Regulations Governing Domestic Branches of Financial Institutions Article 4

The competent authority will decide the list of financial institutions that may establish additional branches based on the financial and business status of financial institutions that comply with the provisions in Paragraph 2 or Paragraph 3 of the preceding article. The establishment of additional branches by credit cooperatives may be approved in consideration of the density of credit cooperatives in the area applied for and the balanced development of all credit cooperatives.Where the competent authority has designated a business territory, a financial institution may establish a new branch within such territory only.A branch established by a financial institution that is approved for establishment due to the location being conducive to balanced urban and rural development or for entry into a local asset management zone shall not be relocated within seven years after establishment, except with approval from the competent authority to move to another location that is similarly conducive to balanced urban and rural development or to another local asset management zone.