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Sep 04, 2015
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Aug 17, 2015
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Aug 07, 2015
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Jul 22, 2015
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Jul 22, 2015
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Jul 21, 2015
- Statement on Privatization Plan for Woori Bank
- The Public Fund Oversight Committee (PFOC), a deliberative body in charge of privatizing Woori Bank, held a meeting today to discuss how to push forward the privatization and decide on the new plan. 1. The PFOC decided to consider a new approach of selling 30% to 40% out of the government’s 48.07% stake to multiple buyers in smaller portions ranging from 4% to 10%, in addition to its previous plan of selling the controlling stake to a single buyer. After searching for potential buyers, we came to a conclusion that it is difficult to find a single buyer for the controlling stake, while there are multiple potential investors interested in a partial stake, who will form a group of major shareholders to control the board of directors. We expect the new option to draw more diverse market interests. The remaining stake, a maximum of 18.07%, will be open for smaller investors. 2. Woori Bank needs to continue to make efforts to further boost its corporate value in order to facilitate its privatization. 3. In the process of tapping potential buyers, we recognized that market participants are still concerned whether the government would continue to intervene in the bank’s management after the bank is privatized. In order to dispel such worries, the government will improve the implementation of the MOU with the bank even before the completion of the sale in order to ensure the bank’s autonomy in management. Upon the sale, the MOU will expire. We reaffirm that the government will never intervene in the bank’s management. 4. Given insufficient investors’ interest in Woori Bank, it is difficult to proceed with the sale process immediately. We will continue to make our efforts to make the market condition mature enough to attract sufficient demand for the bank. 5. The government has a strong commitment in pushing forward the sale of Woori Bank and will continue to make our utmost effort to privatize Woori Bank as early as possible. * Please refer to the attached PDF for
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Jun 09, 2015
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Mar 20, 2015
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Dec 04, 2014
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Nov 18, 2014
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Oct 27, 2014
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Jul 15, 2014
- Plan to Improve License System for Financial Investment Business
- The FSC announced its plan to ease regulations on license system for financial investment business, which includes integrating business units for license, currently overly subdivided, and simplifying license process.KEY DIRECTION1. Improve License System for Financial Investment BusinessIn principle, financial investment businesses will be required to apply for a business license for only when it first enters the sector. The number of business units for regulatory approval will be cut from the current 42 to 13(see the table below). Once a financial institution is granted a regulatory approval for business(①~⑬), the company will be allowed to add new business within the same sector simply through add-on registration, without any additional procedure for approval.How business units for regulatory approval will change* Please refer tothe chartin the attached PDF. Regulations regarding majority shareholders will be also revised. - (Current) Person not allowed to participate in business management due to spinoff is classified as a “specially related person” under the Financial Investment Business and Capital Markets Act(FSCMA ), which unreasonably restricts such person from becoming a major shareholder. - (Revision) If the Fair Trade Commission confirms the person not participating in management due to spinoff, the person will not be classified as a “specially related person”. - (Current) A financial firm issued with sanctions equal to or stronger than institutional warning within the ‘recent three years’ is banned from becoming a largest shareholder of a financial investment company. - (Revision) For institutional warning, the period will be shortened to from the current three years to the recent one year.Other procedural regulations on license or registration will be eased or improved. - (Current) Under the current practice, a financial investment company issued with sanctions equal to or stronger than institutional warning is suspended from applying fo
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Jun 23, 2014
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Jun 19, 2014
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Mar 11, 2014
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Feb 04, 2014
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Jan 29, 2014
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Jan 24, 2014
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Jan 22, 2014
- Measures to Prevent a Recurrence of Personal Data Breach
- The FSC and relevant ministries1announced a set of preventive measures to protect financial consumers from personal data breach. The measures are focused on alleviating people’s concerns and inconvenience caused by the recent data leaks; punishing those responsible for the incident; and preventing a recurrence of data theft.BACKGROUNDProsecutors announced (Jan.8 /Jan.19/Jan.21) that about 100 million credit card account details were leaked from Kookmin Card, Nonghyup Card and Lotte Card2 by a contractor with the personal credit rating company Korea Credit Bureau (KCB) over the course of a year beginning in December 2012. The contractor and the alleged buyers of the information were arrested; and the original files and USB of the stolen data were confiscated with no sign of further circulation.The FSS received the data from prosecutors (Jan.10) and found that about 85 million accounts were compromised in total, excluding the number of cards held by the deceased, companies or merchants, although overlaps in multiple cardholders were included.The stolen data includes basic personal data such as names, resident registration numbers, addresses, mobile phone numbers and company names, as well as financial information such as credit card numbers, account numbers, expiry dates and annual income. However, no passwords or CVC codes3 had been stolen.MEASURES TO EASE CONCERNS AND INCONVENIENCE FROM THE INCIDENTThe three credit companies said that there had been no financial damage reported so far related to the breach. The FSS found that sensitive information such as credit card passwords or CVC codes was not included in the stolen data. Credit card companies will cover any financial damage incurred by fraudulent transactions.They will provide a service for free that sends text message notifications for each card transaction to mobile phones. KCB will provide a privacy protection service for one year to anyone who asks for it.Regulators will consider additional identity valid
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Jan 20, 2014
- TF Formed to Respond to Personal Information Leaks
- The FSC formed a task force (T/F) to respond to the recent leakage of personal information on credit card holders and held its first meeting on January 17 to discuss how to prevent consequences of the incident from spreading and seek for fundamental measures to prevent a repeat of such an incident.BACKGROUNDProsecutors announced on January 8 that personal information of credit card holders were leaked by an employee of an outsourcing company of three credit card companies.The stolen data does not include credit cards’ pass word or CVC code; therefore, it is very unlikely that the leaked information might be misused for financial frau d. Prosecutors also judged that there was no further leakage of the stolen data as they arrested those who had stolen the information and first distributed. There has been no case yet reported as direct damage of the incident.MAJOR CONTENTS OF DISCUSSION1. Measures to prevent further leaks and remedies for those affectedThe card companies will identify details as soon as possible about how and when personal information was leaked and will inform affected customers via SMS, phone, e-mail, and respective financial company’s website.To prevent further damages, the three credit card companies will issue new credit cards to the victims upon request, provide free credit card payment notification SMS service(temporary service), and ban other financial companies subordinated to their mother group from using customers’ private information when promoting their products.Moreover, the responsible credit card firms will operate 24-hour call center, damage control team, and hot line with the FS S to immediately respond to further damages. Respective credit card companies will provide financial reimbursements to the victims of further damage.The FSS is verifying the details of the accident based on information received from the prosecutors. Damages from the data leak will be responded and normalized in a swift manner. The FSS will respond to the
