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제목SOUTH KOREA: HANIL BANK & COMMERCIAL BANK TO MERGE
설명Two of South Korea's major commercial banks have announced a merger that will create the country's largest bank with combined assets of 82 (b) billion U-S dollars. The marriage between Hanil Bank and Commercial Bank of Korea gives a much-needed boost to South Korean President Kim Dae-jung's efforts to clean up the country's debt-ridden banking system. They're two of the South Korea's biggest banks and together the Commercial Bank of Korea and Hanil Bank will create one of the country's largest commercial banks. In selling the idea to a dubious public, senior management said the final product will operate more efficiently, but say they'll need some help from the state. The two banks have asked the government to take over a portion of their non-performing loans -- estimated to total more than 10 (b) billion U-S dollars. Lee Kwan-woo, head of Hanil Bank, said the banks will ask the government to invest up to six-point-four (b) billion U-S dollars to help write off bad loans or buy new shares. It wasn't immediately clear if the government had agreed to the plan, but restructuring the ailing banking system is the cornerstone of South Korean President Kim Dae-Jung's plan for reviving the ailing economy. And the Ministry of Finance has reaffirmed its earlier promise to help such mergers by writing off bad loans and giving tax benefits. The presidents of the two banks joined forces on Saturday to detail the shock merger, in Seoul. They said they hope the new partnership will help stabilise South Korea's troubled banking industry, seen to be riddled with bad debts. SOUNDBITE: (Korean) "The board members at the two banks hope to become a competitive leading bank through the merger. In doing so, we hope to help normalise South Korea's financial industry as well as aid in the early recovery from the current economic crisis." SUPER CAPTION: Lee Kwan-woo, Head of Hanil Bank South Korea was bailed out by the International Monetary Fund (I-M-F) in December and is still plagued by a poor performing economy. News of the bank mergers was welcomed by analysts, but there are sceptics - particularly amongst the staff. Employees at both banks fear for their future after reports that managers plan to cut the work force and shut down many of their combined 950 retail branches. SOUNDBITE: (Korean) "It is good that the leading commercial banks are merging to become a super bank. However, personally, I think it will be bad for the employees of the banks because there of expected cut in workers and possible closures of branches. This is what worries me." SUPER CAPTION: Youn Hyun-Suk, Assistant Manager Commercial Bank Both Hanil and Commercial posted huge losses last year after South Korea's economic problems erupted. And there were local media reports that other banks were discussing similar mergers. You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
생산자AP Archive
날짜1998-08-01
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식별번호KC-R-05375
제목SOUTH KOREA: HANIL BANK & COMMERCIAL BANK TO MERGE
설명Two of South Korea's major commercial banks have announced a merger that will create the country's largest bank with combined assets of 82 (b) billion U-S dollars. The marriage between Hanil Bank and Commercial Bank of Korea gives a much-needed boost to South Korean President Kim Dae-jung's efforts to clean up the country's debt-ridden banking system. They're two of the South Korea's biggest banks and together the Commercial Bank of Korea and Hanil Bank will create one of the country's largest commercial banks. In selling the idea to a dubious public, senior management said the final product will operate more efficiently, but say they'll need some help from the state. The two banks have asked the government to take over a portion of their non-performing loans -- estimated to total more than 10 (b) billion U-S dollars. Lee Kwan-woo, head of Hanil Bank, said the banks will ask the government to invest up to six-point-four (b) billion U-S dollars to help write off bad loans or buy new shares. It wasn't immediately clear if the government had agreed to the plan, but restructuring the ailing banking system is the cornerstone of South Korean President Kim Dae-Jung's plan for reviving the ailing economy. And the Ministry of Finance has reaffirmed its earlier promise to help such mergers by writing off bad loans and giving tax benefits. The presidents of the two banks joined forces on Saturday to detail the shock merger, in Seoul. They said they hope the new partnership will help stabilise South Korea's troubled banking industry, seen to be riddled with bad debts. SOUNDBITE: (Korean) "The board members at the two banks hope to become a competitive leading bank through the merger. In doing so, we hope to help normalise South Korea's financial industry as well as aid in the early recovery from the current economic crisis." SUPER CAPTION: Lee Kwan-woo, Head of Hanil Bank South Korea was bailed out by the International Monetary Fund (I-M-F) in December and is still plagued by a poor performing economy. News of the bank mergers was welcomed by analysts, but there are sceptics - particularly amongst the staff. Employees at both banks fear for their future after reports that managers plan to cut the work force and shut down many of their combined 950 retail branches. SOUNDBITE: (Korean) "It is good that the leading commercial banks are merging to become a super bank. However, personally, I think it will be bad for the employees of the banks because there of expected cut in workers and possible closures of branches. This is what worries me." SUPER CAPTION: Youn Hyun-Suk, Assistant Manager Commercial Bank Both Hanil and Commercial posted huge losses last year after South Korea's economic problems erupted. And there were local media reports that other banks were discussing similar mergers. You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
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날짜1998-08-01
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연관링크https://youtu.be/AWsg6zZY1p0
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