Shinhan Bank "Unable to Conclude KIKO Compensation... Requests Deadline Extension from FSC"

[Asia Economy Reporter Kwon Haeyoung] Shinhan Bank has decided to request an extension for the deadline to decide whether to accept the Financial Supervisory Service's (FSS) recommendation for compensation related to the foreign exchange derivative product 'KIKO.'

According to Shinhan Bank on the 6th, they discussed with outside directors in the afternoon whether to accept the KIKO compensation plan but failed to reach a conclusion. Previously, in December last year, the FSS recommended that Shinhan Bank compensate a total of 15 billion KRW to four KIKO-affected companies, including Ilseong Highsco.

A Shinhan Bank official stated, "We discussed the KIKO compensation with outside directors, but opinions did not converge," adding, "Further discussions are needed, so we will likely request the FSS to extend the decision deadline again."

Currently, it is known that Shinhan Bank has a strong negative stance toward KIKO compensation. Although a conclusion was expected on this day, it is interpreted that the decision deadline is being postponed due to concerns that it might be perceived as defying the financial authorities. If Shinhan Bank requests an extension from the FSS, this will be the third time.

This content was produced with the assistance of AI translation services.