Foreign banks lose out in South Korea
NEWS
Figures released last month by local regulatory body, the Financial Supervisory Services (FSS) found that the combined net income of 32 foreign banks operating in South Korea fell 68.7% to KRW86 billion ($90.8 million) in 2005. This was down significantly over the KRW274.5 billion ($289.9 million) generated in 2004.
The FSS said the drop was largely due to significant losses from securities trading, conducted for the purposes of short-term trading and hedging against foreign currency and
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