Foreign Banks Welcome Korean Move To Liberalize FX Trading

REGULATIONS

Foreign banks based in Seoul have welcomed the Korean government's moves to liberalize foreign exchange trading from October 1 but still consider the market to be over-regulated.

One measure of the overall malaise among Western banks that prevailed before the announcement earlier this month on loosening foreign exchange controls, is the fact that Westpac Banking Corporation has spent the past six months trying to find a buyer for its Seoul branch without success, sources say. In the past Lloy