Two Korean banks to merge

Lee Kwan Woo, president of Hanil Bank (R), and Bae Chan Byung, president of Commercial Bank of Korea, announce July 31 they have agreed on an equal-footing merger to create South Korea's largest commercial bank with assets of 85.25 billion U.S. dollars. For the time being, the new bank's name will be Commercial-Hanil Bank, though a public contest will be held later to determine a new name, they said. Hanil Bank is the ountry's fourth-largest commercial bank, while Commercial Bank of Korea ranks fifth. ==Kyodo

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