Seoul:The chief of the country's financial watchdog emphasized the need for bank holding companies to implement measures that enhance fairness and transparency in the selection of their affiliate chief executives.

According to Yonhap News Agency, Lee Chan-jin, the governor of the Financial Supervisory Service (FSS), addressed the need for improved selection processes during a meeting with the heads of eight bank holding companies. He called for increased efforts to ensure that these selections are conducted in a fair and transparent manner.

The FSS is working on strategies to improve the governance structures of financial holding companies, with a focus on the fair and transparent selection of bank chief executives.

Lee also highlighted that banks must strengthen their internal control mechanisms, as there has been a significant rise in financial mishaps. The FSS reported that financial accidents in the banking sector amounted to 171 billion won (approximately US$126 million) in the first seven months of the year, a notable increase from 69.6 billion won in 2023.