According to a recent report by the Korea Times, the Korean Financial Supervisory Service (FSS) is increasing its focus on organizational culture as banks continue to suffer from repeated misconduct scandals.
Last month, Woori Bank was accused of offering $26 million in loans to companies owned by relatives of Son Tae-seung, former Chairman of Woori Financial Group. While the bank's loan management systems seem to be sound, these inappropriate loans were allegedly issued upon the direct instruction of senior executives. "Woori's actions have reached a point where trust is becoming difficult to maintain," FSS Governor Lee Bok-hyun said during a staff meeting last month.
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