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Finance

BNK Financial strengthens consumer protection governance, guarantees two-year CCO term

BNK Financial Group has set up financial consumer protection committees under the boards of Busan Bank and Kyongnam Bank and will strengthen the independence and authority of its chief consumer protection officer. The board will directly decide on the appointment and dismissal of the CCO, whose term will be guaranteed at 2 years. The group is also running an internal contest to identify and improve practices and procedures deemed unfavorable to consumers.

Finance

NH NongHyup Bank to set up consumer protection committee within board

NH NongHyup Bank is revamping its consumer protection governance to protect financial consumers\' rights and strengthen trust-based management. The bank said it will put the plan to its board meeting on June 25. It will create a board subcommittee called the Consumer Protection Committee and have it handle key consumer protection agenda items. The bank will also strengthen procedures for appointing and dismissing its chief consumer officer.

Finance

Shinhan Financial sets consumer protection strategy and subsidiary management plan

Shinhan Financial Group said on Monday it has drawn up a group consumer protection management strategy and a plan to manage its subsidiaries, and has created consumer protection committees within the boards of major units. The move is aimed at making consumer protection a core board-led decision-making system. Subsidiary boards will review and vote on related management plans, while oversight will be strengthened, including checks on KPI suitability.