South Korea: Escapes of foreign financial institutions one after another: Korea Financial Services Commission
-BNY Mellon and Citi-
BNY Mellon:
Foreign financial companies continue to escape from South Korea.
Already, Citibank Korea has withdrawn from retail finance.
BNY Mellon has also decided to significantly reduce its business in South Korea.
Korea Financial Services Commission:
The Korean Financial Services Commission will hold a committee meeting on the 8th.
Approved “Abolition of financial investment business of BNY Mellon Seoul branch”.
The approval of the authorities must be obtained for “closing the Korean domestic branch office of a foreign bank and reducing the business”.
Citibank also withdraws:
Citibank has already stopped selling new products.
Voluntary retirement is no longer accepted for Korean employees.
“70% of all 3250 employees, 2300” have announced their intention to retire.
Scotiabank also withdraws:
Already, Canada’s Scotiabank closed its Seoul branch in October.
Scotiabank will be concentrated in North and South America.
Withdrew from Asian countries such as Taiwan and Dubai.
Parliamentary Political Committee
Financial Commission Budget Review Report
South Korea is,
It is at a level that does not meet expectations as a financial center.
“We need to make efforts to improve monetary policy,” he said.
Joongang Ilbo
https://s.japanese.joins.com/JArticle/285609?sectcode=340&servcode=300
BNY Mellon downsizing Korea operations
BNY Mellon,
one of the oldest US banks,plans to downsize its South Korean operations and withdraw its financial investment business, sources said Sunday.
It is one of many foreign financial institutions that have lost interest in Asia’s fourth-largest economy in recent years.
According to industry sources,
Korea’s policymaking Financial Services Commission recently approvedBNY Mellon Seoul branch’s request to pull the plug on its financial investment business and trust services.
Foreign financial institutions
are required to obtain the FSC’s permission before downsizing or exiting their operations here.