Title From the front lines at Seoul Bank : restructuring and reprivatization / Chungwon Kang

Published Washington, D.C. : International Monetary Fund, 2003

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Description 1 online resource (38 pages) : illustrations Series IMF working paper, 2227-8885 ; WP/03/235 IMF working paper ; WP/03/235. Contents Contents -- I. INTRODUCTION -- II. BACKGROUND -- A. Seoul Bank Before the Crisis -- B. Seoul Bank in the IMF-Supported Program -- C. Seoul Bank in the Context of Banking Sector Restructuring -- D. Korean Government Efforts to Deal with Seoul Bank -- III. RESTRUCTURING IN PRACTICE -- A. CEO Selection and Formation of the Management Team -- B. Operational Restructuring -- C. Seoul Bank Employees -- D. Balance Sheet Restructuring -- E. Rebuilding Business: New Focus, Culture Change, and New Image -- F. Final Recapitalization and the Memorandum of Understanding IV. PERFORMANCE SUMMARYV. SALE PROCESS AND REPRIVATIZATION -- VI. BROADER ISSUES -- A. Role of Government -- B. Role of the Board -- C. Governance Issues -- VII. RETROSPECT AND CONCLUSION Summary 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 Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL Print version record Subject Sŏul Ŭnhaeng. SUBJECT Sŏul Ŭnhaeng fast Subject Banks and banking -- Korea (South) Banks and banking -- Government ownership -- Korea (South) Sale of banks -- Korea (South) Banks and banking Banks and banking -- Government ownership Sale of banks Korea (South) Form Electronic book Author International Monetary Fund. Asia and Pacific Department. ISBN 1283568853 9781283568852 9781451920277 145192027X 9781451875676 1451875673

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