Money Likes Me Too - Chapter 53



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Episode 53.

Min-Guk Investment 10%, Hanseo Investment & Securities 10%, Marvelnet 10%······

It’s been a week of secret operations.

‘It’s fortunate that there is no place in Seoul that doesn’t have its headquarters.’

On the last day, after finishing work, he returned to Hwapyeong. Lee Jong-seok’s body felt heavy as he returned to the KSH Holdings office. Lim Kyung-jun said a word.

“Representative.”

“why?”

“If you think you might have to go back, please let me know in advance. I’ll call 119 for you before it’s too late.”

“What the heck? This kid.”

I didn’t even have the energy to respond.

“But are you really okay?”

At the moment when he almost lost his temper, Lim Kyung-jun quickly took out a health drink and placed it on the desk. It was cold, having just been taken out of the refrigerator.

“Oh. Thank you, Manager Lim.”

I drank it all out loud.

“So everything worked out well?”

“Work? I guess I’ll break the seal.”

Lim Kyung-jun snickered at Lee Jong-suk’s response.

“Now that I think about it, that’s exactly right. Breaking the seal. Were there any places that weren’t broken?”

“Could it have been?”

Even though Cocoa is an app used by more than half of the population of South Korea, it is the first time for a bank. It was natural to be skeptical.

But no one doubted his abilities.

Wherever they went, there were questions about voting rights and stable capital, but there was no disagreement about whether Cocoa Bank would succeed. Opinions were unanimous.

‘They have plenty of cash and a solid technological foundation. Even if I were them, I would have jumped right in and said, ‘This is a feasible idea.’

It was just as Lee Jong-suk thought.

Even though it was just an MOU, it was thanks to that that we were able to quickly get positive responses from ten places within a week.

As I was thinking that, Lim Gyeong-jun added one more word.

“Well, who would refuse an offer to exchange Cocoa Labs stocks?”

“Of course that is true.”

“The total share that we lost is less than 5%, right?”

Lee Jong-suk nodded.

They say it’s a strategic partnership, but it’s just a bait and switch.

Even if you only have a 0.5% stake in cocoa, the other party’s stake fluctuates between 10% and 15%. It is a burdensome percentage to give to the other party.

The situation was similar at Future Asset.

‘9%! We can’t go beyond that.’

They signed an MOU to form a strategic partnership in which they would receive an 8.9% stake in Future Asset from Chairman Do Hyeon-tae and in return give up a 0.92% stake in Cocoa Labs.

Just looking at this, it was clear that the leader of the ‘Cocoa Bank’ consortium was solid.

Even 10% is not the same 10%.

It was clear that Future Asset and the remaining 10% would not be able to say a word to Cocoa. Cocoa would take the lead in everything from the composition of the board of directors to personnel management.

The design is well done.

“By the way, how did you persuade Representative Kang?”

Lim Kyung-jun asked.

“Share exchange?”

“yes.”

“I told you I’d bring it back someday.”

“How?”

“That’s right. From now on, Lim, isn’t this something you should be thinking about?”

It’s passing the buck. Lim Kyung-jun shrugged.

“Me?”

“Yeah, let’s blow that Bitcoin thing up again.”

“If it were up to me, I wouldn’t be working here. I would be blowing my own money.”

That’s right. The two looked at each other and laughed.

There was a moment of silence. Lee Jong-seok groaned as he got up. He had a place to go.

“Where else would you like to go?”

Lim Kyung-jun asked.

“I have to work, work.”

“Have a nice trip. If you have any questions, please let me know.”

Lee Jong-seok’s answer was not heard. His body seemed to be trembling. The door closed. Lim Kyung-jun turned his face to the monitor again.

* * *

Time passed quickly.

Preparations for the event were in full swing at the conference room of ACIT A1, a landmark of Hwapyong City.

The employees were shaking their heads since morning.

‘Did you get a Christmas present?’

‘Hey, you too? I thought I was the only one who got a watch, but when I went back home, I saw that my dad had one on his wrist too.’

The stakes were high.

“Okay, stop talking. Today is an important day. There will be a lot of outside guests, so please prepare quietly.”

Director Han Jang-soo waved his arms and commanded his employees.

“I think the director is the best?”

“No. No.”

He waved his arm. The gold watch on his wrist gleamed. A smile lingered at the corner of his mouth as he said no.

It was ten minutes before nine. I went up to the CEO’s office and knocked on the door.

“This is Director Han.”

“Yes, please come in.”

Yang Seung-kwan was chatting with the CEO. He looked nervous, but his attire was comfortable.

“I think it’s time. Get up.”

Kang Si-hyeon said this and put on a jacket. It was the new Loro Piana 2015 spring collection.

This is the first time we are talking about banking innovation. It was most important to show our ‘uniqueness’ and ‘cocoa culture.’

‘There is no need for formal attire, so please come dressed comfortably.’

He made a special request.

It’s an important day.

We have created the first meeting place for executives of companies participating in the ‘Cocoa Bank’ consortium. This is the first step toward achieving the first goal of preliminary approval.

Well begun is half done.

At least half of it was meant to be hot from day one.

‘The unfortunate thing is that since it’s an internet bank, there’s no need to open a branch. Since it costs less, you have to spend more money elsewhere.’

I made up my mind. I moved to A1.

The preparation was perfect. As expected, it was Director Han.

“You’ve worked hard.”

“No problem. It’s a given.”

One manager smiled awkwardly.

“It’s almost nine o’clock. I think everyone is almost here. Please take a seat and wait.”

The lobby in front of the waiting room and conference room was crowded with executives and staff members. They were all dressed in the same attire.

Navy blue suit, success blue narrow tie. It was exactly the same fashion as if it had been machine-made.

‘I guess he’s a banker.’

It’s nine o’clock.

“We will now begin the first meeting of the ‘Cocoa Bank’ consortium. CEO Si-Hyeon Kang of Cocoa Labs will give opening remarks.”

I looked back at everyone.

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There was a suit next to a suit. They all had the same hairstyle. Ten people seemed like one person. It was like I was the boss of an organization.

“Thank you to everyone who has given us this opportunity. We will do our best to help Cocoa Bank create a new financial life that no one has ever experienced before.”

Applause broke out.

Next, our person in charge, Seung-Kwan Yang, greeted everyone. He will be leading the work from now on.

It was the turn of other companies. One by one, they revealed their ambitions. Their contents were as similar as their outfits.

“Hello. This is Do Yu-jun, Vice President of Future Asset Financial Group.”

Finally, it was Future Asset’s turn.

‘I guess he’s your son.’

Seeing that we were of the same clan, he brought up an unexpected story.

“I have something to tell you. There is something I need to point out about the draft application for preliminary approval that Cocoa TF sent me.”

“Please speak. I will listen.”

Yang Seung-kwan answered.

“The deposit interest rate is set too high and the loan interest rate is too low. Even though it is a draft, this is problematic.”

After throwing out a provocative first sentence, I looked around. The atmosphere was icy.

“It’s a latecomer. I agree that although KakaoTalk has many users, it needs bait to induce them to bank transactions. But isn’t this too much? They either didn’t know at all or overlooked the fact that the expected interest rate difference (the difference between expected and loan interest rates) is a key profit indicator for banks.”

Everyone was in an uproar.

‘That’s true. We pointed that out too. It’s a bit excessive.’

‘I guess it’s because they’re a mobile platform company, so they’re used to the all-or-nothing model. I wonder if it will work in this heavily regulated legacy industry.’

Hanseo and Min-guk Im-won whispered.

‘What is that?’

I stayed still. I couldn’t understand.

If you raise the deposit interest rate, more money will go out. It’s obvious. On the other hand, if you lower the loan interest rate, more people will borrow money. The interest rate will also decrease. That’s the point. There is nothing wrong with it.

People’s thinking is different.

‘Okay. I got a hit.’ Satisfaction finally appeared on Do Yu-jun’s face. He spoke next.

“It’s difficult. If trust is broken like this, we won’t be able to fulfill the MOU either, Mr. Kang.”

He drove in wedges again and again.

“What does that mean?”

“It is a structure that cannot generate profits. It is difficult to invest in a business with a creaky BM (business model). Even if we are only financial investors.”

“Vice President Do. That doesn’t sound like anything other than a request to quit.”

“You are right, I understand.”

Do Yu-jun was also calculating.

The bus has already departed. Now that the profit structure is known, other investors will not easily come in. No one will invest money in a business that does not make money. If you show your guts, you will have no choice but to bend. That was the judgment.

It was a wrong idea.

“Okay, then you don’t have to do it.”

My answer was concise.

What could be more welcome to me than not investing money?

10% rule?

There are plenty of people who want to do it. It was already difficult to give away our stocks, but the numbers were already uncomfortable because they brought it up to 0.9%, which is close to 10%.

Future Asset is out. Goodbye.

“yes?”

A breath escaped Do Yu-jun’s mouth.

“Is there anything else you would like to say?”

But I was resolute.

‘I guess we should just stay still, right?’

‘That sounds good. I only put in 10%, but if it goes well, I think it will not be difficult to achieve 1 or 2 trillion, so let’s just endure it for today.’

The two executives from earlier whispered again.

* * *

Second-term National Assembly member Jo Wang-beom opened a newspaper.

[ Will the Co-Bank Consortium Break Up Like This? ······ ‘Future Asset Withdrawal Declaration’ Questionable Sign for the Stability of Internet-Only Banks ]

‘Cobang?’

I read the article and it says it’s an abbreviation for ‘Cocoa Bank’. These days, everything is abbreviated. It’s hard to understand it all at once.

Kids these days are difficult.

The same goes for the children of the chaebol family. Jo Wang-beom still gets goosebumps when he thinks about the movie .

We don’t have any contact at all now. Cocoa was taking their place.

‘We won’t do anything if you just cooperate.’

They were gentlemanly.

He rarely interfered with his position. He did not interfere with his political activities. So, he lived comfortably these days.

There will be a general election in a year.

The third line was just around the corner. I had to protect myself. These days, even three-line jjajangmyeon was taboo for fear of being cheated.

That was when.

Diriring, diriring. The phone rang in my pocket.

[Lee Jong-suk],

It was a call I didn’t want to receive. I had no choice. I pressed the call button before it even rang a few times.

“This is Jo Wang-Beom.”

– Congressman, it’s been a while. You look so fresh every time I see you. It’s good to see that you’re doing well.

“I hope you’ve been well, Mr. Representative. Haha. Thank you for calling me······.”

It was a voice made up to look good.

– What else is there to do but take care of yourself? It’s just that. By the way, Congressman, are you busy these days?

“Haha, well, rather than being busy······.”

– I have a favor to ask.

The shameless brat, Jo Wang-beom, gritted his teeth. He wouldn’t even listen to the end.

– It’s nothing else than the banking law. Our cocoa is struggling to create a better bank, a more convenient bank, but the law is holding us back. What should we do? I think the lawmakers who are working hard for the development of the country should put in some effort.

Banking law?

“Yes, that’s right. Of course.”

Once I got the hang of it, the other person’s explanation followed.

– I’m talking about the 10% limit on industrial capital. It’s a provision for separating banks and industrial complexes. I understand that large capital cannot have banks. They can become granaries. However, what we do is an internet-only bank. Isn’t that a bit different?

“Of course. That’s right.”

– To put it simply, banks and mobile banks are different things. They don’t have branches. They don’t close at night. Do you think it’s right to consider this a bank?

Jo Wang-beom answered.

“That’s not right at all.”

– You seem to be able to communicate well. So, did you understand what I said? Thank you.

The phone call was disconnected.

I was finally able to lean back in my recliner. My hunched joints straightened and I screamed.

“Dog fucking baby!”

“Sir! Are you looking for me?”

The aide came rushing in.

“No. That’s not what you said.”

He turned around. The phone rang again.

“Yes, sir.”

– I forgot to tell you one thing.

“What is it?”

‘Again?’ Jo Wang-beom swallowed the words and changed his voice again.

– Can you help the Fair Trade Commission? It’s because of the criteria for designating large corporate groups. Isn’t 5 trillion a bit small? How much has GDP increased so far? I don’t know if it’s a big request or not, but I would like to ask you to gather some members of the National Assembly and help us normalize things. If you need anything, please feel free to contact us.

I hung up the phone.

‘Is that too big of a request? This is a really big request, you punk.’

The phone flew towards the soft surface of the sofa. I was angry, but I couldn’t let the phone break.

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