Financial Services Commission Designates Seven Financial Conglomerates Including Samsung... Dowoom Group Added

Select a Representative Financial Company and Regularly Inspect and Evaluate Capital Adequacy

[Asia Economy Reporter Sim Nayoung] The Financial Services Commission announced on the 6th that it has designated seven corporate groups, including Samsung, Hanwha, Mirae Asset, Kyobo, Hyundai Motor, DB, and Daou Kiwoom, as financial complex corporate groups for the year 2022.

Once designated as a financial complex corporate group, a representative financial company must be selected, and group-level risks such as capital adequacy must be regularly inspected and evaluated. They must implement internal control, risk management, and internal transaction management on their own.

On this day, the Financial Services Commission held a regular meeting and, following the enforcement of the Financial Complex Corporate Group Act, designated six corporate groups for the first time last July, and this year added Daou Kiwoom Group, bringing the total to seven corporate groups.

Daou Kiwoom Group, which owns Kiwoom Securities and others, recorded total assets of 44.8 trillion won as of the end of last year. Assets in non-core sectors such as savings banks (5.1 trillion won) exceeded the designation requirement of 5 trillion won, leading to its inclusion in this year's list.

KTB, Taekwang, Kakao, and Hyundai Marine, which each held assets exceeding 5 trillion won but had non-core financial sector assets below 5 trillion won, were not designated as financial complex corporate groups. If their non-core sector asset size increases in the future, they may also be additionally designated as financial complex corporate groups.