South Korea's second largest bank ordered to merge

Published November 8th, 2000 - 02:00 GMT

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)

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