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Korean Financial Authorities Suspend Operation of Four Savings Bank Sunday Updated: 2012-05-06 00:00:00 KST

Korean financial authorities on Sunday suspended the operations of four savings banks for six months.
The Financial Services Commission,.. announced the suspension in operations of Solomon Savings Bank, Mirae Savings Bank, Korea Savings, and Hanju Savings for poor lending practices and management.
The financial watchdog already warned the four banks last September, but they were finally suspended as they failed to meet financial strength criteria set by the government.
The banks have 45 days to improve their financial stability and if they fail to do sothe government could decide to sell the troubled savings banks.
The financial watchdog said this decision will complete the government's efforts to restructure Korea's 85 savings banks, which started last July, after 16 savings banks were earlier shut down for similar problems.
The Korea Deposit Insurance Corporation will protect the savings in individual accounts up to fifty-million won, or some 45-thousand U.S. dollars.
KOGL : Korea Open Government License
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