View from the Inside

Chungwon Kang is a Korean CEO who managed Seoul Bank's restructuring and successful privatization in 2000-02. In this article, he recounts his experience. As part of the banking sector restructuring, the IMF identified Seoul Bank and Korea First Bank as the country's most distressed commer...

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Bibliographic Details
Published in:Finance & Development 2004-06, Vol.41 (2), p.44
Main Author: Kang, Chungwon
Format: Article
Language:English
Subjects:
Advisors
Balance sheets
Banking industry
Banks
Commercial banks
Corporate profiles
Credit departments
Employees
Financial executives
Kang, Chungwon
Labor unions
Loan workouts
Managers
Privatization
Teams
Turnaround management
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Summary:Chungwon Kang is a Korean CEO who managed Seoul Bank's restructuring and successful privatization in 2000-02. In this article, he recounts his experience. As part of the banking sector restructuring, the IMF identified Seoul Bank and Korea First Bank as the country's most distressed commercial banks. To prepare Seoul Bank for early sale to foreign investors, the government recapitalized it in January 1998, thereby assuming control; removed its management; and appointed a financial advisor to develop a privatization strategy. This initial plan included obtaining bids for the bank's sale by mid-November 1998. With each subsequent IMF review of the restructuring, the IMF and the government set tight deadlines for reprivatization, making management's job more difficult.
ISSN:0015-1947
1564-5142