Woori to expedite savings bank takeover

Woori Finance will expedite its rescue of a Samhwa Mutual Savings Bank. It intends to and resume the operations of the said mid-sized savings bank as early as this month.

Korea Deposit Insurance Corp. chose Woori Finance as the preferred bidder for Samhwa Mutual Savings Bank, the first savings bank to be suspended by the country's financial watchdog.

Woori Finance said it is seeking to sign a formal contract with the KDIC on the Samhwa deal as early as Thursday before starting procedures for establishing a new legal body for the troubled savings bank.

The financial group plans to inject around US$89 million in a bid to drive up Samhwa's capital adequacy ratio to more than 10 percent and resume operation. The KDIC also plans to provide financial support.

Follow the link for more news on

Also Read

OCBC Ignite aims to double poly graduate intake

Singapore’s big banks aim for 96% emissions cut by 2050

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia