Home

The Korea Herald

Latest news

Most Popular

  1. 1

    Suneung for all: Opportunity, redemption and the right to dream

    Suneung for all: Opportunity, redemption and the right to dream
  2. 2

    [Herald Interview] 'Korea, don't repeat Hong Kong's mistakes on foreign caregivers'

    [Herald Interview] 'Korea, don't repeat Hong Kong's mistakes on foreign caregivers'
  3. 3

    [KH Explains] Why Yoon golfing is so controversial

    [KH Explains] Why Yoon golfing is so controversial
  4. 4

    Samsung stocks fall to 4-year low

    Samsung stocks fall to 4-year low
  5. 5

    Govt. cracks down on wedding industry

    Govt. cracks down on wedding industry
  1. 6

    Korean model admits drug use, seeks help from embassy in Manila: report

    Korean model admits drug use, seeks help from embassy in Manila: report
  2. 7

    NewJeans sets 14-day deadline for Ador to meet demands, including return of Min Hee-jin

    NewJeans sets 14-day deadline for Ador to meet demands, including return of Min Hee-jin
  3. 8

    Will Samsung team up with foundry rival TSMC?

    Will Samsung team up with foundry rival TSMC?
  4. 9

    Korea to take action if currency falls more

    Korea to take action if currency falls more
  5. 10

    Suneung retakes hit record amid med school expansion

    Suneung retakes hit record amid med school expansion
지나쌤

Korean financial firms expand oversea branches, suffer from

By Paige Shin

Published : July 4, 2017 - 14:57

    • Link copied

South Korean financial firms have increased the number of foreign branches over the past five years, but such operations suffer from low profitability, the financial regulator said Tuesday.

The number of overseas branches by local banks, credit card and other financial firms rose to 410 in 45 countries at the end of March this year, up 11 percent from the end of 2012, the Financial Supervisory Service said in a statement. 


(Yonhap) (Yonhap)


Asia accounted for 67.8 percent of all overseas branches. North and South America accounted for 17.1 percent, while Europe took 11.2 percent.

However, overseas branches accounted for only 4.6 percent of profits generated by local banks last year.

In comparison, about 54 percent of profits by global financial group Citigroup came from its overseas branches.

To better help local financial firms make inroads into overseas markets, the FSS said it will step up cooperation and exchanges with foreign financial regulators. (Yonhap)

More from Headlines