FSS Governor visits Europe to attract financial investments

The Korea Times

The Korea Times

Finance

Tue, September 26, 2023 | 05:28

Economy

FSS Governor visits Europe to attract financial investments

Posted : 2023-09-10 15:55

Updated : 2023-09-14 15:08

Financial Supervisory Service Governor Lee Bok-hyun delivers a congratulatory speech during an international conference held at Ewha Womans University, Seoul, Aug. 31. Newsis

London investor relations event to take place on Wednesday

By Anna J. Park

Financial Supervisory Service (FSS) Governor Lee Bok-hyun has embarked on a week-long tour, Sunday, which will entail visits to three European countries: Switzerland, the U.K. and Germany. The tour aims to both promote the Korean financial industry and discuss global financial supervision issues.

According to the FSS, Governor Lee's first leg of his European tour will begin in Switzerland, where he is scheduled to attend a banking supervision meeting hosted by the Basel Committee on Banking Supervision (BCBS) on Monday. Lee will join the Group of Central Bank Governors and Heads of Supervision (GHOS) and the Heads of Supervision (HOS) meetings. The GHOS is the highest decision-making body of the BCBS, which endorses strategic policy priorities on banking supervision with 45 institutions from 28 countries participating.

The FSS explained that Governor Lee will be joining the meetings to discuss the implementation status of the Basel III ― an internationally agreed set of measures developed by the Basel Committee to strengthen the regulations and risk management of banks ― by member countries, as well as recent global banking and supervision trends.

On Wednesday, Governor Lee will participate in an investment relations session in London, jointly organized with the municipalities of Seoul and Busan, along with six financial companies, aiming to promote Korea's financial hub cities and the strengths of the Korean financial sector.

Major financial leaders, including Shinhan Financial Group Chairman Jin Ok-dong, Woori Financial Group Chairman Yim Jong-yong, Mirae Asset Securities Chairman Choi Hyun-man, NH Investment & Securities CEO Jeong Young-chae, Samsung Life Insurance Jeon Young-muk and Korean Re CEO Won Jong-gyu, will join the promotion session with the FSS chief in London.

The FSS said Governor Lee's participation in the investment relations event is part of the state-run supervision institution's duties to promote and support the local financial sector's globalization efforts. During the week-long schedule, Lee is slated to hold various one-on-one meetings with his foreign counterparts, including the head of the financial supervisory authorities from the U.K. and Indonesia. He will also hold meetings with representatives from international organizations and executives from global financial institutions.

In particular, Governor Lee will meet with Nicholas Lyons, the Lord Mayor of the City of London on Thursday, aiming to seek insights from London's experiences as a global financial hub. On the same day, Lee will also meet with Nikhil Rathi, CEO of the Financial Conduct Authority (FCA) of the U.K., to discuss how to improve market accessibility for foreign investors.

Lee is also scheduled to meet Andreas Barckow, the chair of the International Accounting Standards Board (IASB), Bruce Carnegie Brown, chairman of Lloyd's of London on Thursday, followed by a meeting with Ram Nayak, co-head of the Investment Bank of Deutsche Bank on Friday.

annajpark@koreatimes.co.kr