SEOUL, Feb 22 (Reuters) - South Korea launched a task
force on Wednesday to study ways to improve business practices
and pay schemes at banks, days after the country's president
called on lenders to help curb the cost-of-living burden on
vulnerable people.
The panel is headed by the deputy chief of the top financial
regulator, the Financial Services Commission (FSC), and
comprises regulators, scholars, researchers and officials from
financial industry associations, the FSC said in a statement.
Kim So-young, vice chairman of the FSC, said at the panel's
inaugural meeting that it would study ways to boost competition
either between existing banks or by allowing entries of niche
service providers.
The panel would also look into ways to help banks diversify
their business practices, currently heavily dependant on
interest rate margins, and improve their pay structure, he said.
It would also discuss possible measures to strengthen
capital buffers against external shocks.
President Yoon Suk-yeol and other government officials have
said there is growing public discontent over reports of big
performance-sharing and early-retirement bonus payments by
banks.
(Reporting by Choonsik Yoo; Editing by Stephen Coates)
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