Watchdog Says Bankers Misrepresented Risky China-Linked Notes to Korean Retirees [BNN Bloomberg (Canada)]
KB Financial Group Inc (KB)
US:NYSE Investor Relations:
kbfg.com/eng/ir/main/ir_main.jsp
Company Research
Source: BNN Bloomberg
An investigation into five banks and six brokerages uncovered poor regulatory compliance and systematic failures regarding the sale of complex financial products linked to the Hang Seng China Enterprises Index, the Financial Supervisory Service said on Monday. Losses from the popular notes are seen totaling 5.8 trillion won ($4.4 billion) this year, if the index remains at the current level, it said. Regulators will take further steps such as imposing fines, taking into account how much compensation the financial firms provide to customers and efforts made in regaining their confidence, it said. The announcement follows a months-long investigation by the FSS into some of the nation's most prominent retail lenders, including Kookmin Bank and Shinhan Bank and brokerages such as Korea Investment & Securities Co. and Mirae Asset Securities Co. to see if they had violated any rules or misrepresented the high-risk equity-linked securities. South Korea is among the world's largest mar
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KB
Sec Filings
- 4/26/24 - Form 20-F
- 4/25/24 - Form 6-K
- 4/25/24 - Form 6-K
- KB's page on the SEC website