South Korea plans stricter bank oversight after major banks issued $264M in improper loans.

South Korea's Financial Supervisory Service (FSS) plans to tighten bank supervision due to poor risk management and internal controls. Woori Bank, KB, and NH Nonghyup were found to have issued $264 million in inappropriate loans. Woori Bank's largest share included loans to relatives of a former chairman. The FSS will introduce stricter measures to prevent future issues and improve risk management.