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S Korea FSS Fines STANCHART, 4 Other Banks HKD3B over Improper Sales of HSCEI-Linked Products
South Korea’s Financial Supervisory Service (FSS) imposed total fines of about KRW600 billion, equivalent to approximately HKD3.065 billion, on KB Kookmin Bank, Shinhan Bank,...
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S Korea FSS Fines STANCHART, 4 Other Banks HKD3B over Improper Sales of HSCEI-Linked Products
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South Korea’s Financial Supervisory Service (FSS) imposed total fines of about KRW600 billion, equivalent to approximately HKD3.065 billion, on KB Kookmin Bank, Shinhan Bank, Hana Bank, NH NongHyup Bank and STANCHART Korea over the improper sales of equity-linked securities (ELS) tied to the Hang Seng China Enterprises Index (HSCEI), which resulted in investor losses, according to Yonhap News Agency.

The fine amount was halved from the KRW1.2 trillion initially proposed by the FSS.

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The FSS said that since 2021, banks and securities firms have cumulatively sold about KRW19.3 trillion of ELS products tracking the HSCEI. KB Kookmin Bank accounted for the largest share at KRW8.2 trillion.

In early 2024, the HSCEI plunged at one point, causing substantial losses to investors in the relevant ELS products. Local financial regulators ordered the banks to compensate customers for part of their losses, citing the failure to provide consumers with all necessary product information, including contract terms and related risks.

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