The Korean bank broke solicitation rules of investment in specific money trust contracts, including equity-linked trusts (ELTs) sold between 2016 and 2019, according to the financial regulator.
South Korea’s Financial Supervisory Service (FSS) has fined Hana Bank KRW17.9 billion (US$12.2m) over ‘incomplete sales of financial investment products’ including private equity funds and equity-linked securities trusts (ELTs). In a sanctions disclosure dated 31 October, the financial watchdog said Hana Bank violated the duty to explain when selling nine types of private equity funds worth around KRW378 billion to 963 general investors through 66 branches between September 20