South Korea Approves 2026 Recovery Plans for 10 Financial Institutions

South Korea’s Financial Services Commission said it has approved the 2026 recovery and resolution plans for 10 financial institutions, including major banks under Shinhan, KB, Hana, Woori and NongHyup financial groups. According to Odaily, the commission also said cyberattacks and the risk of a digital bank run have been formally added to the crisis management framework for large financial institutions. The commission said that as online financial transactions expand, funds could leave quickly in a short period of time. It said it will further improve monitoring indicators for digital bank runs to identify liquidity risks earlier, and it is requiring financial institutions to strengthen response mechanisms for cyber incidents and consider scenarios in which multiple institutions sell assets and compete for liquidity at the same time under market stress.