Korea announces second phase of bank restructuring

The FSC in Korea has announced new measures to speed up bank restructuring.

The Korean government has released its blueprint for the second phase of its banking sector reforms announced by the Financial Supervisory Commission FSC on Wednesday.The plans are as follows

1. Nonviable banks to be merged under a government-led financial holding company

  • Five domestic banks deemed nonviable by the Financial Supervisory Commission will be merged under a government-led financial holding company. The five banks are Hanvit, Peace, Kwangju, Cheju and Kyongnam Bank.
  • Other healthy banks not subject to the government's fund injections can also join the financial holding company, should they wish to do so.
  • The government plans to launch the holding company by the first quarter of next year and the merged banks will...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222