[1mm Financial Talk] "Trillion-Won Loss, Withdraw Everything"... This Time, 'Savings Bank Malicious Rumor'

False Information Spread Inducing Bank Run on Welcome and OK Savings Bank
Savings Bank "Baseless, Legal Action Underway"

"(Urgent) Welcome·OK Savings Bank Project Financing (PF) Losses Exceeding 1 Trillion Won, Request to Withdraw All Balances"

Amid growing concerns over the insolvency of savings banks' real estate PF, false information circulated on the morning of the 12th urging a massive withdrawal (bank run) from Welcome and OK Savings Banks. The false claim stated that the savings banks had incurred PF losses exceeding 1 trillion won and were scheduled to suspend payments, advising customers to withdraw all deposits and savings.

On the same day, the Korea Federation of Savings Banks immediately responded, calling the information "inaccurate." The federation explained, "After contacting the source of the false information, they were incoherent and unable to clearly explain the facts," adding, "Both savings banks are currently taking legal action against the disseminator."

The Financial Supervisory Service also drew a clear line, stating, "The malicious rumors are completely unfounded," and emphasized, "Both savings banks' BIS (Bank for International Settlements) capital adequacy ratios significantly exceed regulatory requirements, and net profits are expected for both last year and the first quarter of this year."

This is not the first time false information has been spread about financial companies. On the 24th of last month, Toss Bank was engulfed in liquidity crisis rumors following the launch of a new product called 'Deposit with Interest Paid First.' This product offers an annual interest rate of 3.5% from the moment of subscription for deposits ranging from a minimum of 1 million won to a maximum of 1 billion won. There were claims that Toss Bank introduced this product to secure liquidity in response to the Silicon Valley Bank (SVB) incident.