Tiếng ViệtFinancial Supervisory Service (FSS) Governor Lee Bok-hyun and heads of financial groups and companies travelled to New York this week to promote Korea’s capital market as well as its government-led corporate value enhancement program.
According to the financial industry on Thursday, Lee and Korea Exchange (KRX) CEO Jeong Eun-bo are jointly hosting an investor relations event at a hotel in New York on Thursday, local time.
At the New York event, the FSS chief is expected to introduce the Korean government’s latest commitment to improving the country’s capital market structures, such as efforts to abolish the financial investment tax, overhaul the short-selling system and promote the government-initiated Corporate Value-up Program for the domestic stock markets. The financial authorities launched the program in February to address so-called the “Korea discount,” referring to the Korean stock market’s persistent undervaluation.
Aiming to attract investment and expand global business operations, financial moguls will also participate in the event, including KB Financial Group Chairman Yang Jong-hee, Shinhan Financial Group Chairman Jin Ok-dong, Samsung Life Insurance CEO Hong Won-hak, Hyundai Marine & Fire Insurance Vice Chairman Cho Yong-il, Mirae Asset Securities Vice Chairman Kim Mi-seop and Korea Investment & Securities CEO Kim Sung-hwan.
KB Financial Group has a global network of 697 branches in 14 countries. In particular, KB Kookmin Bank’s New York branch, established in 1999, has been focusing on corporate finance, including international investment and loans. Shinhan Financial Group operates 253 branches and offices in 20 countries. Shinhan Bank operates overseas through its 170 networks in 20 countries, including a New York branch and Shinhan America Bank, a subsidiary of the financial group.
Samsung Life Insurance and Hyundai Marine & Fire Insurance operate overseas offices in many countries, both active in the New York market. Korea Investment and Mirae Asset Securities also seek to expand their global businesses and networks further.
Meanwhile, the FSS chief has held high-level meetings with U.S. financial regulatory bodies since arriving in the U.S. on Tuesday.
The FSS head met with Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), earlier this week, agreeing to strengthen mutual cooperation on various joint financial regulatory issues and reaffirm the need for close cooperation between the two countries.
The FSS announced Thursday that Lee also met with Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam, discussing trends in U.S. virtual asset legislation and ways to strengthen information sharing between the two countries.
Based on mutual agreement between the agencies, the specific topics and details of their discussions will remain confidential.
Prior to Lee’s leg in the U.S., he attended the meeting for the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision (BCBS) in Switzerland on Monday.
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