Four more Korean savings banks suspended

South Korea's financial regulator on Saturday suspended operations of four savings banks, including three affiliates of the country's largest savings bank, Busan Savings Bank. It cited concerns over liquidity shortage.

The Financial Services Commission said it suspended three affiliates of Busan Savings Bank -- Jungang Busan Savings Bank, Busan II Savings Bank and Jeonju Savings Bank -- as well as Bohae Bank for six months each.

The decision comes two days after the financial regulator suspended Busan Savings Bank, the nation's biggest bank in terms of assets, based in the southern port city of Busan, and its affiliate Daejeon Mutual Savings Bank for six months each for failing to meet regulatory capital requirements. The move sparked fears of a bank run as people who hold deposits in the troubled banks rushed to withdraw their assets.

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