Savings Banks Tough Time Goes On

Here comes another news warning hemorrhaging savings banks of south Korea.  The news reported that the Financial Services Commission yesterday ordered nearly bankrupt Hyundae Mutual Savings Bank, which is nothing to do with Hyundai group, to suspend its operation for six-months.   The news added that, according to industry insiders, six savings banks of 108 nationwide as of late December failed to meet the minimum 5 percent requirement for capital adequacy set by the Bank for International Settlements.

© 2008 Wonil Chung, a Korean Financing Lawyer/Chung & Partners, a Korean Financing Law Firm.  All rights reserved. Some copyrights, photos, icons, trademarks, trade dress, or other commercial symbols that appear on this post are the property of the respective owners.

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