South Korea’s financial regulator the Financial Services Commission has approved plans by Goldman Sachs and the Royal Bank of Scotland to shut down their branch banking operations in South Korea. The two entities have been working to exit South Korea as part of their cost-cutting efforts. Goldman Sachs plans to continue operations in South Korea via its brokerage branch. Banco Bilbao Vizcaya Argentaria, a Spanish bank, is also in the process of changing the status of its branch in Seoul to a representative office.
