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S Korea's major banks urged to show more transparency

South Korea's Financial Supervisory Service (FSS), the country's top financial watchdog, has urged the local banking giants to be more transparent, especially in how they elect their chief executives. The call comes after one of the chiefs of the major banks has been banned from holding a job in finance for up to five years. The penalty was imposed on the chief of Woori Financial Group who sold funds the regulator says should have been shut down to protect retail investors. At a meeting with the banking giants, FSS Governor Lee Bok-hyun said voting on a professional is the No. 1 job for the board of directors. He also doubled down on toughening up internal compliance at financial institutions.


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