SOUTH KOREA: Amid mounting American pressure to...
SOUTH KOREA: Amid mounting American pressure to open up, U.S. and Korean officials will meet Thursday in Seoul to discuss liberalizing the Asian nation’s financial markets. The meeting, requested by U.S. Treasury Secretary Nicholas F. Brady, will focus on Seoul’s plan to ease restrictions on establishing foreign bank branches. Officials will also discuss Seoul’s timetable for allowing foreign financial institutions to hold money in trust in Korea. But Korean officials say they will tell Brady that liberalization of bank interest rates and other “fundamental and sensitive” issues should be determined by Korea.
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