New Employees With an Annual Salary of 1 Trillion Won - Chapter 155

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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 155. The Set Table (5)

Lone Star Korea Office.

Oh Chang-jin, Representative of Cali Fund, came to visit Representative Lee Jung-hoon early in the morning.

“What brings you here so early in the morning?”

“I’ve secured internal information from Tiger Fund.”

“Really?”

“Very detailed internal information. You’ll be quite satisfied once you see it.”

Representative Lee Jung-hoon hurriedly read through the materials.

Inside, the value of Hana Bank was written in detail, along with appropriate amounts according to various situations.

“Tiger Fund has prepared quite extensively.”

“How could Tiger Fund have prepared such information alone? It was possible because the government provided the information.”

“Is there evidence that this information came from the government?”

“I confirmed it through an insider’s testimony. And if you look at the bottom of the materials, you can see the Financial Services Commission mark faintly remaining.”

This was clear evidence that the government was helping Tiger Fund.

However, it wasn’t enough to prove that Tiger Fund had no intention of acquisition.

“With just these materials, it seems difficult to determine their acquisition intentions.”

“This isn’t the end. I also have materials showing that Tiger Fund doesn’t want to acquire the bank.”

Representative Oh Chang-jin pulled out another set of materials.

[Tiger Fund Strategic Headquarters Internal Review Report – Hana Bank Acquisition Negative Scenario]

The report contained various reasons why they shouldn’t acquire Hana Bank.

“If they acquire the bank, they see a high possibility of conflict with existing card companies.”

“They combined Hanseo Card and GL Card to create a new brand called Hanho Card. But if they acquire Hana Bank, Hana Card would also newly join, which would ruin the brand image they worked so hard to create.”

Although Hana Bank was large in scale.

It couldn’t compare to the scale of Hanho Card created by combining Hanseo Card and GL Card.

They wouldn’t want a situation where the industry’s number one card company would suffer losses due to the Hana Bank acquisition.

“They seem to think a lot about image too. They’re very concerned about creating a negative frame.”

“When foreign capital acquires a bank and sells it off in a short period, it’s called ‘eat and run.’ If an ‘eat and run’ frame is created, it would negatively affect existing businesses, so they have no choice but to be reluctant about acquisition.”

That wasn’t all.

The report contained various reasons including political risks and investment returns.

It was possible to confirm that Tiger Fund had no intention of acquiring Hana Bank.

“Looking at the report, I can see clearly. As you said, Representative, Tiger Fund seems to be planning to play a supporting role again this time.”

“It’s a plan to take a competitor position and raise Hana Bank’s price as much as possible.”

“But there’s no choice, is there? To acquire Hana Bank, we have to offer a higher price than Tiger Fund.”

Competitive bidding was structured so that the side offering the higher price would win.

So even knowing that Tiger Fund was playing a supporting role, there was nothing they could do about it.

“I also confirmed that part through an insider. Even if Tiger Fund bids at a higher price than us, the Financial Services Commission can block them using qualification screening as an excuse.”

“Very cunning bastards. They’ve definitely made an escape route.”

“If you don’t know, you have no choice but to be fooled. I was also fooled during the Hanseo Bank acquisition process, so I was able to understand this structure.”

Representative Lee Jung-hoon could now be certain too.

He understood how the Korean government and Tiger Fund had designed the game, and realized how he needed to move to monopolize that game.

“Then we can proceed with the original plan.”

“You mean the plan to make Hana Bank into a troubled bank.”

“If Tiger Fund has no plans to acquire, we need to drastically drop Hana Bank’s value to acquire it at a bargain price.”

“No matter how much the price drops, Tiger Fund won’t try to acquire it for the sake of their existing business.”

Price competition with a fund that had no intention of acquisition was meaningless.

Tiger Fund was nothing but an illusion, and illusions could simply be ignored.

“If it weren’t for you, Representative, I would have almost been fooled by the Korean government and Tiger Fund’s tricks.”

“I would have acquired Hana Bank for more than twice the price of 2 trillion won. Just like how I acquired Hanseo Bank at an expensive price.”

“I will repay this favor for a long time. From now on, whenever good investment opportunities arise, I will definitely proceed together with you, Representative.”

“First, let’s completely break Tiger Fund’s arrogance. I can’t stand watching them act so arrogantly anymore.”

The two representatives were already wearing victorious smiles.

They were mistakenly thinking they could see through the entire game.

They decided to proceed with the original plan to make Hana Bank into a troubled bank by manipulating its BIS.

***

Thanks to the Blue House stepping in, the sale of Hana Bank gained momentum.

Although the Ministry of Economy and Finance showed some moves to intentionally delay things a few times.

After spreading the reverse information, such movements completely disappeared, and the pace actually accelerated.

“Branch Manager, Hana Bank has publicly announced its BIS.”

“They’re finally playing tricks.”

“They’re setting the table nicely for us. Now we just need to eat it deliciously.”

The Chairman was drooling beside me.

I felt the same way as the Chairman.

There was no reason to refuse when they were doing illegal things for our benefit.

“Now all responsibility has been transferred to Lone Star and Hana Bank. Even if we acquire it at a bargain price, they can’t hold us responsible.”

“To make someone do such work, you’d have to give at least 30% of the profit margin, but they’re doing it for free – how grateful is that? When I get the chance later, I should at least buy them a meal.”

Manipulating indicators was risky business.

It was something you couldn’t do unless you were prepared to leave Korea, and Lone Star seemed to be planning to leave Korea after Hana Bank as their final deal.

“You’ll probably have to buy that meal in the United States, not Korea. Lone Star will be leaving Korea a few years earlier than planned.”

“What does the location matter? I could even go to Texas myself to buy them a meal.”

“As soon as Hana Bank is designated as a troubled bank, a public bidding announcement will be posted.”

“We need to start preparing for the bid in earnest.”

The most important thing in bidding was the opponent’s price.

If you could just know how much they would spend, you could win the acquisition with minimal cost.

“If we just know how much Lone Star will spend, we can easily win.”

“That’s not an easy task. They never leak their bidding amounts to others.”

“We can’t find out directly, but we can force it indirectly.”

“How so?”

“We can intentionally leak our amount. Then Lone Star will try to match it at a level slightly higher than ours.”

Lone Star still didn’t know that Danny was a double spy.

So we could use Danny to leak our information, and they would definitely think the amount received from Danny was credible information.

“Are you planning to use Danny again this time?”

“We’ve built up enough trust. If they hadn’t manipulated the BIS ratio, I would have been suspicious too, but they’re trying to make Hana Bank into a troubled bank as soon as they received Manager Danny’s information.”

“Danny will make money again. Even after this operation ends and he returns to the United States, he’ll have more than enough to buy a house.”

Lone Star would definitely move first.

They would again offer 1 million dollars as compensation and ask him to find out the bidding amount.

So Danny would earn 4 million dollars from this operation alone, which was more than enough to buy a very nice house.

“We just need to prepare precise bidding materials so Lone Star doesn’t get suspicious.”

“If we set it too low, they’ll suspect it’s fake, and if we set it too high, they’ll think it’s a bluff. It’ll be quite a tricky task.”

“In preparation for today, I commissioned international credit rating agencies to evaluate Hana Bank’s value. If we create bidding materials based on that data, anyone would have no choice but to believe it.”

All preparations had already been completed.

I had commissioned global rating agencies for two types of value assessments.

One was an assessment based on current standards, and the other was an assessment after being designated as a troubled bank.

“You’ve already prepared that much? Lone Star and Cali Fund are playing in the palm of your hand, Branch Manager. It’s fun to watch.”

“Still, we can’t let our guard down. We need to block all variables until the acquisition is completed.”

“Since the Blue House is moving, won’t the bidding date be moved up? So we just need to be careful for a few months.”

The full-scale presidential election period was about to begin.

Before that, the Blue House would want to start public bidding.

So if we just waited patiently a little longer, we could acquire Hana Bank.

***

Hana Bank was eventually designated as a troubled bank.

And exactly one month later, the public bidding proceeded.

The media created a sense of crisis that “an economic crisis could come immediately if KEB Hana Bank collapses,” and as a result, voices in the National Assembly calling for urgent sale grew louder.

As a result, the public bidding schedule was significantly moved up.

Under national attention, the bidding finally began today.

“We will now begin the public bidding for the sale of KEB Hana Bank.”

The Financial Services Commission declared the start of public bidding.

Many reporters attended to cover the bidding scene, and tremendous camera flashes burst forth.

“The bidding method involves opening sealed proposals in order and announcing the amounts. All procedures will be conducted under the observation of media and National Assembly related personnel.”

The host explained the bidding procedures.

Soon after, the calling of participants followed.

“The first participant is the Lone Star Korea Consortium.”

Reporters looked toward the right and pressed their camera shutters.

There stood Lee Jung-hoon, Representative of Lone Star Korea, and Oh Chang-jin, Representative of Carlyle Fund, with subtle smiles.

I deliberately made a surprised expression while looking at them.

To make it appear as if I had just learned that Lone Star had joined hands with Carlyle Fund.

This way they would submit their bid without changing the price.

“The second participant is Tiger Fund.”

Now it was my turn.

After barely enduring the flash barrage that made it difficult to keep my eyes open, the full-scale bidding began.

“Please submit your sealed proposals.”

Representative Lee Jung-hoon and I submitted our proposals to the host.

To prevent any possibility of changes in the middle, the proposals were immediately stored in transparent storage boxes.

With dozens of reporters filming the storage boxes, there seemed to be no possibility of the proposals being switched.

“Then we will open the first proposal.”

Riiip!

The host tore open the envelope containing Lone Star Korea’s proposal.

“Lone Star Korea, the proposed amount is 2.3 trillion won.”

The venue stirred.

Lone Star Korea had written down a larger amount than expected.

The media’s estimated acquisition price for KEB Hana Bank didn’t even reach 2 trillion won.

But Lone Star had offered a whopping 300 billion won more, so the reporters’ hands and mouths couldn’t help but move constantly.

[Is KEB Hana Bank worth buying for that money?]

[Exactly. Lone Star will definitely win this bid.]

[Unless they’re crazy, Tiger Fund wouldn’t offer a higher amount, right?]

[They seem to believe that stock prices will definitely revive after acquisition?]

[Reviving a troubled bank isn’t an easy task.]

The reporters’ voices could be heard vividly.

There was a mix of skeptical reactions and curious responses.

Only when the host took out the second envelope did the reporters’ voices quiet down.

“We will open the second proposal.”

Riiip-!

The host tore open the envelope in one go.

But the host who took out the proposal from the envelope stood there dazed for quite a while.

Only after a staff member next to him deliberately coughed loudly did the host come to his senses and announce the proposed amount.

“Tiger Fund, the proposed amount is… 2.5 trillion won.”

Click! Click! Click!

Camera flashes exploded like fireworks.

Along with that, reporters’ voices filled the venue.

[2.5 trillion won?]

[Are they really crazy? Acquiring a troubled bank for that money?]

[Isn’t there something we don’t know about?]

The murmuring didn’t subside easily.

The host raised his hands several times requesting quiet, but camera shutter sounds continued to burst endlessly.

But I couldn’t hear any sound.

I was just engraving in my mind the frozen faces of Representative Lee Jung-hoon and Representative Oh Chang-jin.

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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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