NongHyup and SC First Bank Initiate Voluntary Compensation Process for Hong Kong ELS

NH Nonghyup Bank and SC First Bank have accepted the Financial Supervisory Service's dispute mediation guidelines and are promoting voluntary adjustments for subscribers of Hong Kong H Index (Hang Seng China Enterprises Index·HSCEI) based equity-linked securities (ELS).

Both banks announced on the 28th that they decided this at their board meetings. In the case of Nonghyup Bank, a voluntary adjustment council including external experts will be formed, and detailed adjustment plans applying the supervisory authority's dispute mediation guidelines will be established. Nonghyup Bank explained that it will promptly proceed with the adjustment process for customers who incurred losses. A Nonghyup Bank official stated, "Through this voluntary adjustment, we will do our best to protect financial consumers by thoroughly enhancing their rights and restoring trust." SC First Bank said, "We plan to form a related committee and begin the customer compensation process."

The sales volume of Hong Kong H Index ELS by Nonghyup Bank and SC First Bank are 2.2 trillion KRW and 1.2 trillion KRW, respectively.

[Image source=Yonhap News]

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