{
  "title": "From the Front Lines At Seoul Bank: Restructuring and Reprivatization",
  "publication": "IMF Working Papers, December 1, 2003",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/from-the-front-lines-at-seoul-bank-restructuring-and-reprivatization-16984",
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  "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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- 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.\n- The two banks were singled out early in the IMF-supported program to be sold to foreign investors.\n- Korea First Bank was sold to foreign investors at the end of 1999.\n- Seoul Bank remained a government-owned bank, managed by a team of professionals recruited from outside of the traditional banking sector.\n- The 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."
    },
    {
      "heading": "Key findings and themes",
      "content": "- Bank nationalization and use of public funds to stabilize the banking sector.\n- Early program strategy to privatize selected banks via sale to foreign investors.\n- Management-led restructuring of a government-owned bank by professionals from outside traditional banking.\n- Final outcome: sale/merger of Seoul Bank with Hana Bank in October 2002."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subjects:\n  - Bank credit\n  - Bank resolution\n  - Banking\n  - Commercial banks\n  - Credit\n  - Financial crises\n  - Financial institutions\n  - Loans\n  - Money\n  - Nonperforming loans\n- Keywords:\n  - balance sheet\n  - bank management\n  - Bank resolution\n  - bank restructuring\n  - bank share\n  - Commercial banks\n  - Credit\n  - financial support\n  - Global\n  - government shareholder\n  - holding company\n  - Korea\n  - labor-government agreement\n  - loan portfolio\n  - Loans\n  - management improvement plan\n  - managing director\n  - Nonperforming loans\n  - operating income\n  - public funds\n  - WP"
    },
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      "heading": "Publication and metadata",
      "content": "- Author: Chungwon Kang\n- Date: December 1, 2003\n- Series: Working Paper No. 2003/235\n- Issue: 235\n- Volume: 2003\n- Pages: 39\n- DOI: https://doi.org/10.5089/9781451875676.001\n- Stock No: WPIEA2352003\n- ISBN: 9781451875676\n- ISSN: 1018-5941\n\nIMF Working Papers — From the Front Lines At Seoul Bank: Restructuring and Reprivatization\n\n---\n\n Content in this bundle\n\n- Wp03235\n  - Wp03235 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp03235 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/from-the-front-lines-at-seoul-bank-restructuring-and-reprivatization-16984"
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    "Authors: Chungwon Kang",
    "Published: December 1, 2003",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451875676.001",
    "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 remained a government-owned bank, managed by a team of professionals recruited from outside of the traditional banking sector.",
    "The 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.",
    "Bank nationalization and use of public funds to stabilize the banking sector.",
    "Early program strategy to privatize selected banks via sale to foreign investors.",
    "Management-led restructuring of a government-owned bank by professionals from outside traditional banking.",
    "Final outcome: sale/merger of Seoul Bank with Hana Bank in October 2002.",
    "Subjects:",
    "Keywords:",
    "Author: Chungwon Kang",
    "Date: December 1, 2003",
    "Series: Working Paper No. 2003/235",
    "Issue: 235",
    "Volume: 2003",
    "Pages: 39",
    "DOI: https://doi.org/10.5089/9781451875676.001",
    "Stock No: WPIEA2352003",
    "ISBN: 9781451875676",
    "ISSN: 1018-5941",
    "**Wp03235**"
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