Park kicks down the door

South Korea's Finance Min. Park Jae-yoon is determined to expose the country's financial sector to increased competitive pressure. He has already announced several sweeping measures intended to speed up the liberalization of the country's financial market. One of the most important changes to be introduced by Park's financial reforms is the change in bank ownership. For instance, under the revised Banking Act, shareholders will have to limit their shareholding of a bank to just 4% to 8% if they also hold substantial shares in other businesses.
Sweeping financial reforms will expose banks to foreign competition, and the wind has started to blow. Park Jae-yoon is a determined man. The newly-appointed finance minister aims to reform South [...]