Korea: Bank run fears engulf savings bank industry

[BoyRacer]

Bank run fears engulf savings bank industry → joongangdaily.joins.com/article/ … id=2932381

More than a thousand customers lined up in front of the Busan II Savings Bank located in Busan yesterday as soon as the nation’s financial regulator announced a six-month business suspension of Busan Savings Bank and its affiliate Daejeon Mutual Savings Bank.

The line formed by depositors extended about 100 meters (328 feet) from the door of Busan II Savings Bank. “You won’t be allowed to withdraw your money if you are just standing there without a queue ticket number,” a bank employee told the crowd using a microphone.

Those without a ticket then headed to the automated teller machines to withdraw their money, but the machines quickly ran out of cash.

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[yoganmahew]

Oh well, it is more than ten years since the last property crash in Korea…