The showcase of Korea’s corporate restructuring efforts to date has been the closure of five small regional banks and the assumption of their assets by five better medium-size banks.
The Financial Services Commission ordered KorAm Bank to take over Kyungki Bank, Housing & Commercial Bank to absorb Dong Nam Bank, Hana Bank to acquire Chungchong Bank, Kookmin Bank to take on Daedong Bank and Shinhan Bank to acquire Donghwa Bank.
The FSC’s first problem was that the plans leaked; disgruntled staff then crashed bank computers as a protest against likely job losses.
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