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Cho Hung Bank Will Get 2.5-Trillion-Won Public Bailout

Jan 13,1999
The government will supply Cho Hung Bank with 2.5 trillion won in public money sometime in early February.
An undisclosed official from the Financial Supervisory Commission(FSC) announced on January 13, 'The FSC basically approved the normalization plan which Cho Hung Bank presented. The FSC will formally give its approval on the 15th.'
The official added that according to the plan, Cho Hung Bank will move its headquarter to Taejon from Seoul and liquidate some of its subsidiaries.
Accordingly, Cho Hung Bank will initially decrease its current capital by the ratio of 4.50 to 1 while at the same time expanding its capital ceiling from the current 2 trillion won to 5 trillion won.
The government will make an agreement requiring Cho Hung to advance its financial state. If the bank is unable to keep the promise, the FSC will require the bank's management to resign altogether.


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