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Regulatory Approvals Needed to Acquire Control of a Bank

In South Korea, acquiring control of a bank requires careful consideration and adherence to regulatory guidelines. Here are some key points to note:

When evaluating potential acquirers, the Financial Supervisory Commission (FSC) considers several factors, including:

Harm to the soundness of the bank: Will the acquisition negatively impact the bank’s stability and financial health?
Adequacy of asset size and financial condition: Does the acquirer have sufficient assets and a stable financial position to support the bank’s operations?
Size of credit extended from the bank: How much credit will be extended by the bank, and is it sufficient to meet customer needs?
Possibility of contributing to efficiency: Will the acquisition lead to increased efficiency in the banking industry?
Soundness of the banking industry: Will the acquisition contribute to a stable and healthy banking sector?

For foreign acquirers, additional factors are considered:

Suitability for international business activities: Is the foreign acquirer experienced in conducting business across borders?
Confirmation from the financial supervisory body of the country in which the foreigner is a member: Has the foreign acquirer’s home country regulatory agency confirmed their suitability to engage in banking activities abroad?
BIS capital adequacy ratio: Does the foreign acquirer meet the Basel Capital Adequacy Ratio requirements for international banks?
History of default related to commercial transactions: Has the foreign acquirer a history of defaults or problems with commercial transactions?
Suitability as controlling shareholder and contribution to soundness of the bank and efficiency of the financial industry: Is the foreign acquirer suitable to hold control of the bank, and will they contribute to its stability and efficiency?

When acquiring control of a bank, certain filings must be made with the FSC. These include:

Reporting on shareholding status: The same person must report any changes in their shareholding ratio or status in the bank.
Shareholder or employee information: Information about shareholders or employees who participate in private equity funds that manage the bank must be provided.
Investment amount of members with limited liability and unlimited liability: Details about the investment amounts made by private equity fund members with limited and unlimited liability must be reported.