From the Front Lines At Seoul Bank : Restructuring and Reprivatization

Author/Editor:

Chungwon Kang

Publication Date:

December 1, 2003

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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.

Series:

Working Paper No. 03/235

Subject:

English

Publication Date:

December 1, 2003

ISBN/ISSN:

9781451875676/1018-5941

Stock No:

WPIEA2352003

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

39

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