Automated teller machines are lined up at a building in central Seoul. (Yonhap) South Korea’s major financial holding firms on Friday moved to address questions over their US regulatory filings, saying their support for the government’s “productive and inclusive finance” agenda remains unchanged even after they listed the policy drive as a potential risk factor in reports submitted to US authorities.The unusual joint statement from KB Financial Group, Shinhan Financial Group and Woori Financial Group sought to explain why their annual reports filed with the US Securities and Exchange Commission included references to risks tied to inclusive finance policies.The statement came after the three groups said in reports submitted to the New York Stock Exchange in late April that such policy measures could push up delinquency rates and hurt asset quality.The reference drew notice in Korea as similar language was not included in their domestic business reports.In the joint statement, the companies said the US filings were not intended to give foreign investors additional information or put domestic investors at a disadvantage.The difference, they said, reflects how US securities filings are prepared. Under US disclosure rules, companies are expected to spell out a broad range of possible risk scenarios, both to protect investors and to guard against potential lawsuits.The groups said their US reports also cited other uncertainties, including geopolitical risks in the Middle East, possible changes in household lending regulations and the impact of artificial intelligence on industries.They added that policy-related risks had been included in previous filings as well, citing the expansion of technology finance in 2015, tighter household debt management in 2020 and possible political uncertainty in Korea in 2024.The explanation appeared aimed at pushing back against any reading that the latest disclosures were directed at the current administration’s policy agenda.The three groups stressed that they remain committed to expanding financial access for low-income households, small business owners and small and medium-sized enterprises. They also said they would continue to supply funds to venture firms, emerging industries and the broader economy.The companies said their participation in such policy efforts is voluntary, while lending decisions continue to be made under each group’s credit standards, internal risk reviews and risk management systems.They added that the soundness of the financial system remains a key consideration in carrying out the policy.The groups said they would continue to review their disclosures in line with regulatory requirements at home and abroad, as well as investor protection standards.