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. Last Updated: 07/27/2016


SEOUL, South Korea -- South Korea's Cho Hung Bank said Thursday it was merging with a regional bank and a merchant bank to become the country's third largest in terms of assets.

Announcing South Korea's fourth bank merger in as many months, Lee Kang-ryung, acting president of Cho Hung Bank, said Hyundai International Merchant Bank would merge with Kangwon Bank to help the regional bank normalize operations. Cho Hung would then merge with Hyundai.

The merger is scheduled to be effective from March 1999.

A Cho Hung Bank statement said the merged bank would have 62 trillion won ($51.24 billion) in assets at the end of November, 6,639 employees and 505 branches.