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CALL FOR SOUTH KOREAN BANKS TO IMPROVE LENDING SKILLS.
WASHINGTON, Nov. 30 Asia Pulse - South Korea needs to invite foreign management to run local banks to develop better lending skills, an official of the Organization of Economic Cooperation and Development (OECD) said Wednesday.
Randall Jones, the head of the Geneva-based OECD's Korea/Japan Desk, said agriculture remains the main stumbling block in South Korea's integration into the world economy.
"The key for the banks is to develop a skill to be able to do credit risk analysis to say which SMEs (small- and medium-sized enterprises) are worth lending to," Jones said during a breakfast session on OECD's economic survey on Korea for 2005.
The survey was released last month.
One of the points in the survey was the weak performances by SMEs compared to large conglomerates.
South Korea's bank chiefs were in the past appointed by the government, and they never developed the skill to lend, Jones said.
For instance, the idea that innovations and technology are tangible collateral has not taken root, and the banks tend to look to real estate as the best collateral when lending, according to the OECD official.
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