6 financial groups to make public governance structures on websites
SEOUL, Sept. 16 (Yonhap) -- Six financial groups in South Korea plan to make public their governance structures, financial health and other details on their websites later this month, the financial regulator said Wednesday.
The integrated regulatory filing is meant to provide a clear picture to financial consumers on the financial group's risk factors, according the Financial Services Commission (FSC).
The move could also help "improve the financial groups' risk management capabilities through market discipline," the commission said.
The six business groups are Kyobo Group; Mirae Asset Financial Group; DB Group; financial affiliates of Hanwha Group; financial affiliates of Hyundai Motor Group; and financial affiliates of Samsung Group.
The integrated regulatory filing includes governance structures, financial health, risk management systems and inter-affiliate transactions of the financial groups.
The six business groups can carry out regular stress tests to assess their capabilities in dealing with a crisis, the commission said in May.
In April, the International Monetary Fund (IMF) said that South Korea's overall financial system appears resilient, but it warned of growing vulnerabilities.
The IMF said most parts of South Korea's banking system appear prudentially strong, but prospects for banks and insurers are dimming due to growth-related uncertainties, low interest rates, potentially disruptive financial technologies and adverse demographic shifts.
"Stress tests suggest that banks and insurers, in aggregate, can weather severe macro financial shocks, although some banks would make use of capital conservation buffers," the IMF said in a report on the Financial Sector Assessment Program posted on its website.
entropy@yna.co.kr
(END)
-
Ateez member Yunho throws first pitch at MLB match between Dodgers, Mets
-
Gov't likely to accept university chiefs' request to lower med school enrollment quota
-
S. Korea supports resolution backing U.N. membership of Palestine
-
Chinese man behind drug scam targeting teens nabbed in Cambodia
-
S. Korea, U.S. to hold 1st round of defense cost sharing talks this week
-
Gov't likely to accept university chiefs' request to lower med school enrollment quota
-
Experts see possibility of N.K. conducting nuclear test before U.S. presidential vote
-
Details of meeting between Yoon, opposition leader undecided: presidential office
-
Looming weekly closure of major hospitals feared to worsen medical service crisis
-
Yoon's approval rating sinks to lowest point since taking office
-
U.S. will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
-
(LEAD) Hybe to file complaint against sublabel executives over internal conflict
-
S. Korea reports highest suicide rate, ultra fine dust level among OECD nations: data
-
U.S. sent ATACMS missiles to Ukraine following Russia's use of N.K. missiles: White House
-
(3rd LD) Hybe to file complaint against sublabel executives over internal conflict