SEOUL (Reuters) -&nbsp;South&nbsp;Korea&nbsp;will voluntarily&nbsp;join&nbsp;a&nbsp;global&nbsp;stress&nbsp;test&nbsp;on&nbsp;banks, hoping to gain from a thorough analysis of risks they face on an international level, the country's central bank and its financial regulator said on Monday.
The Bank of&nbsp;Korea&nbsp;and the Financial Supervisory Service said in a&nbsp;joint statement that the country has decided to&nbsp;join&nbsp;the&nbsp;test&nbsp;led by the Financial Stability Board and the Basel Committee on Banking Supervision.
The&nbsp;test&nbsp;involves countries submitting data on their&nbsp;banks&nbsp;so that it can be analysed and compared on a&nbsp;global&nbsp;context.
"It will allow (the participating countries) to conduct an elaborate assessment of financial stability on a&nbsp;global&nbsp;level such as contagion effects due to the&nbsp;global&nbsp;interconnection," the&nbsp;South&nbsp;Korean agencies said.
South&nbsp;Korea&nbsp;is not required to&nbsp;join&nbsp;the&nbsp;test&nbsp;as none of its&nbsp;banks&nbsp;are classified as&nbsp;globally systemically important&nbsp;banks, but is keen on monitoring&nbsp;global&nbsp;contagion risks.
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(Reporting by Choonsik Yoo; Editing by Muralikumar Anantharaman)

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South Korea to join global stress test on banks