- Feb. 26, 2009
Yong Nam Branch, the only branch of the KDIC, is closed.
In response to the government’s efforts to streamline governmental organizations and to promote corporate efficiency, the KDIC decided to close its only branch, the Young Nam Branch, on Feb. 28, 2009.
Young Nam Branch was opened in April of 2003 to actively manage bankruptcy estates in the Yong Nam area in order to maximize the recovery of public funds injected into insolvent financial institutions. The location of the branch in the area where the financial institutions formerly operated enabled the successful management of litigation and bankruptcy dividend matters.
During its operation the branch was successful in recovering 2.5 trillion won worth of public funds from 218 bankruptcy estates, including DaeDong Bank. In addition to this, the branch was also involved in an environmental protection campaign to promote the development of the local area and participated in social contribution activities, for example by supporting needy families.
Mr. Ju Hyung Lee, executive vice president of the KDIC, visited the Young Nam branch one final time on Feb.28 to officially close it.
In an effort to promote management effectiveness and to strengthen the confidence of the public, the KDIC is planning to also close down the Resolution Financial Corporation, a subsidiary of the KDIC, before the end of this year.
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