- Yenarae Starts Operation and Jeonil Depositors with Large Balances will Receive Insurance Payoffs.
The KDIC plans to transfer some assets and deposit accounts of KRW 50 million or less from Jeonil Mutual
Savings Bank (“Jeonil”), whose license for operation was revoked on April 7, to Yenarae Mutual Savings Bank
(“Yenarae”), a bridge bank established to facilitate the resolution of Jeonil, and start Yenarae’s operation from
April 12.
The headquarters and five branches of Jeonil will have their names changed to Yenarae and resume financial
transactions such as receiving deposits and extending new loans. Depositors of savings at or below the KRW
50 million limit will be guaranteed their contracted interest rates.
Meanwhile, holders of deposits worth more than KRW 50 million that are excluded from the transfer will receive
insurance payments of up to KRW 50 million*, beginning April 12.
For amounts not covered by insurance, depositors will get part of their assets back from bankruptcy dividends
after a court-led liquidation.
* The total amount expected to be paid out is around KRW 300 billion for 6,050 depositors.
To receive the insurance payment, depositors have to visit one of the following seven Nonghyup branches with
his/her account book and a photo ID: Jeonju Wanju City/County branch, Taepyong-dong branch, Jeongeup
City branch, Gunsan central branch, Namwon City branch and Gimje City branch.
A proxy must have a letter of authorization, a certificate of seal impression and an ID of the represented person
to make a claim for or receive insurance payment.
For the sake of depositors’ convenience, the KDIC also allows depositors to file a claim and receive insurance
payments via the Internet*.
* (http://www.kdic.or.kr ⇒ Go to Insurance Claim (a pop-up window). ⇒ Go to Deposit Insurance Information.
⇒ Enter your national identification No. and name. ⇒ Log-in with a digital certificate.
For more details, please contact the KDIC Department of Savings Bank Support at 02-1588-0037 or Yenarae
Mutual Savings Bank at 063- 270-8400.
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