SEOUL :South Korea's biggest financial groups saw their share prices fall on Thursday as investors interpreted a call from the president to share more profit with society as amounting to the strongest political pressure in years.Such pressure is based on a lack of understanding of how the financial industry w
SEOUL :South Korea's biggest financial groups saw their share prices fall on Thursday as investors interpreted a call from the president to share more profit with society as amounting to the strongest political pressure in years.
"The remarks show there is a strong perception in this country that banks are public institutions and are based on a lack of understanding about how banks operate," said the head of a mid-sized lender. "The message from the government is that banks are making increasing profit and need to do more for society," said Lee Byung-gun, head of research at DB Financial Investment."This is not good for banking shares over the near term."
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