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Merger Process between Banks is Swaying

Oct 22,1998
The planned merger process between banks is encountering obstacles surrounding the restructuring for the number of employees and their salary level.

* Merger between Hanil and the Commercial
The two banks earlier agreed in August that they would curtail their employees by the same ratio. But in September, the labor union in which 9 banks including the two banks are involved decided that the nine banks would lay off their employees by as much 32% respectively. According to this decision, the Commercial Bank of Korea will have to lay off 300 employees more than that of Hanil.
Accordingly, the two banks are differing over the number of employee lay offs.

* Kookmin and the Long Term Credit
The Long Term Credit Bank of Korea (LTCB) is requesting that Kookmin Bank maintain a separate independent business department and lay off 40% of their employees within the year.
Regarding this suggestion, Kookmin responded by stating that the LTCB is planning to maintain its higher salary level than that of Kookmin.

* Hana and Boram
Both banks agreed on their merger ratio of Boram 3.92 to Hana 1. But they are now having a difference of opinion on the name of the new-born bank.



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