Korea First Bank

Background

Korea First Bank Ltd., in Seoul, was in the process of being recapitalized as the first and largest private sector government sponsored recapitalization since the Economic Crises hit South Korea in 1997. The investor, U.S.-based NewBridge Capital, could not close its recapitalization while Korea First Bank Ltd. still owned Korea First Bank of New York.

Strategic Advice

With extensive experience in foreign bank subsidiary divestitures, KPMG was hired to divest the New York subsidiary of Korea First Bank Ltd. as quickly as possible so that their recapitalization could be completed with NewBridge Capital. Korea First Bank of New York had significant financial troubles, but KPMG Corporate Finance was able to successfully complete this difficult transaction within an expedited time frame.