Five Major Commercial Banks Suspend Sales of Funds Including Osstem Implant

Hana, NongHyup Followed by Kookmin, Shinhan, and Woori Banks Deciding to Suspend New Fund Sales

[Asia Economy Reporter Park Sun-mi] The five major domestic commercial banks have consecutively suspended the new sales of funds containing Ostem Implant, whose stock trading was halted due to an embezzlement scandal involving 188 billion KRW.

Shinhan Bank announced on the 7th that, to protect customers, it will suspend new sales of a total of 18 funds, including 17 types such as Korea Investment Navigator Securities Investment Trust No. 1 and KB Value Focus Securities Investment Trust, which have an allocation of more than 1% in Ostem Implant, as well as one KODEX Healthcare Exchange-Traded Fund (ETF).

Woori Bank also suspended new sales from that day of five funds: Woori Smart New Deal Securities Investment Trust No. 1 (Equity), DB Bio Healthcare Securities Investment Trust No. 1 (Equity), Korea Investment Navigator Securities Investment Trust No. 1 (Equity), KB Value Choice 30 Securities Investment Trust (Bond Mixed), and Woori Small and Mid-Cap High Dividend Securities Investment Trust No. 1 (Equity).

KB Kookmin Bank will suspend new sales of a total of 43 funds, including the KB Small and Mid-Cap Focus Fund, which contains Ostem Implant. Earlier, Hana Bank suspended new subscriptions for 77 funds that included even a single share of Ostem Implant in their investment assets. NH Nonghyup Bank also suspended new subscriptions for 29 funds containing Ostem Implant.

A bank official explained, "The proportion of Ostem Implant held in the funds is small, so losses due to the decline in the base price may not be significant," adding, "Banks are informing customers from the perspective of consumer protection."

This content was produced with the assistance of AI translation services.