SC Bank Korea's net profit plummeted 57.3% to 141.5 billion won last year, driven by one-time expenses including voluntary retirement costs and ELS-related provisions totaling 239 billion won, while interest income declined amid falling market rates and NIM compression to 1.41%.
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SC Bank Korea's Net Profit Plunges 57.3% to 141.5 Billion Won Last Year
SC Bank Korea's net profit plummeted 57.3% to 141.5 billion won last year, driven by one-time expenses including voluntary retirement costs and ELS-related provisions totaling 239 billion won, while interest income declined amid falling market rates and NIM compression to 1.41%.
The Financial Supervisory Service has issued preliminary notices of fines totaling about 2 trillion won ($1.54 billion) to five major banks over the alleged misselling of Hong Kong-linked ELS products, with final sanctions to be determined in June.
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FSS Issues Preliminary Notice of 2 Trillion Won Fine to Five Banks Over Hong Kong ELS Sales
The Financial Supervisory Service has issued preliminary notices of fines totaling about 2 trillion won ($1.54 billion) to five major banks over the alleged misselling of Hong Kong-linked ELS products, with final sanctions to be determined in June.
South Korea’s financial watchdog has launched disciplinary proceedings against major banks over HSCEI-linked ELS sales, but a final decision on fines remains uncertain amid ongoing disputes, casting doubt on whether ELS operations will resume this year.
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Financial Regulators Begin Disciplinary Review of Banks Over ELS Sales—Fines Decision by Year-End Remains Uncertain
South Korea’s financial watchdog has launched disciplinary proceedings against major banks over HSCEI-linked ELS sales, but a final decision on fines remains uncertain amid ongoing disputes, casting doubt on whether ELS operations will resume this year.
South Korea’s small and mid-sized brokerages are seeking OTC derivatives licenses to diversify revenue, enabling self-hedged ELS issuance, project finance guarantees, and ETF market-making, with licensed firms’ profits rising 10.94% year-on-year amid tighter internal controls.
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[OTC Derivatives Push] Core License for Business Diversification—What Does It Enable?
South Korea’s small and mid-sized brokerages are seeking OTC derivatives licenses to diversify revenue, enabling self-hedged ELS issuance, project finance guarantees, and ETF market-making, with licensed firms’ profits rising 10.94% year-on-year amid tighter internal controls.
Banks seek clear guidelines from financial authorities for resuming Equity-Linked Securities (ELS) sales, requesting specifics on hub branch requirements and potential regulatory easing ahead of September relaunch.
#YonhapInfomax #EquityLinkedSecurities #BankingSector #FinancialAuthorities #SalesGuidelines #HubBranches #Economics #FinancialMarkets #Banking #Securities #Bonds #StockMarket https://en.infomaxai.com/news/articleView.html?idxno=55611Banks Ask Financial Authorities for 'Specific Guidelines on ELS Sales' - Opinion Submitted
Banks seek clear guidelines from financial authorities for resuming Equity-Linked Securities (ELS) sales, requesting specifics on hub branch requirements and potential regulatory easing ahead of September relaunch.
Financial Services Commission - '195-390 Bank Branches Eligible to Sell ELS'
Financial Services Commission announces plans to limit ELS sales to 195-390 designated bank branches, emphasizing stricter regulations and improved sales practices to prevent incomplete sales of complex financial products.
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