S.Korea state-run banks to provide at least $1.5 bln liquidity support to credit union

Industrial Bank Of Korea

11/07/2023 02:08

SEOUL, July 11 (Reuters) - South Korea's state-run banks
are providing at least two trillion won ($1.54 billion) of
liquidity support to a credit union hit by customers withdrawals
through repurchase agreements, joining commercial banks also
offering financing.
    The Industrial Bank of Korea  024110.KS  and the Korea
Development Bank said on Tuesday they had signed agreements with
MG Community Credit Cooperatives (MGCCC) for an amount of 1.5
trillion won and an amount between 0.5 to 2.0 trillion won,
respectively. 
    South Korea's financial services regulator has asked major
commercial banks to prepare around $4 billion in financing to
support the credit union, Reuters reported on Monday.
($1 = 1,297.7400 won)

 (Reporting by Jihoon Lee
Editing by Ed Davies)
 ((jihoon.lee@thomsonreuters.com;))