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From the front lines at Seoul bank : Restructuring and reprivatization

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  • From the front lines at Seoul bank
  • Kang, Chungwon
  • International Monetary Fund


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Title From the front lines at Seoul bank
Similar Titles
Sub Title

Restructuring and reprivatization

Material Type Reports
Author(English)

Kang, Chungwon

Publisher

Washington DC:International Monetary Fund

Date 2003-12
Series Title; No IMF Working Paper / 03/325
Pages 38
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding International Monetary Fund

Abstract

Soon after Korea agreed to an IMF-supported program, Seoul Bank and Korea First Bank were nationalized through an injection of public funds by the government. The two banks were singled out early in the IMF-supported program to be sold to foreign investors. Korea First Bank was sold to foreign investors at the end of 1999. Seoul Bank, however, remained a government-owned bank, managed by a team of professionals recruited from outside of the traditional banking sector. This paper describes the restructuring of Seoul Bank by the new management team between June 2000 and October 2002, when the bank was sold to Hana Bank in a merger transaction.