19 Sep '11, 12pm

S.Korea shuts 7 banks

SEOUL: Angry customers on Monday swarmed the headquarters of seven small South Korean banks, after their operations were suspended over the weekend. South Korea's financial watchdog suspended the banks after they were found to have insufficient capital adequacy ratios and heavy debts. Early Monday morning, angry customers crowded the banks trying to find out more. Through the media, the customers learnt that the banks -- where they had some of their savings in -- were ordered to halt their operations. One customer said: "Do I have to come here myself to try and find out more about what's happening to a bank where I have my savings? I think these people including the head of Tomato Savings and the head of financial regulator should be held responsible." The Financial Supervisory Commission (FSC) ordered seven savings banks including major players Tomato Savings Bank and Jei...

Full article: http://www.channelnewsasia.com/stories/corporatenews/view...

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