The top financial regulator issued a warning to SC First Bank, Thursday, for violating regulation on mortgages.
According to the Financial Supervisory Service (FSS), it took disciplinary action against six executives and employees of the bank for ignoring the loan-to-value (LTV) ratio in issuing mortgages.
The FSS issued the warning as a number of the bank's branches were involved in the violation.
The regulator also imposed minor penalties on employees and executives for errors in bookkeeping. The bank had announced a 41.1 billion won loss for the fourth quarter of 2008 and a 211.1 billion won net profit for the first quarter of 2009, but corrected them to 57.6 billion won and 112.4 billion won surpluses, respectively, last November.