은행 소유 규제의 현황과 개선 과제

Abstract

This article is to analyze the regulations on a bank ownership under the Bank Act in Korea and to suggest some improvements in respect of legal issues and financial policy matters. Also, this paper reviews the history of regulations of a bank ownership since 1950 when the Bank Act was enacted. The core issue on the bank ownership regulation under the Bank Act is whether a non-financial firm group should be permitted to control a bank, and further, if permitted, how much such ownership should be allowed. Until the amendment of the Bank Act in June 2009 (effective in October 2009), a strict policy on bank ownership by a non-financial group had been taken. However, the 2009 Bank Act amendments allowed a non-financial group to own up to 9% of voting shares of a nationwide commercial bank, increasing from the previous 4% limit, although an approval from a financial regulator should be obtained if such ownership triggers certain conditions. However, this financial policy deregulating the bank ownership restrictions is evaluated not to be desirable in that such policy might incur the negative effects, including that such a non-financial group might abuse its power as a large shareholder, exercise undue influences on the bank, and eventually harm the soundness of the bank as well as the sound financial system. Alternatively, other methods to improve the competitiveness of the bank industry (According to the Government, the improvement of the banks' competitiveness is one of the aims to deregulate the bank ownership restrictions.), may be considered: expanding the scope of bank activities, improving the corporate governance of a bank, and abolishing unnecessary regulations or deregulating strict regulations imposed on banks. Another issue to note is that the control on a bank by a private equity fund ("PEF") should be prohibited in that such PEF in nature seeks to gain profits in the short-term rather than in the long-term, considering that long-term strategies and investments (such as information technology investments) are essential to banking institutions.