From the Front Lines At Seoul Bank: Restructuring and Reprivatization
December 1, 2003
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Order a Print CopyDisclaimer: 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.
Subject: Bank credit, Bank resolution, Banking, Commercial banks, Credit, Financial crises, Financial institutions, Loans, Money, Nonperforming loans
Keywords: balance sheet, bank management, Bank resolution, bank restructuring, bank share, Commercial banks, Credit, financial support, Global, government shareholder, holding company, Korea, labor-government agreement, loan portfolio, Loans, management improvement plan, managing director, Nonperforming loans, operating income, public funds, WP
Pages:
39
Volume:
2003
DOI:
Issue:
235
Series:
Working Paper No. 2003/235
Stock No:
WPIEA2352003
ISBN:
9781451875676
ISSN:
1018-5941
