New Employees With an Annual Salary of 1 Trillion Won - Chapter 153

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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 153. A Set Table (3)

It started with a spectacular declaration of war.

Through various media outlets, Tiger Fund announced its interest in acquiring Hana Bank.

And shortly after, the Financial Services Commission unilaterally announced that Tiger Fund had met the acquisition requirements.

“Branch Manager! The Financial Services Commission has finally made their move.”

“They’re moving faster than expected. Have you assessed the Ministry of Economy and Finance’s reaction?”

“The Vice Minister of Economy and Finance personally visited the Financial Services Commission to protest. He reportedly raised his voice asking why they were throwing ashes on the sale structure we had designed.”

The Vice Minister was the one coordinating the Ministry of Economy and Finance’s practical affairs.

It was understood that all key working-level officials were moving through the Vice Minister’s line.

“If the Vice Minister is moving, they must be strongly opposing this.”

“But the Financial Services Commission isn’t showing any particular reaction. They just keep repeating that they only proceeded with everything according to procedure.”

In the end, the Financial Services Commission held the justification.

The Financial Services Commission also held the approval authority, and Tiger Fund met all procedural requirements, so there was no problematic aspect.

“Since they’ve already made the approval announcement, the Ministry of Economy and Finance has no choice.”

“Aren’t you thinking too easily? You don’t know how persistent bureaucrats can be.”

The Chairman approached and spoke.

He even frowned deeply, as if he had been burned by bureaucrats several times before.

“Can’t the Ministry of Economy and Finance already withdraw the Financial Services Commission’s decision?”

“They can’t withdraw the Financial Services Commission’s decision, but they can interfere to prevent Tiger Fund from bidding.”

“Are you saying the Ministry of Economy and Finance might directly attack us?”

“How would Korea be different from America? When it comes to matters affecting their rice bowls, bureaucrats bite more viciously than hyenas.”

We were already tracking the Ministry of Economy and Finance’s movements.

Tiger Fund had already planted our people in various government departments, and there were several people in the Ministry of Economy and Finance who had connections with us.

“Deputy Branch Manager, please monitor the Ministry of Economy and Finance’s movements in real time.”

“I’m already in continuous contact with Ministry of Economy and Finance lines. More economic reporters than usual have gathered, and Hana Bank sale working-level staff are talking with senior reporters in the conference room.”

“It seems they’re planning to wage media warfare too.”

Economic reporters had no choice but to maintain friendly relationships with bureaucrats.

Because they could obtain various news stories through the bureaucrats’ mouths.

“What do you plan to do? If the Ministry of Economy and Finance seriously wages media warfare, it’ll be difficult for us to avoid damage too.”

“Isn’t bureaucratic society ultimately a vertical hierarchical structure? I plan to persuade the organization above the Ministry of Economy and Finance.”

“By higher organization, you mean the Blue House?”

When I said I would persuade the Blue House, the Chairman regained his smile.

“It would be best if we could persuade the Blue House to be on our side, but if that’s difficult, I’ll try to make them maintain neutrality at minimum.”

“If the Ministry of Economy and Finance acts with the Blue House backing them, there’s no way to stop it. Even if the Blue House just plays a referee role, it would be advantageous for us in many ways.”

“First, I’ll meet with the Blue House Chief Secretary to have a conversation. Chairman, please proceed with acquisition preparations.”

“That’s my specialty. Go bow and scrape diligently. But there’s one thing I’m curious about – can you tell me?”

The Chairman stopped me as I was about to get up.

Seeing his eyes full of curiosity, I couldn’t bring myself to refuse and sat back down.

“What is it?”

“Why do you insist so much on acquiring Hana Bank? Don’t give me excuses. There must be many easier and more interesting investment opportunities besides Hana Bank.”

I was silent for a moment.

Then I finally opened up about my true feelings.

“I just want to make them pay the price for ruining my design. There are many better investment opportunities than Hana Bank, but if we back down like this, how will Lone Star and the financial authorities view us?”

“So you’re saying we’ve come this far because your plan went awry. Haha, Mike General Manager taught you well. There can be failures in investment, but not being able to invest at all is a matter of wounded pride. Hahaha.”

I broke out in hives several times a day.

I had made various designs for acquiring Hana Bank, but the first step of acquiring non-performing loans was blocked.

The hives hadn’t subsided since then.

To end this suffering.

I had to acquire Hana Bank by any means necessary.

***

Separate building of the Korean fine dining restaurant.

Since I had reserved the entire separate building to meet the Blue House Chief Secretary, we could have a conversation in a very quiet atmosphere.

“Branch Manager, it’s been a while. There aren’t many days left to see your face. It’s regrettable.”

“Just because the administration changes doesn’t mean the Chief Secretary will retire too, does it? I just hope we can continue to meet in the future.”

Was it because it was the end of the administration?

The Chief Secretary’s tiger-like momentum had diminished considerably.

But his sharp gaze was still alive, and he could pounce at any moment.

“But things seem a bit noisy lately.”

“Are you referring to the Hana Bank acquisition?”

“Hmm, the media is tearing into Tiger Fund.”

The Chief Secretary spread newspapers that had been stacked in the separate building one by one on the dining table, revealing his discomfort with a stern expression.

[Endless Financial Crisis, Hana Bank’s Survival Crisis]

[Hana Bank Sale Delayed, Who Are the Behind-the-Scenes Forces?]

[Race Against Time, Hana Bank Sale Speed Battle is Key]

All newspapers made the Hana Bank acquisition their headlines.

Each article continued with content about how the sale was being delayed as Tiger Fund gained acquisition qualifications.

This offensive would have been impossible without Lone Star and the Ministry of Economy and Finance collaborating to manipulate the media.

“We have absolutely no intention of delaying the Hana Bank acquisition.”

“Still, everyone’s very worried. There’s even talk that Tiger Fund is throwing ashes on a set table. Do you know how much the Minister of Economy and Finance complained when he came all the way to the Blue House?”

The Minister of Economy and Finance was in a position where he could have a private audience with the President at any time.

No matter how good a relationship Tiger Fund maintained with the Blue House, blood is thicker than water.

Even the Chief Secretary was speaking with a nuance that blamed Tiger Fund.

“Rather, because Tiger Fund participated in the acquisition battle, not only can transparency be secured but the acquisition speed can also be faster.”

“Since it will proceed through bidding rather than private contract, transparency will be more secured than now, but I find it hard to agree that the speed will be faster.”

“If we move up the public bidding schedule, we can complete the acquisition much faster than a private contract.”

The Chief Secretary still didn’t relax his frowning face.

Public competitive bidding could only be held after going through many processes starting with qualification screening.

“With public bidding, procedures increase – how can you say time will be shortened?”

“Tiger Fund already passed eligibility screening when acquiring Hanseo Card and GL Card. There’s no need to waste time on additional verification.”

“That may be true, but don’t other places need time to prepare?”

In reality, Lone Star had never undergone eligibility screening.

This was their first time acquiring a large financial company, so it would definitely take time in the screening process.

I tackled the Chief Secretary’s concerns head-on.

“Even with a private contract, eligibility screening cannot be avoided. Rather, other procedures are faster with public bidding.”

“That’s not as easy as it sounds.”

“Private contracts require dozens of repeated negotiations if prices don’t match. But competitive bidding can be settled in just one round.”

Another term for private contract was exclusive negotiation contract.

In the end, contracts could only be concluded when both parties were satisfied.

But with public bidding, simply whoever writes in a higher price can acquire it, so time could be greatly shortened.

“If public bidding opens, time could indeed be greatly shortened.”

“We can complete the Hana Bank acquisition within this administration. Wouldn’t that also be good for the next administration?”

“Hmm, if that could happen, it would be nothing short of excellent. But is it really possible?”

“It’s fully possible. If the Blue House plays a referee role, who would dare try to delay time?”

The Blue House didn’t need to take Tiger Fund’s side.

Rather, intervention could turn into a political problem after the change of administration.

But if the Blue House maintained neutrality and played a referee role, the acquisition could be completed swiftly and safely without fairness issues.

“You’re saying don’t take anyone’s side. Just ensure the acquisition battle proceeds fairly and quickly?”

“That’s right. That way both this administration and the next can be free from responsibility for the Hana Bank acquisition, can’t they? And Tiger Fund is ready for fair competition.”

The Chief Secretary pondered seriously.

Since this could mean overturning an already completed arrangement, he held his words for quite a while.

“Tiger Fund knows how much effort we’ve put in for this administration. Every time there were difficulties, we moved in the direction the government wanted.”

“I don’t think we’ve ever produced disappointing results. I’m confident we can deliver results that meet expectations this time as well.”

“Still, to move the Blue House, we need a more solid justification.”

The Chief Secretary wanted something concrete.

I had already prepared the justification he wanted.

“We’ll complete the KEB Hana Bank acquisition within this year. If we fail to do so, Tiger Fund will acquire all of KEB Hana Bank’s non-performing loans.”

“Do you know how large the non-performing loan portfolio is when you say that?”

“I understand it’s up to 8 trillion won.”

“You mean you’ll acquire the non-performing loans at full face value without even a 1% discount?”

It was an absurd proposal.

Non-performing loans typically trade at 20-40% of book value.

But saying we’d buy them at face value was no different from saying we’d pay more than three times the fair price to take on garbage.

Nevertheless, I didn’t back down.

I was that confident in acquiring KEB Hana Bank.

However, I had to add one essential condition.

“We’ll acquire them at face value. But we need the condition that the acquisition process won’t be intentionally delayed.”

“You seem to think someone will delay the bidding timeline.”

“If today’s conversation leaks out, there will definitely be forces that move with such intentions.”

“Are you suspecting me right now?”

The Chief Secretary raised his voice for the first time.

But I continued speaking without batting an eye.

“Of course I don’t suspect you, Chief Secretary. But there’s a high possibility that information could leak from the Ministry of Economy and Finance or other financial authorities handling the actual work.”

“Hmm, it would be difficult to rule out that possibility.”

“So if the Blue House could just coordinate to make public bidding possible within this year, I’ll definitely complete the KEB Hana Bank acquisition during this administration.”

It was sufficient justification for the Blue House to act.

It was the only opportunity to get rid of the massive burden called KEB Hana Bank within this year.

“Good. I’ll personally report today’s matter to the President in detail. And I’ll do my best to make public bidding possible without fail.”

“Thank you. I’ll produce the best results so your efforts won’t be in vain, Chief Secretary.”

“Branch Manager Lee is refreshingly straightforward. Let’s meet again soon.”

The Chief Secretary stood up, declining even to have a meal.

I could feel his determination to achieve a successful conclusion within this year.

Watching his retreating figure heading to the Blue House, I smiled.

The situation was beginning to flow exactly as I had designed.

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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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