On Monday, February 8, 1999, the Financial Supervisory Commission (FSC) ordered Chungbuk Bank the submission of a merger plan containing feasible plans to merge with another financial institution. The merger plan is to be submitted to the Chairman of the FSC by February 13, 1999 and shall include a letter of intent from the head of the financial institution of which a merger is to be pursued.
By imposing a deadline for the submission of a merger plan, the recent measure seeks to induce an early merger and in turn speedy normalization of Chungbuk Bank.
Chungbuk Bank was given up to February 7, 1999 to come with a plan to merge with another financial institution in accordance to a management improvement measure order imposed by the FSC on February 2, 1999. Chungbuk Bank is a regional bank with total assets of 2.6 trillion won (as of Dec.,1998) and was conditionally approved by the FSC on June 29, 1998.

* Please refer to the attached file for details.