FSS chief to visit Singapore, Indonesia in May to support Korean financial firms' overseas operations

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during a meeting at the headquarters of Daegu Bank in Daegu, April 3. Newsis

Financial authority to buttress local firms' overseas expansion

By Anna J. Park

Financial Supervisory Service (FSS) Governor Lee Bok-hyun is slated to visit Singapore and Indonesia in the second week of May, aiming to support Korean financial companies' overseas business operations.

According to FSS officials, Lee plans to depart for Singapore on May 8 and stay there until May 10, then make a two-day visit to Indonesia from May 11 to 12.

Nearly 10 heads of major financial firms will accompany him, including KB Financial Group Chairman Yoon Jong-kyoo, Hana Financial Group Chairman Ham Young-joo, Mirae Asset Securities CEO and Chairman Choi Hyun-man, Korea Investment & Securities CEO Jung Il-mun and KB Kookmin Bank CEO Lee Jae-keun.

Leaders of major insurance firms also joining the FSS chief will include Samsung Fire & Marine Insurance CEO Hong Won-hak, Hanwha Life CEO Yeo Seung-joo, KB Insurance CEO Kim Ki-hwan and Korean Re CEO Won Jong-kyu.

But not all financial firms' CEOs will have the same itinerary. Six company chiefs, including the heads of KB Financial Group, KB Kookmin Bank, Hana Financial Group, Korea Investment, Korean Re and Samsung Fire, will join the FSS governor in Singapore.

There, the FSS plans to hold a joint investor relations event with the accompanying financial firms to raise interest and awareness in their overseas businesses operations. The event is also intended to attract investments from institutional investors in the city while seeking bilateral cooperation with financial regulators there.

In the following Indonesia visit, the heads of Hana Financial Group, KB Kookmin Bank, Mirae Asset Securities, Korea Investment, Hanwha Life, Samsung Fire and KB Insurance will join the FSS' investor relations activities, which will largely focus on consultative meetings with financial authorities of the Southeast Asian country.

The FSS chief's visits to the two countries have been organized to support Korean financial firms' foray into overseas markets, particularly in Southeast Asia. The FSS' move to strengthen cooperation with foreign countries is in line with the financial authority's annual key goals announced early this year that it would focus on supporting financial firms' overseas business expansion. The FSS plans to bolster direct communications with its counterparts in foreign countries to buttress local financial firms' overseas expansions.