Wednesday, December 01, 2004
Join the Financial Hub of Asia! (Non-Koreans need not apply) The doyens of the Financial Supervisory Commission have apparently decided that to help Korea realise their long-held but poorly defined dream of becoming an "Asian Financial Hub" (notice the bit that says, "We need to... improve our infrastructure and brand image to attract more expatriates who are key in any regional financial hub.") they should control foreign bank directors. This would include welcoming moves such as, imposing residency requirements on foreign directors of domestic banks, and limiting the number of foreigners allowed on boards. The argument for this, In the context of how well Korean bank managers handled the financial system in the lead up the to 1997 Asian financial crisis makes this comment all the more laughable. The other arguments of anti-foreign sentiment along with the need for local knowledge are simply ruses. The real information is in the last line of the article: "This is seen as a move to ensure Woori Bank will remain in Korean hands when privatised next year." Being an "Asian Financial Hub" is apparently only acceptable if it is a "Korean Financial Hub" where the local regulatory environment is more important than the regional or global arena.
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