Three South Korean banks are eyeing up
troubled Samwha Mutual Savings Bank (Samwha), which was suspended
from operating because it did not meet regulatory capital
requirement levels.

Woori Financial Group, Hana Financial Group
and Shinhan Bank have all reportedly submitted their letters of
intention to bid for Samwha, according to the Korea Deposit
Insurance Corporation (KDIC).

The KDIC suspended
Samwha Mutual Savings Bank’s operations for six months
 on
14 January, after the bank failed to meet regulatory capital
requirement levels.

The suspension comes as part of the government
initiative to strengthen the country’s banking industry as Korea’s
savings banks continue to suffer from toxic loan books
following excessive financing in the real estate market during the
pre-2008 property boom.

The official bidding is set to commence in
mid-February and the government is looking to select a buyer by the
middle of March.

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