South Korea Suspends 4 Savings Banks for Six Months
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South Korea’s Financial Services Commission suspended the business of four local savings banks for six months from today due to a liquidity crunch.
The four banks are Bohae Mutual Savings & Finance Co. and three subsidiaries of Busan Savings Bank -- Jungang Busan Savings Bank, Busan II Savings Bank, and Jeonju Savings Bank, the financial watchdog said in a statement today.