Deutsche Bank Signs Management Contract for Seoul Bank
Deutsche Bank yesterday agreed to take part in the operational normalization of Seoul Bank.
The German banking giant will advise Seoul Bank's senior management and review the state-owned entity's current operations to implement a normalization plan, Deutsche Bank said in a press statement released from its Seoul branch.
The Financial Supervisory Commission said in a separate press release that the German Bank was appointed the ``financial and restructuring advisor to Seoul Bank.''
The financial authority however, ruled out earlier speculations on Deutsche Bank's planned equity investment in Seoul Bank, saying this deal between the two will be limited to technical assistance and advisory role only.
Deutsche Bank will commit a number of resources to the project including investment and commercial banking experts who have advised on various bank recovery projects, the statement said.
The scope of Deutsche Bank's role includes advising the government as it selects a new chief executive officer and senior management team, undertaking an extensive review of Seoul Bank's core disciplines and preparing a detailed restructuring plan designed to build an international best practice risk controlled platform.
``We are proud to have been selected for this role. Our role at Seoul Bank is similar to the roles we have undertaken in other countries throughout Asia,'' Kang said. …