February 2001
Seoul bank races to find a foreign buyer
As Seoul Bank faces being dragged into the government's financial holding company, CEO Kang Chungwon explains how he plans to get the bank back on track.
Kang Chungwon, Seoul Bank's president and CEO, is a man on a
mission. The ex-Citi and Deutsche banker has been given until June
to get the bank back on track and sold to a foreign investor. If
not, it faces the prospect of being dragged into the government's
financial holding company. That's something Kang definitely doesn't
want. Chris Cockerill caught up with him just before he disappeared
on a roadshow attempting to entice a foreign buyer.
Has the recapitalization of your bank and the other five in fact
slowed the restructuring process?
Theoretically that is possible. But outsiders need to understand
the background and history of the system. It is unfolding and it is
changing. For example, we are transplanting international business
structures onto Seoul Bank but it will take time. We cannot expect
the problems to go away over night.
Do you think you will need a further...
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