South Korea's second largest bank ordered to merge
South Korean financial watchdogs on Wednesday rejected a self-rescue plan submitted by Hanvit Bank, forcing the country's second largest bank to merge with other institutions.
"We rejected Hanvit's self-rescue plan," a Financial Supervisory Commission (FSC) official told AFP.
The watchdog also turned down rescue plans for Peace Bank, Kwangju bank and Cheju bank.
The four debt-ridden banks were required to present new plans by November 22, which should include moves to merge with other units under government-led holding companies.
The FSC, however, approved self-rescue plans submitted by Cho Hung Bank and Korea Exchange Bank, allowing them to stand on their own.— (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)