South Korea Suspends 7 Savings Banks, Citing Weak Finances
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South Korean financial regulators suspended seven local savings banks today, citing their weak finances.
Jeil Savings Bank, Jeil II Savings Bank, Tomato Savings Bank, Prime Mutual Savings Bank, Ace Mutual Savings Bank, Dae Yeong Mutual Savings Bank and Parangsae Mutual Savings Bank were ordered to halt operations for six months, the Financial Services Commission said in an e-mailed statement.