SEOUL, 20th October, 2016 (WAM) — South Korea will revise a law and administrative regulations on the local banking industry to make it easier for banks to tap into insurance and investment-related businesses, and open new offices abroad, the financial regulator said on Thursday.

Yonhap News Agency quoted the Financial Services Commission of South Korea as saying, “The move is meant to give local banks more autonomy in expanding their businesses and help raise their competitiveness.

Under the planned legislation, banks will be exempt from an obligation to notify the authorities in advance of their plan to start fresh businesses associated with funds, trust, insurance and investment advisory services.