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Finance

South Korea FSC pushes fast-track resolution regime for financial firms including banks

South Korea\'s financial authorities are pushing to introduce a fast-track resolution regime that would allow troubled financial firms to be wound down in as little as 3 to 4 days. The plan would let authorities skip existing procedures such as bidding and shareholder meetings in emergencies where a crisis could spread across financial markets. The Financial Services Commission said it will seek amendments to the financial industry restructuring law and the deposit protection law, while adding post-resolution compensation safeguards for shareholders and creditors.

Industry

Police launch probe into hacks at Daishin Securities, Bithumb and Mirae Asset Management

South Korean police have launched a pre-indictment investigation into a series of hacking incidents at Daishin Securities, Mirae Asset Global Investments and digital asset exchange Bithumb, the National Police Agency said. Police are checking reports of leaked customer and employee information, and said there has been no confirmed financial loss at Mirae Asset Management so far. Investigators will compare methods used in earlier financial-sector hacks to see if the same attacker was involved.

Finance

Korean financial groups post third-quarter results as stock market outlook hits zero visibility

Korean financial holding firms and banks continued to release third-quarter results, with Woori Bank posting its biggest quarterly net profit on record and Hana Financial Group lifting year-to-date profit on higher fee income. Brokerages faced weakening profitability as trading value fell and market rates rose, adding valuation loss pressure in trading. The Bank of Korea held its policy rate at 3.00 percent, while competition in retirement pensions and expanded support for small firms continued.