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UBS may give up South Korea license

UBS Group is said to be proposing to give up its banking license in South Korea, taking advantage of legislation that allows the bank to operate all its businesses in the country under its separate securities license. The bank is said to have informed the regulators about its plan. A spokesperson for the bank said the bank is reviewing various approaches that include removing unnecessary duplications and simplifying our business model, without specifically mentioning about the proposed plan. South Korea implemented the Capital Markets Consolidation Act in February 2009, which allows a bank’s securities unit to house all other businesses including investment banking and equities under one roof. The law allows for the introduction of a wider variety of financial products, including over-the-counter derivatives, and eases restrictions that prevent brokerages, futures traders and asset managers from entering each others’ businesses.

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