KDIC News

Dept.	Department of Savings Bank Rehabilitation	Date	06/05/2012
File	120506_MSB_suspension_1.pdf
Subject	FSC Suspended Four Mutual Savings Banks
In a provisional meeting held on May 6, 2012, the Financial Services Commission (FSC) ordered four mutual savings banks, Solomon, Korea, Mirae and Hanju, to halt operations for six months to improve their finances after determining them as “financial institutions in distress”. These mutual savings banks will be provided an opportunity to normalize their business operations by increasing capital stocks within 45 days of the date of business suspension according to the laws and regulations. Even if they fail to normalize their operations within the above mentioned period, their operations will be resumed as soon as possible in order to minimize the inconvenience of the depositors, by mandating their sales to the third parties or contract transfer to bridge savings banks under the Korea Deposit Insurance Corporation. * For details, please find the attached press release.

next	Inaugural Address from Joo Hyun Kim, Chairman & President of KDIC
previous	FSC Suspended Seven Mutual Savings Banks