen have taken the helm of their respective companies for two or three terms.
FSC, the country's top financial regulator, will send its officials to London, Singapore and other international financial hubs for a week beginning on Thursday and have them visit financial services companies operating there.
It will be the first concrete step taken by the Yoon administration to upgrade the governing structure of domestic banking groups after he took office in May 2022.
"The officials will focus on self-regulatory systems as well as other factors that are related to management structure," an FSC official said.
In the case of London-headquartered HSBC and New York-headquartered Citigroup, it takes several years, as compared to a couple of weeks in Korean banking groups, in choosing the next leader before an incumbent chief's term expires.
Meanwhile, the commission has been working separately to set up a task force for the improvement of banking groups' governance structures.
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