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CH404 | GSI
🕑 Added 2025-09-06 17:52:01 +0000 UTCA black Mercedes luxury sedan was cruising along the Gangbyeonbuk-ro expressway that stretched beside the Han River, heading in the direction of Gwangnaru.
Since it was a weekday, the road wasn’t too congested. Seok-won leaned back comfortably in the plush rear seat, gazing out the window as he listened to the news on the radio.
“In our next story, Standard & Poor’s, the American credit rating agency, announced two days ago that it is following Moody’s lead by downgrading South Korea’s long-term credit rating from A- to BBB-, a three-notch drop.
S&P stated that despite the IMF bailout agreement, South Korea’s exchange rate remains unstable, and more importantly, its foreign reserves have fallen below two months' worth of import capacity—indicators of an extremely uncertain financial outlook.
With both major rating agencies issuing sharp downgrades twice within the same year, South Korea’s sovereign credit rating is now just one level above junk bond status, where the risk of default is considered high.
As a result, the exchange rate surged again today, breaking past 1,617 won to the dollar, and the stock market continues its downward trend.
In response, the government expressed regret over the credit downgrade…”
Just as Landon had reported last night, following Moody’s downgrade, S&P had also slashed Korea’s sovereign rating.
In just a few months, Moody’s had lowered Korea by seven notches, while S&P had downgraded it by ten—a blatant signal encouraging investors to abandon Korea.
“This mess is partly the result of an election-obsessed political scene and an incompetent government… but given the underlying strength of Korea’s economy, this feels like a severe overreaction.”
It was no wonder people were beginning to suspect that Wall Street had influenced Moody’s and S&P’s indiscriminate downgrades in the aftermath of the IMF crisis.
“That kind of rumor might not be so baseless.”
After all, the hedge funds on Wall Street had been the biggest beneficiaries of the ratings collapse.
It was clear there had been backroom coordination.
As the won plummeted, hedge funds were swarming in like starving hyenas.
At this rate, not only would Korea be stripped of the hard-earned IMF bailout dollars, but it could also be pushed to the brink of national default.
If that happens, to avoid declaring a moratorium, Korea will have to give up even more than before—begging the IMF for dollars once again.
Seeing how the country had worsened its own situation—not just losing its fleece but having its very hide flayed—Seok-won exhaled a quiet sigh.
The world was practically drooling at the chance to devour Korea, yet even in the face of a crisis like the IMF bailout, the nation still hadn’t come to its senses. It was pathetic.
Resting his chin on one hand, Seok-won’s eyes glinted with a sharp resolve.
There’s no way I’ll just sit back and let these hedge fund bastards loot our reserves and walk away laughing with their bellies full.
Meanwhile, the Mercedes carrying Seok-won turned into the Walkerhill Hotel, perched atop a hill overlooking the Han River.
As the car came to a stop and Seok-won stepped out of the back seat, Go Youngil, President of Daehung Securities, approached him with two employees in tow, bowing politely.
“Welcome, sir.”
Seok-won returned the greeting with a slight nod and was the first to speak.
“Have the guests arrived?”
“Yes, they all got here a little while ago,” Go Youngil replied, his face slightly flushed with excitement.
“Then let’s head up right away.”
“Understood. Please follow me.”
With that, Go Youngil took the lead, guiding the way.
Crossing the elegantly decorated lobby—with its massive chandelier hanging from the ceiling and the floor lined with expensive natural marble—the group boarded the elevator and got off on the third floor.
Following Go Youngil into a VIP room inside a Japanese restaurant, Seok-won found several men already seated, waiting. They stood upon seeing him enter.
The man in his late fifties with a comfortably plump build was Choi Sang-bong, president of Hansung Bank.
Next to him stood a slim man—Ryu Young-hyeon, president of Ilhan Bank. Both had come at Seok-won’s request for a meeting.
“This is President Park Seok-won, the owner of our brokerage firm,” Go Youngil introduced him to the two bank presidents.
“Sorry to have kept you waiting. I'm Park Seok-won,” Seok-won said casually as he extended a hand.
Choi Sang-bong looked at him with a mix of surprise and wariness before shaking his hand.
“I’m Choi Sang-bong, president of Hansung Bank.”
Ryu Young-hyeon also shook Seok-won’s hand and introduced himself.
“I’m Ryu Young-hyeon, president of Ilhan Bank.”
After exchanging business cards, Seok-won smiled and said,
“Shall we sit down and continue our conversation?”
“Of course.”
The four men sat facing each other across a dark lacquered table.
Moments later, waitresses in clean uniforms came in, setting down tea and refreshments before quietly leaving the room. Then, Choi Sang-bong looked across the table and addressed Seok-won.
“I had many questions about the Eldorado Fund that recently acquired government shares. I was quite surprised to learn that its owner is the second son of Chairman Park.”
Seated beside him, Ryu Young-hyeon nodded as well, as if he too was caught off guard.
In truth, they weren’t the only ones surprised.
Though he sat calmly now, Go Youngil—the president of Daehung Securities—had nearly fainted from shock when he realized that the owner of the Eldorado Fund, which had simultaneously acquired stakes in both Hansung and Ilhan, two of the five major commercial banks, was none other than Seok-won.
“I knew he was conducting separate investment activities in the U.S., but to think that was the Eldorado Fund…”
Anyone in the financial industry would know the name of Eldorado Fund, a firm regarded as a major player even on Wall Street.
Having heard of the fund’s extraordinary performance multiple times, Go Youngil was all the more stunned by the revelation.
“To think I had a giant right next to me and didn’t even realize it.”
He glanced sideways at Seok-won, now seeing him in a new light.
“I just want to clarify in case there are any misunderstandings—the Daehung Group has no affiliation whatsoever with the Eldorado Fund.”
At that moment, Seok-won spoke in a calm but firm tone.
There was a noticeable pause from the two bank presidents, who had naturally assumed that Daehung Group was backing the fund.
“I see. Then I apologize for the misunderstanding,” Choi Sang-bong said with a hearty laugh.
Seok-won responded with a light smile.
“Not at all. It's a reasonable assumption.”
Choi’s response, cool and composed, reflected the experience of someone who had weathered countless storms to reach the top of the banking world.
And Seok-won, in turn, handled the moment with equal poise, casually defusing the tension and smoothly reclaiming the initiative in the conversation.
Picking up the teacup in front of him, Seok-won took a sip of warm green tea, set it down, and moved on to the main topic.
“I believe you’re both aware that the Financial Supervisory Service approved Eldorado Fund’s acquisition of shares in Ilhan and Hansung Bank just yesterday.”
“…Yes.”
“Of course.”
The smiles had vanished from the two bank presidents’ faces, replaced by a rising tension.
After concluding its negotiations with the IMF, the government had, as promised, begun announcing follow-up measures and legislation. One of the most critical among them was the new allowance for foreign financial institutions to acquire and merge with domestic banks.
Technically, even under the existing laws, foreigners could acquire more than 4% of a domestic bank’s shares, provided they obtained approval from the regulatory authorities.
“But the government had effectively blocked foreign ownership by simply never granting that approval.”
That invisible barrier had now been lifted completely.
“As per the government’s announcement, we plan to proceed with the merger of Ilhan and Hansung Bank, along with the three securities finance companies we acquired alongside them.”
At Seok-won’s words, the two bank presidents’ expressions grew darker.
They had taken pride in the names on their bank signs, but now it seemed they would be forced to lower those signs, unable to withstand the powerful tide of the IMF crisis. It was only natural for them to feel conflicted.
On top of that, if the merger went through, there was a strong likelihood they wouldn’t be able to keep their current positions—anxiety and unease were inevitable.
Seok-won was fully aware of what they were feeling, but he deliberately feigned ignorance and continued speaking in a calm voice.
“I’m well aware of both your integrity and your outstanding management skills, but unfortunately, it will be difficult for either of you to continue working with the new bank that will be formed.”
The moment he finished speaking, the faces of the two bank presidents stiffened.
They had suspected it might come to this, but being dismissed to their faces still stung.
Still, given that the banks were in no shape to survive independently, and the government was aggressively pushing the merger, they had little choice but to accept the inevitable—even if they didn’t like it.
Yet the discomfort and displeasure on their faces was clear, and Seok-won, noticing this, continued.
“There’s a saying—new wine belongs in new wineskins. I hope the two of you can serve as the foundation that helps this newly launched bank establish itself successfully.”
“Hmm.”
“Hmph.”
Their lukewarm reactions were expected. And as if anticipating them, Seok-won gently introduced the offer he had prepared in advance.
“Of course, I’m not asking for your support without offering anything in return.”
“…?”
“In recognition of your years of dedication, I plan to provide you both with appropriate compensation.”
“…Did you just say compensation?”
At Ryu Young-hyeon’s question, his brows furrowed slightly. Seok-won responded with a bright smile and a nod.
“Yes, exactly. A golden parachute.”
“…!”
The two bank presidents’ eyes widened in clear interest.
Noticing the sudden shift in atmosphere, Seok-won kept smiling and continued.
“Simply put, think of it as a special bonus in return for your full cooperation in completing the merger smoothly and without any unnecessary noise.”
At that, Choi Sang-bong, who had been sitting with his arms crossed in a detached manner, subtly unfolded his arms and asked,
“What exactly do you mean by a bonus?”
Next to him, Ryu Young-hyeon looked at Seok-won, clearly intrigued.
“In addition to your severance pay, you’ll be compensated with your full remaining term’s salary. And of course, this isn’t just for the two of you—every executive stepping down due to the merger will receive the same package.”
“That’s all?”
Ryu Young-hyeon asked with a tinge of disappointment in his voice. Seok-won responded with a sly grin, raising the corner of his mouth.
“Of course not. Once the merger is fully finalized, the two of you will each receive a 3 billion won bonus.”
“…!”
“Whew…”
The two bank presidents gasped in disbelief, mouths falling open.
Back then, a single luxury apartment in Seoul’s Gangnam district—considered a symbol of wealth—was worth less than 300 million won. That meant Seok-won was offering them enough to buy ten of them each. Their reaction was only natural.
Ryu Young-hyeon instinctively gulped and asked again, as if to confirm what he’d just heard.
“You truly mean that?”
“Yes,” Seok-won replied without the slightest hesitation, and then added,
“If you'd like, I can even write up a formal payment guarantee.”
It was a straightforward offer: cooperate with the merger, and walk away with a very generous retirement package.
At that, the subtle resistance the two bank presidents had been harboring began to melt away.
The two men exchanged brief glances, their expressions still conflicted. Then, as the elder, Choi Sang-bong cleared his throat and spoke first.
“Ahem. It's painful to have to bring down the signboard our predecessors built with such dedication, but under these circumstances, we don’t have much choice. The name may change, but the legacy of Hansung Bank will live on through the new institution. I’ll do everything I can to ensure the merger proceeds smoothly.”
Ryu Young-hyeon quickly nodded in agreement and added,
“I’ll also lend my strength, however modest, to help the new bank launch without any trouble.”
Hearing the answer he had hoped for, Seok-won beamed.
“I feel much more at ease knowing I have your support.”
