From Yonhap:
South Korea's financial regulators on Sunday suspended business operations of seven savings banks, including major players Jeil and Tomato whose asset values exceed 3 trillion won (US$2.7 billion), as part of its efforts to overhaul the ailing sector.
South Korea has been grappling with salvaging the troubled sector as savings banks have been suffering from deteriorating asset quality due to soured construction loans.
Business operations at the seven players -- Jeil Savings Bank, Jeil 2 Savings Bank, Prime Mutual Savings Bank, Daeyeong Savings Bank, Ace Mutual Savings Bank, Parangsae Savings Bank and Tomato Savings Bank -- were suspended for six months starting at noon on Sunday, according to the financial regulators. Trading of the listed savings banks' shares will be halted starting Monday.
http://english.yonhapnews.co.kr/business/2011/09/18/46/0503000000AEN20110918004200320F.HTML
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