Chapter 206: This Is How You Stab Someone in the Back (3)

Early that morning, the lobby of Woojin Bank headquarters was different from usual. Security personnel in front of the main entrance had doubled, and checks against the entry list had become even stricter. Anyone could tell the atmosphere was far from ordinary.

A black sedan stopped in front of the main entrance. Cho Hana got out first and opened the rear door. Hyunjun stepped out of the car. Behind him came several familiar faces.

Choi Seo-jun, Financial Director of HJ Partners; Shin Ji-hyun, senior attorney of the Legal Team; Kim Ju-yeon, a representative of the Fund Management Team; and Advisor Hong Jang-gun.

They had not come to Woojin Bank today for a simple inspection. This was the day Woojin Bank’s future would be decided.

When Hyunjun entered the lobby, the vice president and the bank president personally came out to greet him. They exchanged brief greetings. Hyunjun immediately asked,

“Is the meeting room ready?”

The vice president answered at once.

“Yes. Please come to the grand conference room. The government side has already arrived as well.”

They headed straight for the elevator. As Hyunjun’s party, the vice president, and the bank president got on, a sudden sound rang from the elevator.

The last person to board was Kang Do-yun. As he stood there blankly, Heo Sang-gyu shoved him in the back. Kang Do-yun was pushed out in an unsightly manner, and he stared with his eyes wide in bewilderment, but the elevator doors closed.

Several people standing behind Hyunjun struggled to hold back their laughter. Meanwhile, the elevator moved swiftly upward.

The doors opened, revealing the corridor leading to the grand conference room. Woojin Bank’s working-level staff and government officials were already gathered in front of the doors, speaking with one another.

As Hyunjun approached, the government officials all reached out to shake his hand. Park Won-tae, Vice Chairman of the Financial Services Commission, gripped Hyunjun’s hand with a bright expression.

“Representative Lim, it is a pleasure to meet you.”

“I look forward to working with you.”

Hyunjun answered simply. Then Han Min-sik, Director General of the Financial Policy Bureau, handed him a business card.

“Nice to meet you. I am Han Min-sik.”

“I am Lim Hyunjun of HJ Partners.”

Jeong Won-hyeong, Director of the Financial Policy Division at the Ministry of Economy and Finance, merely bowed his head briefly, while Oh Se-jin, Deputy Director of the Financial Supervisory Service’s Bank Examination Bureau, looked at Hyunjun with a sullen expression.

After the formal greetings ended, everyone entered the grand conference room. A long table stretched across the center of the room, divided so that the two sides could sit facing each other.

On one side sat key headquarters-level working officials, centered around Woojin Bank Vice President Heo Sang-gyu. Beside them sat HJ Partners.

On the opposite side sat the government officials. Anyone could see this was no mere formality. Since Woojin Bank’s future was at stake, each side was staking everything on the meeting.

As soon as Hyunjun took his seat, he opened the documents.

“Let’s begin immediately.”

At that one sentence, the meeting room fell silent. When Hyunjun looked at Secretary Cho, she brought up the prepared screen. It was a chart showing Woojin Bank’s asset structure at a glance.

“As all of you know, taking over Woojin Bank as it stands is impossible. As I already said, we will proceed on the premise of a separate acquisition.”

The screen changed.

“Normal assets and core functions will remain with the surviving corporation. Overseas settlement, corporate finance, and the quality credit portfolio fall under this category.”

The screen changed again.

“Insolvent loans, uncertain derivatives, and assets with litigation risk will be transferred to an SPV. It will be a Special Purpose Vehicle for resolution purposes.”

Han Min-sik’s brow narrowed. He asked the first question.

“How does HJ Partners intend to structure the SPV’s financing?”

As if she had been waiting, Senior Attorney Shin Ji-hyun answered.

“We intend to minimize government guarantees. Initial liquidity will be handled through Woojin Bank’s internal allowances and some bridge financing, and repayment will be carried out gradually through the asset recovery process.”

That meant this would not be a method where the state poured money in first. The calculation was to open up breathing room based on the loan loss allowances and idle funds Woojin Bank had already accumulated, then liquidate the assets subject to resolution one by one in the meantime.

The bridge financing, too, was not long-term borrowing. It was short-term funding meant to buy time until the resolution process began in earnest, structured so that repayment would take priority as soon as asset sales or debt recovery took place.

In other words, the SPV was not a warehouse for hiding bad assets. It was a resolution track that clearly separated the order of recovery and the scope of responsibility. The government’s burden would be tied down within a controllable range, while the surviving corporation would be able to escape uncertainty and continue normal operations.

Oh Se-jin, Deputy Director of the Financial Supervisory Service’s Bank Examination Bureau, asked,

“How long are you estimating the resolution period will be?”

This time, Choi Seo-jun answered.

“We are looking at a maximum of three years. That is on the condition that the recovery rate and loss rate are publicly reported every quarter.”

That meant they would not drag out the timeline indefinitely. Rather than burying assets subject to resolution inside the books, it was a promise to reveal in figures every quarter how much had actually been recovered and how much had been confirmed as losses.

Disclosing the recovery rate and loss rate at the same time also meant that, whether good or bad, they would not hide the outcome. If that happened, supervision would become easier, and the market would also be able to accept the uncertainty within a predictable range.

Above all, the three-year deadline itself was symbolic. It meant they would not postpone responsibility under the name of resolution. It was also a declaration that they would finish it within that period.

Several people in the meeting room nodded. It was clear that a certain degree of coordination had already been completed at the working level.

Park Won-tae, Vice Chairman of the Financial Services Commission, slowly opened his mouth.

“When will the overseas settlement line that caused this issue be normalized?”

Hyunjun answered,

“It will be done simultaneously with the approval of the separation. We have already completed working-level contact with the overseas settlement banks.”

Jeong Won-hyeong looked surprised.

“That is quite fast.”

Hyunjun answered calmly.

“Since we are taking charge, there is no reason to drag things out. In finance, I believe speed is trust.”

The meeting room fell silent for a moment. In truth, that level of speed was beyond common sense. An overseas settlement line was not something that could be resolved with a few sheets of paperwork. It required restoring trust with foreign financial institutions, internal risk assessments, compliance reviews, and procedures with regulatory authorities in each country.

Normally, even at the fastest pace, it would take at least several weeks to several months. And yet he was saying it would be normalized simultaneously with the separation approval.

Less than a day had passed since the decision was made for HJ Partners to step forward. Only then did several working-level officials sense that something was strange.

This was not merely a fast response. It was an impossible speed unless preparations had been made in advance. But there was something they did not know.

Overseas, the name HJ Partners was already far from unfamiliar. Major banks in the United States and Europe regarded this situation as both a risk and a variable. And they had recognized that if HJ Partners stepped in, that variable could be resolved to some extent.

Moreover, someone in the United States had already stepped forward. He did not need anything like a formal official letter. It had been possible simply because there was someone whose guarantee made this transaction trustworthy.

The very fact that the name of the Chairman of the Federal Reserve Board had been mentioned along with it was, in itself, collateral that needed no explanation. What guarantor could be more certain than that? That was why the overseas settlement banks had made their decisions so quickly.

Only a few people in the meeting room knew that entire background.

While the government officials and Woojin Bank personnel could not hide their surprise, the door opened again.

Kang Do-yun entered late. The moment he came in, the atmosphere in the meeting room froze. No one greeted him. Even Heo Sang-gyu avoided his gaze.

Kang Do-yun walked toward the seat assigned to him at the far end of the table. His back looked somehow pitiful. When he tried to say something, Heo Sang-gyu spoke first.

“I will explain this part.”

Kang Do-yun closed his mouth. Throughout the meeting, he had no choice but to sit there turning pages of documents. The decisions had already left his hands.

The meeting continued for more than two hours. The legal structure, supervisory procedures, and licensing schedule were each settled one by one. Finally, Park Won-tae spoke as if summarizing the meeting.

“We will begin working-level execution immediately based on the proposal discussed today. There is no reason to delay.”

The atmosphere in the meeting room quieted. Hyunjun closed his documents and rose from his seat.

“Then we will begin at once.”

At that moment, Kang Do-yun realized it. There was no longer a place for him at Woojin Bank. Until the very end, he could not say a single word and could only watch blankly from one side of the meeting room.

When the meeting ended, people rose from their seats one by one. Hyunjun organized his documents and exchanged farewells.

“Thank you for your work.”

Those words were not directed at anyone in particular. He did not even look at Kang Do-yun. With Choi Seo-jun and Cho Hana ahead of him, Hyunjun left the meeting room. The government officials and working-level staff followed behind him.

Left alone in the meeting room, Kang Do-yun headed to the bank president’s office with a hollow expression. The entire way there, he felt something strange. Even the attitude of the employees passing by him had somehow changed.

They no longer bowed deeply as before, nor could he find anyone treating him with strict courtesy.

‘Those bastards… they think I’m finished now!’

Anger surged up in him, but he clenched his teeth. Even so, he was still the bank president.

When he opened the door to the bank president’s office and stepped inside, the familiar space unfolded before him. A leather chair and a wide desk. A wall of glass windows made the outside clearly visible. He flung himself into the chair.

Perhaps because he had been tense the entire time in the grand conference room, his legs felt stiff. As usual, he put his feet up on the desk. Just then, the door suddenly opened without even a knock.

“Hey! What do you think you’re doing right now?”

He raised his voice as usual, but the secretary silently approached and dropped a document onto the desk. Kang Do-yun asked in disbelief,

“What is this?”

Without the slightest change in expression, the secretary said,

“You will know when you look at it.”

Kang Do-yun’s eyes flashed.

“What kind of tone is that?”

He snatched up the document irritably. He was about to skim through it roughly when his hand stopped.

It was the moment he read the first line. The color drained from his face in an instant. As he tried to lower his legs, he lost his balance. The chair creaked and slid backward. He fell straight to the floor.

THUD.

A dull pain surged through his hips and lower back, but he could not properly feel it. The words stamped on the document swallowed every one of his senses.

[Notice of Suspension of Duties]

Still sitting collapsed on the floor, Kang Do-yun looked up at the secretary. His lips trembled.

“This is a lie, right?”

The secretary did not hesitate.

“You are to pack your belongings immediately.”

Kang Do-yun asked with quivering lips,

“Who… who said that!”

The secretary tilted his head slightly. It seemed Kang Do-yun still could not believe it even after receiving the recommendation to resign, and was trying to confirm it again. As if annoyed, the secretary answered,

“Who else would it be? The next bank president.”

The moment those words fell, the document slipped weakly from Kang Do-yun’s hand.

The secretary left the bank president’s office just like that. For Kang Do-yun, it was the moment his achievement of being bank president disappeared.