South Korea’s financial services regulator has reached out to major commercial banks for approximately $4 billion in financing to support a credit cooperative that has been affected by customer withdrawals. The request was made to aid MG Community Credit Cooperatives, although the exact amount was not confirmed. Depositors have been withdrawing funds from one of the cooperative’s branches due to concerns over non-performing loans linked to real estate projects. South Korea’s top financial authorities have assured that the credit cooperative has sufficient liquidity and capital resources. The five major commercial banks, Woori Bank, Hana Bank, Shinhan Bank, KB Kookmin Bank, and NongHyup Bank, have been asked to provide financing to MG Community Credit. The total amount extended will depend on the level of deposit withdrawals. Each bank has been requested to prepare 1 trillion won of financing, making a potential total of 5 trillion won.
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