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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea suspends third small, provincial savings bank Reuters - 2 hours 50 minutes ago SEOUL, Dec 26 - South Korea's top financial regulator on Friday suspended operations at a small, provincial mutual savings bank, the third such suspension this year. The Financial Services Commission said it ordered unlisted Jeonbuk Mutual Savings Bank, which has assets of 191.8 billion won , to halt operations for six months and raise capital within the next two months. "Its debt outpaces assets and its BIS (Bank for International Settlements) capital ratio falls below the guideline. The FSC has designated it as a financially troubled institution and ordered it to improve business standing," the regulator said in a statement. The FSC said Jeonbuk's problems were due more to management failure than to the global financial turmoil. Officials at Jeonbuk, which accounts for just 0.3 percent of all assets held by South Korea's mutual savings banks, were not available to comment. South Korea has pledged to shield Asia's fourth-largest economy and its financial industry from the global crisis by forcing weak financial companies to restructure or face possible closure. (Reporting by Kim Yeon-hee; Additional reporting by Shin Ji-eun; Editing by Yoo Choonsik & Ian Geoghegan) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business India bond yields up on inflation, securityReuters - 19 minutes ago 6 Chinese go on trial for selling melamineAP - 21 minutes ago Russia's ruble drops to 3-year low against dollarAP - 25 minutes ago India bought 28.95 bln rupees of bonds in wk Dec 19Reuters - 32 minutes ago India's cbank loans to govt nil in week to Dec 19Reuters - 32 minutes ago Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 Actress Jennifer Aniston appears naked in GQ magazine Australian 'mummy smuggler' arrested in Cairo Funeral of Guinea strongman as junta tightens grip Weather outside frightful for US, Canada travelers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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