Thursday, June 12, 2008

South Korea to Seek Capital Market Investments by Chinese Banks

South Korea plans to open talks with Chinese regulators on letting Chinese banks invest in South Korea's capital market, the Financial Services Commission said.

South Korea might be able to attract as much as $6 billion over the next two or three years from Chinese financial firms, including 22 banks, the agency said in an e-mailed statement. Jun Kwang Woo, the agency's head, left for China today for a two-day trip.

China allows 22 of its banks to invest abroad, in Hong Kong, Japan, Singapore, the U.K. and the U.S., according to the South Korean regulator. Overseas investments by the Chinese banks are capped at $16.1 billion, it said.

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