 Strikers are angry at the government sell-off plan |
A rush by customers to pull their money out of South Korea's oldest lender - amid a strike by its workers against a state sell-off plan - has triggered an emergency injection of funds. The Bank of Korea, the country's central bank, says it has pumped 2 trillion won ($1.7bn; �1bn) into Chohung Bank, the fourth largest in South Korea, to avert any risk of a run on the bank.
A spokesman for Chohung said earlier it feared a liquidity crisis as savers withdrew 504bn won on Wednesday alone, the first day of the strike, forcing the bank to borrow 800bn won overnight.
The previous week, 2.17 trillion won had been withdrawn.
Queues were forming at cash machines again on Thursday following reports that the bank's computer system - being run by temporary staff while hundreds of strikers occupy the bank's HQ in Seoul - might go offline.
Sell-off
The 6,000-odd strikers are angry that the government's 80% stake in Chohung is being sold to Shinhan Financial Group at what they say is too low a price.
Although the government has not announced the terms of the sale, local media have speculated that it will be 3 trillion won, about 25% higher than its current market valuation.
More to the point, union leaders say heavy job losses will inevitably follow.
But the government says the strike is illegal, and arrested six union leaders on Wednesday night.
One-Minute World News 
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