[2024 National Audit] Kim Byunghwan "Accelerate the Easing of Geumsan Separation"

Kim Byung-hwan, Chairman of the Financial Services Commission, emphasized that he will expedite the task of easing the separation between finance and industry.

On the 24th, during the National Assembly's Political Affairs Committee audit, in response to a question from Kwon Seong-dong, a member of the People Power Party, asking whether public opinion has formed around the need to ease the separation system as the boundaries between industries become blurred, Kim replied, "In light of recent changes, I agree with the direction of banks and financial companies treating industrial sector operations as subsidiaries."

He added, "There are existing reviews accumulated, so I will consider whether to release them comprehensively and swiftly or to lift necessary regulations according to the situation," and emphasized, "I will proceed with speed."

However, he stated that the principle that industrial capital should not control banks remains unchanged. Chairman Kim said, "The principle that industrial capital should not dominate banks must continue to be upheld."

Financial Services Commission Chairman Kim Byung-hwan is responding to lawmakers' questions during the comprehensive audit of the Financial Services Commission and the Financial Supervisory Service at the Political Affairs Committee meeting held at the National Assembly on the 24th. Photo by Kim Hyun-min

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