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Money Games

The Inside Story of How American Dealmakers Saved Korea's Most Iconic Bank

Shan, Weijian


2. Auflage Februar 2023
368 Seiten, Softcover

ISBN: 978-1-394-17257-3
John Wiley & Sons

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Money Games is a riveting tale of one of the most successful buyout deals ever: the acquisition and turnaround of what used to be Korea's largest bank by the American firm Newbridge Capital.

Full of intrigue and suspense, this insider's account is told by the chief architect of the deal itself, the celebrated author and private equity investor Weijian Shan. With billions of dollars at stake, and the nation's economic future on the line, Newbridge Capital sought to become the first foreign firm in history to take control of one of Korea's most beloved financial institutions.

In a proud country still reeling from a humiliating International Monetary Fund bailout in the Asian Financial Crisis, Newbridge Capital had to muster every ounce of skill, determination, and patience to bring the deal to closing.

Shan takes readers inside the battle to win control of the bank--a delicate, often exasperating process that meant balancing the goals of Newbridge with those of the government, bank employees, and Korea's powerful industrial titans.

Finally, the author describes how Newbridge transformed and rebuilt the struggling bank into a shining example of modern banking--as well as a massively profitable investment. In the secret world of private equity, few buyouts have been written about with such clarity, detail, and insight--and none with such completeness, covering not only the dealmaking but also the transformation and eventual exit of the investment.

For anyone who has ever wondered how private equity investors strike bargains, turn around businesses, and create immense value--or anyone interested in a captivating story of high-stakes money-making--this book is a must-read.

Foreword ix

Acknowledgments xi

Author's Note xiii

Preface: Big Money Legends xv

Chapter 1 Money Talks--My Path to Private Equity 1

Chapter 2 Project Safe 15

Chapter 3 White Knight 31

Chapter 4 New Faces at the Table 53

Chapter 5 Deadline Looming 73

Chapter 6 The Ambassador 97

Chapter 7 Presidential Visit 111

Chapter 8 The Chairman Takes Charge 133

Chapter 9 Daewoo Crisis 147

Chapter 10 Black Rain 161

Chapter 11 Ultimatum 175

Chapter 12 Sign It or Forget It 191

Chapter 13 The Final Sprint 213

Chapter 14 The Hard Part 235

Chapter 15 Change Agent 251

Chapter 16 Lion's Chase 267

Chapter 17 It's a Race 285

Epilogue 309

Appendix - A Primer on Commercial Banking 311

Index 317
WEIJIAN SHAN is Chairman and CEO of PAG, a leading private equity firm. Previously, he was a partner at the private equity firm TPG and co-managing partner of TPG-Asia (formerly known as Newbridge Capital), a managing director at JP Morgan, and a professor at the Wharton School. He holds an MA and a PhD from the University of California, Berkeley, and an MBA from the University of San Francisco. He is the author of the bestselling memoir Out of the Gobi: My Story of China and America.

W. Shan, University of California, Berkeley; University of San Francisco