The regional bank is the first in 32 years to be granted approval, bringing the number of commercial banks in Korea to seven.
The Financial Supervisory Service (FSS) confirmed Thursday that DGB Daegu Bank created a total of 1,662 trading accounts without obtaining customers’ consent.
The government is trying to bring new players into the banking industry as the oligopoly-like structure could hamper competition and go against consumers' interests.
Financial Supervisory Service (FSS) Governor Jeong Eun-bo said his institution will focus on preventing financial disasters rather than handing out penalties after them during his first meeting with heads of major financial groups Wednesday.
Korea JoongAng Daily Sitemap