KDIC set to sell 7 ailing savings banks

Korea Deposit Insurance Corp. plans to begin the bidding process for seven suspended savings banks this week as part of efforts to restructure the embattled savings banking sector.

The Financial Services Commission, Korea's financial regulator, has suspended business operations of eight savings banks so far this year for their capital shortages, with one savings bank sold in March to second-biggest financial group Woori Finance Holdings.

In order to find new owners for the remaining seven savings banks, the Korea Deposit Insurance Corp. may announce an invitation for bids on Thursday or Friday, the deposit insurance agency said.

The process to determine conditions for bidding for the seven savings banks is still underway, but we may be able to announce the notice for pubic tenders within this week," a KDIC official said.

"We decided to sell them to big-cap financial companies, but the biddings will not be limited to giant financial holding firms only," he said.

The full story is available at yonhapnews.co.kr.

Also Read

Digitalisation amplifies data and liquidity risks

Vietnam’s PVComBank launches mobile banking services on AWS

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