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SEVEN IN 10 S. KOREAN FINANCIAL FIRMS TAKE SATURDAYS OFF.

AsiaPulse News

| May 01, 2003 | COPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SEOUL, May 1 Asia Pulse - Slightly over seven out of 10 financial institutions in South Korea are closed on Saturdays, the nation's financial watchdog said today.

As of the end of April, a five-day workweek was in place at 74 per cent of 383 financial institutions, or 282 firms, the Financial Supervisory Service said.

The shorter workweek was adopted by all 19 domestic banks, 17 foreign brokerage houses, 13 asset management companies and three merchant banks.

In comparison, the introduction rate was 61 per cent for mutual savings banks, 52 per cent for non-life insurance companies and 46 per cent for consumer finance companies.

However, all financial firms would adopt the shorter ...

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