KB Kookmin Bank announced on Monday that it would form an emergency committee to bolster internal controls and strengthen consumer protections. The body is part of the commercial lender‘s efforts to rebuild its credibility, which has been tarnished by recent developments such as investor losses from equity-linked securities (ELS) tied to the Hang Seng Index (HSI) and an embezzlement scandal.

As part of these efforts, the bank will implement a customer-centric performance index to gauge its capabilities in meeting customer needs. It also plans to roll out new financial products designed to assist customers in building wealth and artificial intelligence-driven internal control systems to detect suspicious or abnormal transactions.

By Chae Jong-won and Han Yubin

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