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[Alpha Biz=(Chicago) Reporter Kim Jisun] The Financial Supervisory Service extended the investigation period by three business days from the 1st to the 6th amid an on-site investigation into the Equity-Linked Securities (ELS), which incorporated Hong Kong's Hang Seng China Business Index (H Index) as its underlying assets.
This is because it takes more time for KB Kookmin Bank headquarters to check the possibility of incomplete ELS sales and whether internal control and risk management have been properly followed.
According to financial authorities on the 5th, the FSS will conduct an on-site investigation into KB Kookmin Bank's sale of ELSs linked to the Hong Kong H index until the 6th.
The Financial Supervisory Service earlier launched an investigation into KB Kookmin Bank, which sold the products the most, from the 20th of last month on concerns that the loss of ELS linked to the Hong Kong H index could grow to trillions of won.
The FSS planned to conduct a 10-day on-site investigation until the 1st, but as the number of subscribers reaches tens of thousands and sales amount to 8 trillion won, it seems that more physical time is needed to focus on whether there are any problems in the process of selling and managing ELS products at its headquarters.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
