Finance

No exceptions to accountability as savings banks adopt accountability maps

Korea’s savings banks are being brought into a system of accountability maps that define each executive’s responsibilities and internal control duties. Savings banks with assets of 700 billion won or more must submit and adopt the maps by July 2. The Financial Supervisory Service carried out prior consulting with 52 firms and cited cases needing improvement in how duties are allocated. The industry expects few problems meeting the deadline, while noting added documentation burdens.

Finance

KB Kookmin Bank consortium picked as preferred bidder for Jeonbuk offshore wind project

A consortium involving KB Kookmin Bank has been selected as the preferred bidder for the Jeonbuk southwest offshore wind public project in South Korea. The project will first develop 800 MW of a planned 2.5 GW offshore wind complex in waters off Buan, North Jeolla Province, under a public-led model in which public institutions hold at least 50 percent. KB Kookmin plans to provide financial advisory services and arrange project financing.