Vice Chairman holds 10th working group meeting of the taskforce on improving management and operating practices of banksJun 01, 2023

The FSC and the FSS held the 10th working group meeting of the taskforce on improving the management and operating practices of banks and banking system on May 31, chaired by FSC Vice Chairman Kim So-young. At the meeting, participants talked about ways to promote competitiveness of regional banks. Regarding ways to make regional banks more competitive, Vice Chairman Kim emphasized that regional banks need to keep up with efforts to ease interest rate burdens on households and companies. While speaking about further efforts to develop the merits of regional banks and make them different, Vice Chairman Kim urged regional banks to find new business models and draw up new financial products. Vice Chairman Kim also stated that it is necessary to seek joint business projects between regional banks and other banks. To ensure regional banks can boost competition in the banking sector as a way to make regional banking more vibrant, the authorities will work to closely communicate with regional banks.