Chương 463: Chapter 463: I Want Taesan Bank to Take It
It had been a while since I'd visited Taesan Financial Holdings headquarters.
"Chairman Ha, it's been a while."
"Welcome Boss."
Ha Myung-hoon greeted me at the main entrance.
"You didn't have to come out personally…"
I glanced around as I spoke.
It wasn't just Ha Myung-hoon – all the executives had lined up at the entrance to greet me.
"When the owner of Taesan Financial comes personally, of course we should wait outside."
Ha Myung-hoon replied stubbornly. This guy really hasn't changed at all.
"This way, please."
Together with Ha Myung-hoon, we walked past the bowing executives and entered the building.
As we entered the lobby, I noticed an employee holding the elevator for us.
Thanks to that, we reached the top floor without waiting.
"The chairman's office looks different?"
"Yes, we changed it during the recent interior renovation."
We chatted casually as we entered the chairman's office.
I naturally took the main seat.
Ha Myung-hoon sat on the left while Manager Ma sat facing him on the right.
Shortly after, a secretary brought in three cups of coffee and left.
I lifted my coffee cup and inhaled its aroma.
"This smells great. Must be quality beans. As expected, Chairman Ha has good taste."
I deliberately spoke playfully to lighten the tense atmosphere.
Ha Myung-hoon followed my lead and picked up his cup.
"Are you pleased with it? I'll have some prepared for you to take home."
"No need, Chairman. You keep it. I still haven't finished the last gift you gave me."
I took a sip of coffee and set the cup down.
"Since you're busy, I'll get straight to the point. I'm here about Heungseong Bank."
"Heungseong Bank? Why the sudden interest?"
"Because of Yongsang Motors. I heard something interesting and did some research. Heungseong Bank is their main creditor bank."
"One moment please. I'll have the documents prepared right away."
Ha Myung-hoon quickly rose and pressed the bell on his desk to give instructions.
Soon after, people entered carrying stacks of documents.
"These are materials I had prepared just in case. I wanted to acquire Heungseong Bank. I didn't expect they'd be useful like this, but I'm glad I prepared them. We have data on other banks too if you need it."
Ha Myung-hoon finished speaking and dismissed the staff.
Then he selected a few pages from the mountain of documents and handed them to me.
"This is an unofficial asset evaluation of Heungseong Bank. It's based on last year's data, so there shouldn't be much difference from now."
I took the documents Ha Myung-hoon handed over and started reading through them.
While I read the documents, Ha Myung-hoon and Manager Ma waited silently.
After reviewing the documents for quite some time, I set them down on the table.
The materials were quite well organized.
"It's quite a decent bank, isn't it?"
Though their asset soundness was severely damaged during the foreign exchange crisis, it wasn't a major issue.
After all, other banks were in the same situation.
Heungseong Bank quickly sold off its subsidiaries to secure funds and normalized operations after receiving public funds.
They were even the only commercial bank that received public funds to turn a profit.
As expected of a bank with a century of history behind it.
"Yes, but that's not why we considered acquiring it."
"Oh? Was there another reason?"
Another reason? The prepared documents didn't show any other information.
"It's about legitimacy."
"Legitimacy?"
"Yes. While Taesan Financial is currently the top financial company domestically, we lack history. Even though we acquired Korea Exchange Bank, we're not as accessible as other banks. But Heungseong Bank could be the card that solves all those issues."
Now I could understand.
Though Taesan had grown larger after surviving the foreign exchange crisis, they still lacked recognition.
"Come to think of it, Heungseong Bank was Korea's first bank. I hadn't considered that perspective. Their name value certainly can't be ignored."
Buying Heungseong Bank's legitimacy with money? That was quite interesting.
That must be a big reason why Hanshin Bank wants Heungseong Bank too.
After all, Taesan Bank used a similar method.
During the Korea Exchange Bank acquisition, Taesan Bank actually underwent a reverse merger into Korea Exchange Bank.
As a result, Taesan Bank inherited the bank code that Korea Exchange Bank had been using.
"They've been operating for over a century. The massive customer data and image they've built during that time surpasses any other commercial bank. If we could merge with them, Taesan Financial would instantly gain legitimacy. Though we've abandoned the plan, it's still regrettable."
Abandoned the plan? That seems too easy given how much preparation went into these materials.
"Because of Hanshin Bank?"
"Yes, that's right. Hanshin Bank needs this more desperately than we do. After discussing with the Taesan Bank president, we decided it would be better to step aside this time."
It seemed the Mofia's influence played a big role in Hanshin Bank's merger with Heungseong Bank.
"Still, if you wanted to, joining the acquisition wouldn't be an issue. Even the Mofia couldn't say anything to you, Chairman."
Eva had the Mofia wrapped around her finger by holding their weaknesses.
The Mofia feared Eva too.
We could easily block the Mofia through Eva. Or they could ask me.
Seeing my questioning look, Ha Myung-hoon smiled gently.
"We decided it's time for us to focus more on overseas markets rather than domestic ones. We judged that interfering with a merger the Mofia is actively pursuing wouldn't be good for either side."
"Hmm."
If that's what Ha Myung-hoon decided, it must be right. I nodded and returned to what I wanted to discuss.
"I understand. I trust Chairman Ha knows what he's doing. You're doing well too. Now, let's talk about Yongsang Motors. I want Taesan Bank to take over Yongsang Motors' bonds from Heungseong Bank."
"Is there a reason for that? There are better options."
Ha Myung-hoon questioned my directive.
I suddenly remembered how he used to carry out Grandfather's orders without any questions.
Indeed, seeing him now with more humanity was much better than back then.
"President Yoon is trying to proceed with the sale, and I want to help. If Taesan Bank becomes the main creditor bank, I can handle the sale as I wish. Please negotiate and take over the bonds."
He quickly understood that it wasn't a bad choice for political reasons.
He immediately agreed and asked about the bond acquisition price.
"Are you saying we should negotiate the bond price? With the government pushing for Yongsang Motors' sale, they won't let it go cheap."
I shook my head.
Unless someone appears wanting to acquire Yongsang Motors, Heungseong Bank wouldn't eagerly demand a high price.
"Heungseong Bank will eventually need to clear their bad debt for the merger with Hanshin Bank. They won't try too hard to get full price. Tell the Taesan Bank president to pressure them through the Mofia. You gave them room on this merger – if they can't handle even this much, they have no reason to stay in those positions. No, if they won't transfer the bonds, just say we'll join the acquisition race."
The Mofia must have taken money from the Korean-Japanese who own Hanshin Bank.
If Taesan Financial threatens to enter the acquisition race, they won't just stand by and watch.
They'd definitely find a way to hand over the bonds at a bargain price.
"I'll handle it."
After finishing our discussion, we chatted briefly while looking around the chairman's office.
Then I noticed Grandfather's photo on the wall and smiled.
When I smiled, both Ha Myung-hoon and Manager Ma's gazes shifted to Grandfather's photo.
"Seeing Grandfather's photo there brings up many thoughts. I'm happy, but I also wish Grandfather could have lived to see Taesan Financial grow like this…"
As complex emotions welled up, my voice trailed off. Ha Myung-hoon quickly picked up where I left off.
"Even if I step down from this position, that photo will remain here. The Elder was the beginning of Taesan Financial."
"I hope so too."
If Grandfather's name could continue to be remembered by people even as time passes, that would be enough.
"I should get going now. I'll trust you to handle this, Chairman."
When I stood up, Ha Myung-hoon also rose.
"Leaving already?"
"I know you're busy – it would be inconsiderate to keep you too long. By the way, when can I expect that noodle dish?"
Ha Myung-hoon's visible embarrassment was apparent.
Seeing him hesitate without answering, I deliberately spoke in a gentle voice.
"It's time for you to find some stability too, Chairman. Anyway, I'll look forward to it. Let's meet after I return from China."
"You're going to China?"
"Yes. I need to attend Hu Jintao's presidential inauguration ceremony. I plan to go early and check on the companies we invested in."
"I understand. I'll have everything sorted out by the time you return."
Despite my protests, Ha Myung-hoon escorted me to the entrance.
He stood firmly in place until my car disappeared from view.
"Chairman Ha Myung-hoon hasn't changed at all."
I spoke while watching Ha Myung-hoon shrink to a dot in the rearview mirror.
At those words, Manager Ma turned to look at me.
"…It's just his nature, can't be helped. More importantly, I think there will be good news soon."
"Oh? So there's been some progress?"
"Big brother is so stubborn that his wife is dying of frustration. She was actually the one who suggested living together first."
"Haha, that's so like Chairman Ha."
A big laugh finally burst from my lips. A small smile appeared on Manager Ma's face too.
* * *
A few days later.
I arrived at Xiaoshan International Airport in Hangzhou.
"Since it's newly built, it's definitely nice."
While Manager Ma handled the immigration procedures, I looked around the airport and muttered.
"You're all set to go now."
Manager Ma returned after completing all immigration procedures.
We took our pre-arranged car and headed to our destination.
After about an hour's drive from the airport, we arrived at Alibaba headquarters.
"Oh, they've grown a lot."
The headquarters building visible through the window was quite a large building.
When I first met Jack Ma, we met in a shabby apartment. This really shows how times change.
But Jack Ma hadn't changed.
As soon as our car stopped, Jack Ma personally opened the car door and welcomed me.
"Boss, welcome."
"It's been a while, Jack Ma."
As soon as I got out of the car, I hugged Jack Ma while greeting him.
He still wore modest clothes, but confidence overflowed from his face.
Jack Ma and Chai Chongxin, along with eighteen other co-founders, were all waiting for me.
After greeting them all, we headed straight to the top floor.
There was a large conference room on the top floor.
"Please sit here, Boss."
Jack Ma guided me to the center seat.
"It's great to meet you after your success. To be honest, I didn't expect you to succeed this quickly. Congratulations."
Jack Ma quickly replied.
"This is all thanks to your investment, Boss."
"No matter how much money you pour in, a business that won't work won't work. Alibaba's growth is ultimately due to your abilities."
"Thank you."
After the pleasantries ended, Jack Ma exchanged glances with a woman sitting in the corner.
She stood up and began her report.
This was the first report I'd heard in three years since investing.
"Hello, I'm Dai San, and I'll be giving today's investment report."
I picked up the documents in front of me and read along while listening to the report.
After finishing her brief explanation, Dai San returned to her seat.
"So you've overcome the deficit and finally turned a profit."
"Yes, that's right. We first escaped the deficit in 2001, and last year we completely turned to profit."
"Hmm… But there's too little internal reserves. It seems difficult to proceed with new business."
Even though they'd turned a profit, they still didn't have a proper revenue model.
"Yes. That's why we think we need more investment. eBay has announced they're entering China. We need to launch new business initiatives to match that."
New investment… I looked at Jack Ma while setting down the documents.
"We need to enter C2C (consumer-to-consumer e-commerce). We have to establish our position before eBay settles in China."
Alibaba's current business was B2B, literally supporting electronic commerce between businesses.
But they couldn't expect a revenue model from just that.
Eventually, they needed to transition to C2C and create a platform connecting consumers with consumers.
"Do you have potential investors?"
"Masayoshi Son's side has proposedinvestment. However, due to the condition we agreed to when we first received your investment, we haven't proceeded with any negotiations. The condition about giving you priority rights for additional investment."
Only then did I raise my lips in satisfaction.
Can't let dirty money touch my property.
"So how much do you need?"
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