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본 사례연구는 먼저 금융환경의 변화에 따른 한국외환은행의 외환전문은행으로부터 민영화된 시중은행으로의 변신, 코메르츠 은행의 자본출자와 경영개선노력에 대하여 고찰한다. 그리고 미국의 사모펀드인 론스타 펀드의 한국외환은행 인수를 대상으로 하여 인수내용 및 과정, 인수 시 경영전략의 변화, 경영관리방식의 개선, 인수전후의 경영성과의 변화에 관하여 고찰하여 이에 관련된 이슈들에 대한 토론의 기회를 제공하고자 한다. 론스타 펀드는 과감한 경영전략과 관리기법을 구사하여 코메르츠 은행이 하지 못했던 경영개선을 단기간에 이루어서 은행가치를 제고시킴으로써 막대한 매각차익을 얻을 수 있게 되었다. IMF 외환위기를 극복하는 과정에서 시작된 뉴브리지캐피털의 제일은행 인수, 칼라일그룹의 한미은행 인수에 이어서 론스타 펀드의 한국외환은행인수는 정부의 금융정책, 은행경영, 향후 국내자본의 외국은행 인수 등에 관하여 중요한 시사점을 제공할 것이다


Korea Exchange Bank(KEB), which was in financial difficulty, was provided with capital in 1998 by Komerz Bank of Germany, and then, in 2003, acquired by Loan Star Fund, an US-based private equity fund. The acquisition deal was revealed later as very controversial and was nullified. In this case, we examine the contents and process of acquisition deal, the managerial strategies and plans undertaken by Lone Star Fund, and the comparison between pre-versus post-acquisition performance of KEB. This case is expected to provide interesting issues related with foreign acquisitions of Korean banks and implications for government policies regarding bank M&A, bank management, and acquisitions of foreign banks by domestic fund.


Korea Exchange Bank(KEB), which was in financial difficulty, was provided with capital in 1998 by Komerz Bank of Germany, and then, in 2003, acquired by Loan Star Fund, an US-based private equity fund. The acquisition deal was revealed later as very controversial and was nullified. In this case, we examine the contents and process of acquisition deal, the managerial strategies and plans undertaken by Lone Star Fund, and the comparison between pre-versus post-acquisition performance of KEB. This case is expected to provide interesting issues related with foreign acquisitions of Korean banks and implications for government policies regarding bank M&A, bank management, and acquisitions of foreign banks by domestic fund.