God of Corporate Hunting - Chapter 219



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◈ Episode 219 Occupying Forces (1)

The steps taken by Credit Suisse to normalize its operations were more varied than previously reported.

The gist was that the Swiss government would guarantee 10 billion Swiss francs and provide liquidity worth up to 120 billion Swiss francs.

It also said it would sign a currency swap agreement between the U.S. and Swiss authorities to prevent the Swiss crisis from spreading to the EU and across the Atlantic to the U.S.

In addition, there is the bank subordinated bond (AT1) called CoCo bond.

It also included a provision to write off the entire amount. As a result, several financial companies that had invested in Credit Suisse had to bear losses, and Korea’s National Pension Service also suffered losses of hundreds of billions of won.

UBS, which is transferring stocks here, also promised active liquidity support.

In addition, since the total amount of liquidity support funds that Nam Woon-myung and Yoon Se-bin received from Saudi Arabia and the UAE this time amounted to 20 billion dollars, it could be said that Credit Suisse has put out the fire for the time being.

After finishing the explanation, the new person asked.

“So, how will the Korea Asset Management Consortium manage in the future?”

As soon as the contract was signed, a difficult problem arose.

Since I had prepared in advance, I just had to execute it as planned. Yoon Se-bin answered without hesitation.

“First, we will investigate potential bad debts hidden within the bank.”

Since we trusted the figures presented by UBS without having time to conduct a due diligence, a systematic investigation into the default is a natural demand.

“Let’s do that. Credit Suisse is also waiting for the due diligence. We will hand over all the information we have recently investigated. But what about the restructuring of the workforce?”

The restructuring of the workforce was a major concern for Swiss authorities, as the government would be criticized if mass layoffs continued.

“We will continue as is for the time being. There will be no major changes to the board of directors.”

“Is that possible?”

The newcomer, who thought he was being too romantic, immediately put on the brakes.

“Of course. We did that at Silicon Valley Capital, too. Only one person was kicked out there.”

“It’s small there…….”

“The basic principles work the same whether the scale is big or small. The results are the same at Credit Suisse. That’s also the secret to how Korea Asset Management handles the situation.”

It is difficult for UBS to find fault with Yoon Se-bin, who has become the major shareholder, who insists that this is the case.

In fact, there is no choice for Korea Asset Management or Mega Asset Management, which lack professional manpower. They must maintain the existing manpower while inducing gradual changes.

Still, the newcomer’s expression did not brighten as if he was worried.

“So… we need a position that can lead all of that work. I’d like to be the co-CEO.”

This is Yoon Se-bin’s desperate move to seize full power.

“Go ahead and do that. I will notify the Credit Suisse board.”

To everyone’s surprise, the newcomer readily agreed.

There is no way to find fault with Yoon Se-bin, who is taking responsibility and saying he will overcome the difficulties.

The meeting ended after discussing the detailed requirements that followed.

The Korea Asset Management consortium got what it needed right away.

“Mr. Destiny, we need someone to take charge of this. Call President Kim Seon-jin of Korea and…….”

Since it is a major bank takeover, even if dozens of people get involved, there is not enough manpower.

Nam Woon-myung also agreed with Yun Se-bin’s opinion.

“Please also call Director Sun Yoon-ah. She is an expert in both stocks and bonds. Also, Director Lee Myeong-su from Mega and Nora Lewis from the New York branch… Oh! Dan Kirk would be helpful too.”

Dan Kirk, who was kicked out of BigRich Capital, is working at Mega Asset Management’s New York branch. He has a wealth of experience and a good reputation, so he will do well here.

Nam Woon-myung and Yun Se-bin selected the necessary personnel and contacted them urgently. They will all arrive tomorrow at the earliest, or the day after tomorrow at the latest.

* * *

Occupying forces filled the Credit Suisse conference room.

A large number of employees who had been rushed in from Korea and New York were mobilized and began work.

Some were reviewing piles of documents on tables, others were doing the same in the computer room. It was only now that it felt like we had acquired Credit Suisse.

When the staff joined, Nam Yun-myeong became more and more desolate.

Now he has to assess whether the investment is worthwhile.

Nam Woon-myung started his tough day by greeting his colleagues scattered around.

Yoon Se-bin couldn’t show her face because she was meeting with Credit Suisse executives. Her job is to make urgent decisions and emphasize long-term vision. In addition, she has the important task of comforting employees who are shaken by the recent bankruptcy.

When you see Lee Myeong-su, who immediately finds a mistake in the ledger as soon as he arrives, and Shin Cheol-ho, who keeps talking about beauties here, it’s confusing whether you’re in Korea or Switzerland.

Nora and Seon Yoon-ah also showed their skills. Seon Yoon-ah coached Nora, who was a beginner in this field, and this created a synergy effect.

“Hello. I’m Dan Kirk. It’s been a pleasure to meet you.”

Kirk extended his hand to him.

Kirk was on his way to meet with a key executive at Credit Suisse. Nam Woon-myung didn’t care because he was someone who would do his part if left alone. However…

“I’ve heard a lot from Nora.”

“What is it? It was a stroke of luck for me to join Mega Asset Management.”

Kirk, who was able to quickly find a new job after his dishonorable discharge, was fortunate. Mega Asset Management was an unknown company, but it gained fame after acquiring Credit Suisse, and Kirk himself was given a key role in the acquisition, so it was a double stroke of luck.

Life is something you never know, because it was all thanks to meeting Nora at the Soap Press Conference.

“Are you keeping the promises I made to you over the phone?”

“Of course. I will try to avoid any scandal.”

Nam Woon-myung had heard of Dan Kirk’s flirtatious nature, so he added it to his employment conditions. It was a rule that only applied to Dan Kirk himself. No dating in the office.

This is to prevent any scandal that may occur in the New York branch in advance. Of course, it is not a perfect solution, but it may have some preventive effect.

“Do you have a moment?”

Kirk asked him for a private interview.

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Nam Woon-myeong guided us to a nearby lounge. Since coffee was available, I had some with me.

Kirk continued talking while downing his coffee.

“It’s not appropriate to talk about our private matters, but…… Actually, Nora and I had complicated feelings before I joined the company.”

It was difficult to immediately understand what he was saying.

“Ah, complicated feelings… I mean, rather than love, it’s a special feeling between a man and a woman.”

“So?”

“I see you’re worried about Branch Manager Nora… Objectively speaking, Nora is not as naive as you might be worried about.”

Of course I know. Nora is not weak enough to cry and complain after being tricked by Kirk. Nor is she a woman who would easily fall for someone who says they love her. If she were that kind of person, I wouldn’t have chosen her as the branch manager.

“I know.”

“So, you don’t have to worry about it.”

“Then that’s fortunate.”

“I will make sure that no scandals arise within Mega Asset Management during my tenure.”

If they can do that, then hiring Dan Kirk is a worthwhile deal. His reputation and ability in the financial world are not a lie.

Nam Yun-myeong extended his hand and shook it.

Kirk changed the subject, as if he thought he had gained his trust.

“How did Credit Suisse get acquired?”

“First of all, the price seemed cheap. If it was a private equity fund, it was a price that was too good to be true.”

“I agree. If you see a profit, you should jump in. However…….”

“Is there a problem?”

Kirk carefully lowered his voice.

“As I was reviewing it, I found remnants of poor management here and there. Even if it wasn’t immediately dangerous, it was potentially a big threat. That’s probably why they didn’t take it over from somewhere else.”

“I guess so too.”

“So… I would like you to take charge of that part?”

There is no reason to discourage someone who offers to help.

“Please do so. I think it will be of great help to us, since we were already at a loss due to our limited experience.”

Among the major investments that Credit Suisse made, there were many that Dan Kirk, who had extensive experience in the U.S. private equity industry, had a clear track record of. As such, he had an overwhelming advantage over others.

Such abilities should of course be utilized.

After finishing the consultation, he returned to the conference room with Kirk and found Yoon Se-bin looking for him.

Her expression hardened slightly when she saw him with Dan Kirk.

“Mr. Yoon, are you done with work?”

“How can it end? Please review the investment documents I brought here and classify them by risk level.”

Yoon Se-bin pointed to the pile of documents behind him.

“It will take a few days.”

“Don’t rush too much. Be precise.”

Yoon Se-bin, who had handed over the work to him, disappeared again.

Nam Yun-myeong began reviewing the documents with Kirk.

Suddenly, I remembered the evaluation of Kirk that Yoon Se-bin had mentioned before.

“Mr. Kirk, do you know Representative Yoon?”

“Hmm, I’m not sure?”

“I heard you worked together at Blackstone for a while?”

“Blackstone?”

Kirk didn’t seem to remember at all. After all, Yoon Se-bin was probably just an intern to Kirk at the time.

There is no need to bring up things you don’t know.

As expected, Kirk’s work ability was outstanding.

Since this was a matter he had encountered in the past and he was familiar with the company’s current financial situation, Kirk sorted through the documents very quickly.

“This is a safe asset, this is neutral, this is a bit risky, and this is a seriously bad asset.”

The documents piled up on the table were instantly sorted and stacked neatly.

All Nam Yunming had to do was check the documents Kirk had classified.

However, it is not possible to dispose of all risky assets. The amount is very large, as is the size of the bank.

Nam Yun-myeong selected only those that were particularly problematic.

Kirk’s brow furrowed slightly as he watched Nam Woon-myung re-sort the documents he had sorted.

“Director Nam, the BTL technology you just classified is capital-weak. It’s a company that wouldn’t be surprising if it collapsed at any time. But if you classify it as neutral…….”

If we look at the documents alone, Kirk’s assessment was correct.

However, Nam Woon-myung looked at the CEO’s face on the document. Since the date of birth was also written, he was able to confirm it more accurately.

The CEO of BTL Technology is destined for great success within the next year. He predicted that the technology currently being developed by the company was on the verge of success. Naturally, after the technology is developed, the company will expand significantly, so this investment will turn into a representative success story.

“Ah! I’ve been here myself… The employees’ passion is amazing. Companies like that don’t fail easily. Even if they are temporarily in danger of bankruptcy, they will quickly recover if they receive a capital injection.”

The veteran Dan Kirk immediately accepted the situation.

Nam Woon-myung guessed that the company had taken a bribe. Of course, it didn’t matter. It wasn’t Kirk’s place to question him.

This time, a company classified as a safe asset has become a problem.

Nam Woon-myeong classified the company as a risky asset. It is better to quickly dispose of such companies while they are currently overvalued.

Kirk, who did not know the classification criteria of Namunmyeong, sighed deeply but did not tackle him separately.

Thanks to Dan Kirk, sorting speeds up a lot.

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