After seven months, Seoul Bank stands forlornly with a for sale
sign still hanging heavily around its neck. And despite the odd
investor having a sniff around its books, none has come close to
signing on the bottom line.
The government wants foreign investors to come in but has become
wary and choosy. It would prefer a large strategic investor such as
HSBC to put in an offer, but so far only seems able to attract the
private-equity funds. It's an alternative disliked not only by the
government but also by the incendiary media. Elections are around
the corner and the government doesn't want to face the charge of
selling out to the vultures yet again. The terms of the deal
negotiated by Newbridge Capital when buying Korea First Bank still
leave a bitter taste. The problem is that any foreign investor
considering Seoul Bank, be it a bank or a private-equity fund, will
demand the same kind of...
