Having just emerged from darker days of authoritarianism, South Korea was just finding its first form of international expression. The Taegeuk Warriors knocked out Portugal, Italy and Spain enroute to the World Cup semi-final in 2002, cheered on by legions of Asians. The following year, historical TV drama Dae Jang Geum or “Jewel in the Palace” was spreading Korean cuisine and culture far and wide.
My first trip to Seoul happened during the bitterly cold winter of 2004. Working at Standard Chartered then, I was among the first wave of executives sent over following the acquisition of Korea First Bank (KFB).
Originally founded as Joseon Deposit Bank, it was nationalised in 1961 by the military government. It became one of the five largest commercial banks in South Korea. During the Asian Financial Crisis, which sparked a liquidity crisis, it was rescued by US private equity firm Newbridge Capital. Unlike the silent yet massive transfer of funds online suffered by Silicon Valley Bank or the arranged marriage of UBS and Credit Suisse put together at neck-breaking pace, banks under duress in those days lingered so for weeks or even months.
