South Korea to review ownership barriers between banks and the industrial sector

South Korea's Financial Services Commission (FSC) has pledged to review lowering the regulatory barriers that limit the country's industrial sector from owning banks. FSC chairman Kim Joo-hyeon said the move could accelerate digitalisation of the economy and global growth. Under the current law, industrial businesses can hold up to a 4% stake in a bank, while banks can own up to a 15% stake in an industrial business. Lowering the barrier between banks and the industrial sector was chosen as one of the 36 key regulatory reform tasks for the FSC. The FSC officially launched a committee of 17 private experts for the purpose.