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The number of savings banks has decreased by half in 14 years due to the government’s restructuring and the nation’s protracted economic slump, according to data from the Financial Supervisory Service.
The number dropped from 186 in 1999 to 91 in March 2013, the report said. The country had 249 savings banks three decades ago.
Past irregularities of some savings banks are also held responsible for the decrease as the cases led them to close, an FSS official said.
The regulator plans to further strengthen transparency policies on savings banks, financial sources said.
(joowonc@heraldcorp.com)
The number dropped from 186 in 1999 to 91 in March 2013, the report said. The country had 249 savings banks three decades ago.
Past irregularities of some savings banks are also held responsible for the decrease as the cases led them to close, an FSS official said.
The regulator plans to further strengthen transparency policies on savings banks, financial sources said.
(joowonc@heraldcorp.com)
