New Employees With an Annual Salary of 1 Trillion Won - Chapter 152

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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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Chapter 152. A Set Table (2)

To jump into the game, the first step was to express one’s intention to participate.

The keys to acquiring Hana Bank were held by the Financial Services Commission and the Ministry of Economy and Finance.

Among them, I decided to visit the Financial Services Commission Chairman, with whom I had a close relationship, to formally convey my intentions.

“Chairman, have you been well? I apologize for not visiting you more often.”

“What are you saying? Thanks to Branch Manager, I’m spending my final years in comfort. You can’t imagine how relieved I feel that the card crisis was resolved before the World Cup.”

“I was worried I might have burdened you unnecessarily, but I’m grateful you say that.”

We conversed much more comfortably.

Having helped each other multiple times, we had grown close enough that formalities were no longer necessary.

“But Branch Manager isn’t the type to just ask to meet casually. Has something else happened by any chance?”

“Do you remember what you once told me? You said to contact you anytime if I was interested in bank acquisitions.”

“I said that during the Hanseo Bank acquisition battle. Have you become interested in bank acquisitions? If Tiger Fund wants it, I should definitely support you. So which bank acquisition are you interested in?”

The Chairman’s face lit up with a smile.

He seemed relieved that it wasn’t a financial incident like the card crisis.

“I heard rumors that Hana Bank is going through a sale process. Is that true?”

“Hana Bank’s condition has worsened further due to the card crisis. We’ve injected public funds to keep it breathing for now, but we can’t keep feeding it with taxpayer money forever.”

“I also heard that Lone Star is interested in acquiring Hana Bank. Rather than a sole bidding like with Hanseo Bank, wouldn’t competitive bidding allow us to sell at a higher price?”

We had used a similar strategy during the Hanseo Bank acquisition battle.

Of course, back then the goal wasn’t bank acquisition but ensuring Cali Fund acquired Hanseo Bank at the highest possible price.

“Naturally that would be ideal. But I’m worried that trying to raise the price might scare off the bidders.”

“You don’t need to worry about that. Tiger Fund absolutely plans to acquire Hana Bank.”

“Hmm, is there a particular reason you want to acquire Hana Bank?”

This was the crucial part.

To make the Financial Services Commission an ally, I needed a plausible justification.

But I didn’t need to search for justification. Lone Star had already created sufficient grounds.

“Lone Star is nothing but a speculator. As soon as they acquire Hana Bank, they’ll start preparing to sell it. They’ll definitely try to make trillions of won in profit without any effort after acquiring Hana Bank for about 2 trillion won.”

“Don’t all Foreign Funds think the same way? Still, it’s the only way for Hana Bank to avoid bankruptcy.”

“Tiger Fund is different. If you look at Tiger Fund’s track record so far, we haven’t sold the companies we’ve acquired. Instead, we’re reviving troubled companies through bold investments.”

This was the difference between Foreign Funds and Tiger Fund.

More precisely, Tiger Fund Korea Branch was different from other Foreign Funds because I was running it.

“True, all the companies Tiger Fund has acquired are coming back to life. Daehyeon Construction, Daehyeon Semiconductor, and both Hanseo Card and GL Card have regained financial soundness.”

“We’re increasing corporate value through bold investments, not restructuring or asset sales. We’re focused on reviving companies healthily, not just selling them.”

Because these weren’t companies acquired for the purpose of selling.

Of course, I had acquired Daehyeon Construction with future sale in mind, but that would take at least several years.

So Tiger Fund’s track record so far perfectly aligned with the Korean government’s desired direction.

“Certainly, if Tiger Fund acquires Hana Bank, we’d feel more at ease. But it’s burdensome to break deals that are already concluded.”

“Are you saying the talks are already finished?”

“Ahem, it’s embarrassing to say this myself, but the Hana Bank acquisition is being handled by the Ministry of Economy and Finance, and our Financial Services Commission is just passively giving approval.”

This meant Lone Star and the Ministry of Economy and Finance had already concluded their deal.

Though the Ministry of Economy and Finance and Financial Services Commission were legally separate organizations, in practice the Ministry of Economy and Finance was closer to being superior.

While the Financial Services Commission Chairman received minister-level treatment, the Minister of Economy and Finance also served as Deputy Prime Minister for Economic Affairs, so there was no comparison in terms of influence.

“I’m not asking you to break up the game. I just want Tiger Fund to get a chance to join the game.”

“I don’t know how the Ministry of Economy and Finance will react. They might have to overturn all their planned schemes. And Blue House wants to wrap this up as quickly as possible. Of course, the actual sale will proceed under the next administration, but they want to finish all the complicated processes and hand over the position to their successor.”

Quietly and swiftly.

That’s what Blue House and the key ministries wanted.

So they wouldn’t want to change an already completed design.

“If it proceeds as sole bidding, it might actually become noisier. And it will burden the next administration.”

“Why do you think so?”

“I met with Commerzbank and proposed acquiring Hana Bank’s bad debts. But Hana Bank rejected this. I can only think they’re intentionally trying to become a troubled bank.”

I had ultimately touched a nerve.

The core and most sensitive part of this Hana Bank acquisition was the designation as a troubled bank.

I clearly informed the Chairman that I was jumping into this acquisition battle already knowing all these facts.

“You know more deeply than I thought.”

“I’ve already quietly commissioned several overseas institutions to verify Hana Bank’s BIS ratio.”

“That sounds like a threat.”

“Please think of it as preliminary research for the acquisition. And if Tiger Fund acquires Hana Bank, there won’t be any noise. We plan to hold it for at least 20 years, so there won’t be any problems.”

If we didn’t sell in the short term, there would be no reason for noise.

People only pay attention when you buy cheap and sell expensive.

But since Tiger Fund planned to hold it long-term for over 20 years, there would be no reason for gossip.

“Hmm, I’d like Tiger Fund to acquire Hana Bank too, but I don’t know how the Ministry of Economy and Finance will react.”

“If Lone Star acquires it, noise will inevitably erupt. But if Tiger Fund acquires it, we can immediately merge Hanseo Card and GL Card with Hana Bank to create a completely new bank.”

Laundering was possible through merger.

If you add the detergent of Hanseo Card and GL Card and spin it, even the stain of BIS manipulation becomes difficult to trace.

“Certainly if that happens, the noise would disappear. But it’s not easy. Even if the Financial Services Commission can approve participation in the acquisition battle, since the Ministry of Economy and Finance structured the sale, it will be difficult to actually proceed.”

“I already met directly with Commerzbank, the largest shareholder, and discussed this. Whether it’s Lone Star or Tiger Fund, they promised to sell 30% of their shares to whichever side gets acquisition approval.”

There was a reason I met with Commerzbank first.

If the major shareholder opposed, the acquisition process would inevitably become complicated.

But having secured the major shareholder’s promise, once I joined the game, I could proceed with the acquisition process without a hitch.

“Hmm, this will create friction between the Ministry of Economy and Finance and Financial Services Commission.”

“This may be impolite to say, but you don’t have much time left in your term. Shouldn’t you think about the future?”

“What do you mean?”

“If Lone Star acquires Hana Bank, you’ll be covered in infamy within a few years. For your career’s sake too, Tiger Fund must make the acquisition.”

“….”

It was tantamount to a threat.

The Chairman just frowned and stared at me without saying anything, and to appease him, I also offered the carrot I had prepared in advance.

“And Tiger Fund will take responsibility for your post-retirement career. I’d like to propose an advisory position at the newly launched bank. Additionally, I’ll help you become an advisor to international financial institutions through Tiger Fund Headquarters.”

“Which international financial institution are you referring to?”

“IMF. Tiger Fund has deep connections with White House. Recommending you as an IMF advisor wouldn’t be difficult.”

It wasn’t a false promise.

Tiger Fund really had deep relationships with White House.

Since IMF was a place where White House’s influence was significant, securing a position there was entirely possible.

“Hmm, that’s not a bad proposal.”

“For South Korea’s economy too, I think someone like you should work on a bigger stage. An IMF advisory position will give wings to your career.”

“It sounds like you’re telling me to enter politics.”

“I don’t know when that decision might come. However, when that moment arrives, Tiger Fund won’t spare any necessary support.”

Bureaucratic network.

You could commonly see such bureaucratic networks not only in Korea but also in United States.

There were many cases where people in high positions moved to Wall Street investment banks or hedge fund executive roles, then returned to high positions when administrations changed again.

Korea was no different.

The Chairman was also part of the bureaucratic network.

That’s why he couldn’t easily decide to confront the Ministry of Economy and Finance head-on.

So I needed strong justification.

Not abstract slogans like simple patriotism or Korean economic development, but tangible practical benefits.

An IMF advisory position and political support promises were sufficient conditions to make the Chairman a new central figure in the bureaucratic network.

“Hmm, very well. What wouldn’t I do for Korea’s economic development? I’ll approve Tiger Fund’s participation in this acquisition battle.”

“Thank you for making this difficult decision. I’ll create the best results so you won’t regret this decision.”

The wrapping paper of Korean economic development.

But the sweet proposals inside that wrapping paper must have moved the Chairman’s heart.

***

I returned to the Fund Office.

Though I was completely drained from dealing with the Chairman.

Chairman Robertson didn’t give me any time to rest.

“What did the Chairman say? Did you manage to get approval?”

“I secured approval in exchange for promising him an IMF advisory position.”

“It’s been a while since I’ve had to make a request to the White House. Still, for someone of the Financial Services Commission Chairman’s caliber, it’s not too burdensome a favor to ask of the White House.”

The IMF viewed Korea favorably.

It was an exemplary nation that had overcome the IMF crisis through its own efforts.

It wouldn’t be strange for someone who had been the Financial Services Commission Chairman of such a country to become an advisor.

Of course, without recommendations from the White House and Tiger Fund, it would be impossible.

“I’ve maintained the game board while completely changing the power structure.”

“We’ve joined hands with the Financial Services Commission, while Lone Star has joined hands with the Ministry of Economy and Finance to fight us.”

“Since Commerzbank has declared neutrality, we’re now facing off against Lone Star on equal terms.”

“If it’s on equal terms, then ultimately the side with more money will win. This should be a very interesting acquisition battle.”

All preparations for war were complete.

Now we would engage in full-scale warfare with Lone Star.

I had already prepared dozens of bombers loaded with cash, and I was eager to see how Lone Star would respond to that bombardment.

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This chapter was translated by Lunox Team. To support us and help keep this series going, visit our website: LunoxScans.com
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