Seven firms submit intent to buy suspended savings banks

Seven financial firms in South Korea, including top banking group KB Financial Group Inc., submitted on Monday their letters of intent to buy savings banks whose business was suspended due to capital shortages, the deposit insurance agency said. The state-run Korea Deposit Insurance Corp. is moving to sell the seven savings banks, including top player Busan Savings Bank, and its four affiliated savings banks after the top regulator Financial Services Commission (FSC) halted their business in February due to a capital shortage, feared to trigger a bank run.