South Korea's local banks and stockbrokerage are rapidly expanding into overseas markets, particularly Asian emerging economies, in effort to further globalize their operations, the Financial Supervisory Service (FSS) said on Monday.
"The capital market needs to be further globalized not through foreign company's advancing into the local market but through local player's more proactive overseas expansion," said the FSC Chairman Jun Kwang-woo.
According to the FSS, South Korean financial service firms are operating a total of 255 branches and subsidiaries abroad, up almost 40 from a year earlier as of March. While stock brokerages have opened more than 20 new overseas branches, banks have established seven new ones.
The global expansion mostly took place in the Asian emerging markets such as Vietnam and China, and oil-rich Central Asian states like Kazakhstan, the FSS added.
Most company plans to provide investment banking services, such as underwriting initial public offerings and advising on merger deals to meet the soaring demand in these countries, the FSS said.
Meanwhile, the FSS announced that it plans to ease a wide array of restrictions to further facilitate the overseas expansion of local firms in the coming months.
Source: Xinhua
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