The South Korean anti-trust watchdog has launched an inspection on local banks suspected of colluding to fix interest rates, bank industry sources said Wednesday, a move insiders linked to the government's push for lenders to expand credit loans to small and midsized firms.
According to the sources, the Fair Trade Commission (FTC) dispatched officials starting Tuesday to four local banks -- Kookmin Bank, Hana Bank, Woori Bank and Shinhan Bank -- to examine their interest rates for lending and savings.