Only a few days remained in 2001.
In my previous life, the credit card crisis occurred between 2002 and 2004.
However, in this life, since I had sold Taewoo Card to CL Card, the timing had been pushed
forward.
With Dimon's and Myeongdong's operations happening simultaneously, the crisis was
accelerating even faster.
"Vice Chairman! CL Card's cash advance services have been completely suspended!"
"It looks like their liquidity crisis has finally exploded."
"CL Card announced that the suspension was due to a system malfunction, but we've confirmed that it's actually because of insufficient funds in the accounts opened with each bank."
The suspension of cash advance services by CL Card, the No. 1 credit card company — this was the long-awaited starting signal for the credit card crisis.
"How are the other credit card companies holding up?"
"They're not showing major signs of distress yet, but CL Card's issue is expected to drag other companies down soon."
"There's going to be another disaster… Maybe not as bad as the foreign exchange crisis, but the stock market is going to plummet."
"Taewoo Group doesn't own a card company, so we won't be directly affected... but I'll make sure we're fully prepared."
While I was discussing with the Chief Strategy Officer, a secretary rushed into my office with
urgent news.
"Chairman Go Seung-taek of CL Group has requested a meeting."
"Looks like the fire's finally reached his feet. Tell him I'll meet him this evening. Book a nice
restaurant as well."
"I'll arrange it right away!"
After the secretary left, the Chief Strategy Officer gave me a worried look — he was clearly
anxious that I might recklessly acquire CL Card.
"Are you worried that buying CL Card might make Taewoo Group unstable?"
"When we first acquired Hyundai Semiconductor, it was terrifying. The aftermath only recently settled… I'm just afraid another storm is coming."
"So even you think that way... Then CL Group must be thinking the same."
His reaction was like a barometer.
If even my Chief Strategy Officer was this anxious, CL Group would be feeling even more
vulnerable.
Maybe this acquisition would end up much easier than I expected.
***
That evening
I met Go Seung-taek at a quiet Korean fine dining restaurant.
It was our second meeting — the first had been when I sold Taewoo Card to CL Group.
Now, the roles were reversed.
This time, I would be the one taking CL Card from him.
"How have you been? Chairman Kim hasn't shown his face — is he even alive?"
"My grandfather is enjoying a leisurely time in Vietnam. After all the hard work he's done, isn't he entitled to a long vacation?"
"I'm jealous... Very jealous. While I'm still breaking my back at this age, Chairman Kim is living out his golden years thanks to a good grandson."
CL Group was famous for its noble lineage.
Normally, Go Seung-taek carried himself with the dignity of an aristocrat — but the credit card crisis had stripped away his composure.
"You must be under a lot of stress because of CL Card."
"I got greedy and got burned… I should never have acquired Taewoo Card — but you talked me into it."
He was trying to pin the blame on me.
I fired back in a slightly disrespectful tone.
"You made a huge profit from acquiring Taewoo Card. If you'd kept those profits instead of
spending them, you'd have more than enough to handle this crisis."
"Hahaha… You're right. The poor management is all my fault — how could it possibly be yours?"
"I apologize if I spoke out of line."
"Enough with the apologies. Let's get to business... Do you have any interest in taking Taewoo Card back?"
Oh? So that's how he's going to play it?
Chairman Go Seung-taek was trying to resolve CL Card's liquidity crisis by selling off Taewoo Card, separating it from CL Card.
"How could I take Taewoo Card back when it's already merged into one body with CL Card?"
"Then... would you consider acquiring the entire CL Card instead? I'm willing to offer very
favorable terms. It would be far better for both of us than handing it over to the creditors'
committee, wouldn't you agree?"
It would certainly be a good deal — from CL Group's perspective.
However, turning the company over to the creditors would allow them to write off part of the debt and possibly even secure government assistance.
"If CL Group agrees to cover a portion of the debt, I would consider acquiring CL Card. But if I have to take it as-is... I'm afraid Taewoo Group wouldn't be able to handle it."
"I know full well that you'd be able to acquire CL Card for a lower price through the creditors' committee. But the moment that happens, you'll be facing a flood of competitors."
CL Card was the top player in the credit card industry.
For financial companies, it was a prized prey — especially for firms eager to expand into a major financial powerhouse.
Acquiring CL Card would not only help close the gap with the market leader, but it would give the buyer the chance to compete on equal footing overnight.
"Before I make any decisions, I need to hear the terms of the deal. What are your conditions for the acquisition?"
"We'll cover 30% of the debt. In return, you'll acquire 90% of CL Card's shares... at 70,000 won per share."
"That's... roughly 7.5 trillion won."
I had already anticipated this offer.
In my previous life, CL Card had been sold for over 7 trillion won — the most expensive M&A deal in South Korean history at the time.
"I know it's a steep price. But given CL Group's situation... this is the best proposal we can
offer."
"Even so, 70,000 won is far too high. With the credit card crisis unfolding, CL Card's stock price will only continue to plummet."
"It's not an unreasonable price. Once the liquidity issue is resolved, the company will
generate trillions in revenue again."
Honestly... he wasn't wrong.
If the liquidity crisis was resolved, CL Card could still be a solid cash cow.
But that didn't mean I could spend over 7 trillion won on it.
"I'll take on all of CL Card's debt. In exchange, I'll acquire CL Card for 2 trillion won."
"Are you planning to leverage government support? Even if the government persuades the
creditors to write off some of the debt, the scale won't be that significant."
"Even so, it's better to shoulder uncertain debt with the potential to be reduced... than to pay 7 trillion won upfront."
"Hah... I'll accept your offer — but you're making a dangerous gamble. The bonds maturing in the next cycle alone amount to 700 billion won."
"I'm fully aware that CL Card's net loss exceeds 3 trillion won. But if I can secure help from
the creditors' committee and the government, Taewoo Group will be able to bear the burden."
"If that's the path you're set on... I'll help however I can. Let's persuade the government and
the creditors' committee together."
Chairman Go Seung-taek — the man who had tried to offload a sinking ship onto me — was now genuinely worried about my well-being.
Well, from CL Group's perspective, it made sense.
They would be unloading all of CL Card's crushing debt onto us while still pocketing 2 trillion won in cash.
But a few years down the line... they'd be kicking themselves.
Because CL Card would generate trillions in profit every year — for at least 15 years.
Chairman Go Seung-taek would only realize he had sold off his golden goose for pennies once it was far too late.
***
The next day.
I sat on the sofa in the chairman's office, enjoying a rare moment of peace with a cup of coffee.
"Does that coffee even go down your throat right now?! You're the one who caused this mess, yet I'm the one who has to clean it up? You couldn't stand seeing me relax in Vietnam, is that it?"
"How would it look if I negotiated with the government myself? They'd just see me as
some young upstart trying to act important. I'd only end up getting cursed out behind my back."
"...Tsk, tsk. Fine. I'll help you this once. But the moment these negotiations are done, I'm
heading straight back to Vietnam — so don't even think about stopping me."
His words were harsh, but his face was smiling.
Clearly, he wasn't all that unhappy about being back in action.
Not that I had called him back just to brighten his mood.
When it came to negotiating with the government, my grandfather was the perfect man for the job.
He was on friendly terms with everyone — from the president to cabinet ministers — not to
mention the bank CEOs representing the creditors' committee.
If anyone could squeeze out the best possible deal, it was him.
"But... are you really sure about this? If you're wrong, CL Card could sink the entire Taewoo
Group."
"As long as we resolve the liquidity crisis, CL Card will become our greatest cash cow. Didn't you always regret selling off Taewoo Card to CL Group, Grandpa?"
"...Hmph. I never said anything at the time, but it ate me up inside. Watching them profit off that card was like having salt rubbed into my wounds."
He let out a long sigh before flashing a rare, sly grin.
"Well, if you're that confident... then I'll take responsibility and bring CL Card home myself."
The negotiations dragged on for days on end.
Government officials, the creditors' committee, CL Group — and my grandfather at the center of it all.
It was a brutal tug-of-war, with each side trying to maximize their own interests.
At one point, the creditors even floated the idea of selling CL Card to a foreign company, pushing the negotiations to the brink of collapse.
But today — in the middle of this deadlock — something massive happened.
"Vice Chairman, we've received urgent news. KEB Card just suspended its cash advance
services. It's the first time a bank-affiliated card company has faced a liquidity crisis."
"KEB Bank injected over 350 billion won into KEB Card, didn't they? It's already dried up?"
"Yes, sir. The sheer scale of their bond obligations wiped out the funding almost immediately. KEB Bank has announced they cannot provide any further support."
The dominoes were starting to fall.
A full-blown economic crisis was brewing.
The scars of the 1997 foreign exchange crisis were still fresh in the minds of the government.
Now, with another wave of panic looming... how would they respond?
Of course, the government would now rush to stamp out the sparks of crisis before they ignited into a full-blown economic meltdown.
With KEB Card's collapse, the authorities would take a far more proactive role in resolving
the CL Card negotiations.
"The negotiations will likely resume now that KEB Card has gone under."
"Yes, sir. The chairman just left to attend the creditors' committee meeting."
"Good. I expect we'll be hearing positive news sooner than we thought."
But my grandfather wasn't the only one who needed to move quickly.
It was also time for Dimon — who had been eyeing the KEB Bank acquisition — to make his
move.
***
A few days later.
My grandfather strolled into the vice chairman's office with his signature confident swagger.
"I'm heading back to Vietnam. Unless I call first, don't even think about bothering me."
"Does that mean the CL Card negotiations are finally over?"
"I wrapped things up with terms even better than what you asked for. The government and the creditors' committee practically begged Taewoo Group to take CL Card off their hands — they're even offering generous debt relief."
In just a few days, the entire mood of the negotiations had flipped on its head.
With KEB Card's collapse, the creditors had no choice but to cut their losses and offload CL Card as quickly as possible — even if it meant swallowing a huge chunk of the debt themselves.
"You've worked hard, Grandpa."
"Now it's your turn to work hard. Even with the debt relief, if you can't bring down the delinquency rate, CL Card will be almost impossible to normalize."
"I'll figure something out."
"Good. Then go ahead and rack your brains all you want. I'll be enjoying myself in Vietnam."
With the deal sealed, my grandfather packed his bags and marched out — every bit the victorious general returning from battle.
He had laid out the perfect feast on the table.
Now, as his grandson... it was only right that I enjoy every last bite.
TL/n -
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