On the 9th, the Financial Services Commission held a regular meeting and announced the designation of seven financial groups, including Samsung, Hanwha, Mirae Asset, Kyobo, Hyundai Motor, DB, and Daou Kiwoom, as financial holding companies. These groups are the same as those designated last year.
Financial holding companies are designated when they engage in two or more financial businesses, such as deposit and loan services, insurance, and financial investment, receive one or more approvals or registrations from the Financial Services Commission, and have total assets of over 5 trillion won. Financial holding companies must regularly assess risk factors at the group level and disclose matters related to consumer protection. Financial authorities conduct risk management assessments for financial holding companies every three years.