Saemaeul Geumgo Completes Merger of 24 Saemaeul Geumgos... "Full Protection of Savings and Deposits"

by Kwon Jaehee

Published 03 Apr.2025 14:05(KST)

Updated 04 Apr.2025 07:07(KST)

A total of 24 credit unions merged after the bank run in July 2023

Saemaeul Geumgo Completes Merger of 24 Saemaeul Geumgos... "Full Protection of Savings and Deposits"

The National Credit Union Federation of Korea announced on the 3rd that it has completed the merger of a total of 24 credit unions since July 2023, when a bank run (massive withdrawal of deposits) occurred.

The National Credit Union Federation of Korea is striving to minimize depositor damage by merging credit unions that are difficult to normalize on their own.

The Federation stated, "To prevent any damage or inconvenience to customers due to the mergers, the merged credit unions will operate as branches of the new credit union as a principle," adding, "Deposits and savings exceeding 50 million KRW and investment funds of customers from the merged credit unions have been 100% transferred to the new credit union, including principal and interest, ensuring their safety."