Chapter 25
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Translator: Wjin
Chapter: 25
Chapter Title: Bank Run
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After the school issue was resolved, Kangyul returned to the office and had lunch first.
He hadn't even realized how hungry he was while watching Kim Mi-kyeong storm off in a huff.
"Cheeseburger for the president, bulgogi burger for the vice president, right?"
"Yeah, thanks."
Lunch was a simple affair—burgers shared with Jang Deokcheol and Kim Min-a.
'Cheeseburgers that I got sick of in my past life... and they're this delicious even in my new one.'
Kangyul took a big bite of his cheeseburger and glanced at the TV.
The news was in full swing on the screen.
…With Busan Savings Bank and Daejeon Savings Bank hit with six-month business suspension orders from financial authorities, massive deposit withdrawals continue at their affiliates.
"Whew. This bank run's gonna drag on for a while."
"What's a bank run?"
Kangyul muttered at the TV, and Kim Min-a stared blankly from beside him before asking.
"Just what it sounds like—people running from the bank. You know savings banks? They were making illegal loans, scamming depositors, cooking up slush funds for political lobbying... so now folks don't trust them and they're pulling their money out. All those places are gonna go bust."
"Come on, banks don't just fail that easily."
Kangyul chuckled at Kim Min-a's innocent remark.
In 2011 alone, fifteen savings banks shut down. The years after saw such a phobia of them that closures mushroomed like crazy as people steered clear.
'Some even committed suicide because they couldn't get their deposits back.'
"You got a fixed deposit at one of those savings banks or something?"
"…Yeah. Korea Savings Bank on the second floor of our building. Still a year left till maturity."
The building housing Midas Corporation had a savings bank branch on the second floor.
Kangyul had never been, but the staff apparently used it often for the convenience and high rates.
"Don't worry. Up to 50 million won is protected under the depositor protection law."
"…President. What if it's over 50 million? Do we lose it?"
"Yep. It all vanishes. Why? You got money there too, Vice President?"
Jang Deokcheol nodded gravely.
Sadly, Korea Savings Bank was one of the ones that would shutter.
"I'd strongly recommend moving it to a safe bank right now."
"Got it. I'll head up to the second floor."
Jang Deokcheol and Kim Min-a went to the bank together, only to return pale as ghosts.
The place was packed solid with people trying to withdraw—no room to step.
They'd grabbed numbered tickets, but the estimated wait was a whopping twelve days.
"P-President... any way around this?"
Jang Deokcheol's face was etched with uncharacteristic urgency.
It wasn't just his money; his wife's was in there too.
"Hmm. No options right now. Unless someone takes on the bad debts and acquires it..."
Kangyul mentioned acquisition, but no one wanted to inherit a mutual savings bank's toxic assets.
Later, they got pawned off to loan sharks, but that didn't compensate depositors.
'Tch. Too bad.'
Most victims chasing that extra 2-3% interest were everyday folks risking their life savings.
'Maybe I should buy a bank myself?'
The thought crossed Kangyul's mind half-seriously. But on second thought, it wasn't a bad idea.
With his overflowing cash, he could run it stably.
Plus, it was perfect for parking Bitcoin profits.
'Hmm. Could sponsor sports foundations or people under the bank's name too.'
Midas Corporation alone couldn't support everyone effectively. But as a bank, he could promote all sorts of social contributions.
"Hmm, Kim Min-a. Go to Korea Savings Bank and say we're interested in acquiring it. The bank owners will crawl out of the woodwork then."
"…Acquire it? Yes, sir."
Kangyul headed straight to his office after that.
Jang Deokcheol followed.
"President, you don't have to do this on my account."
"It's not just for you, Vice President. Think of it as playing with idle cash or helping people out—either way works."
"…We're just getting the hang of YouTube content. Taking on a bank might be too much."
"We'll just be the majority shareholder. We'll interfere overall, of course."
Jang Deokcheol fell silent at that.
Knock knock—
"President! Korea Savings Bank wants to meet you right away!"
As expected—the desperate dig wells.
No sign of them when depositors clamored, but mention acquisition and they pop up like moles.
"Sounds more urgent than I thought. Vice President, get us some M&A lawyers. Our in-house ones might not cut it. Kim Min-a, tell them to send contract copies with the sale price."
"Yes, sir."
Jang Deokcheol and Kim Min-a sprang into action.
Jang Deokcheol delegated to his secretaries via phone.
'Hmm. No idea on acquisition cost, but probably under 100 billion won.'
He'd swung big, but now tension crept in as it loomed real.
Unlike Kangyul's nerves, things progressed smoothly.
"President, contract copy's here."
Kangyul reviewed it: they proposed 10 billion won while swallowing Korea Savings Bank's bad debts.
'Not as cheap as expected.'
Midas Corporation's current capital was 16 billion won.
The bank had clearly checked and pitched just right.
"Vice President, have the lawyers check this contract for issues. Including any extra costs we'd bear on acquisition."
"Yes, sir."
The lawyers responded fast.
'No 10 billion value? At best 5 billion...'
Korea Savings Bank was small, hemorrhaging deposits exponentially. Its BIS capital ratio was a dismal 6%.
'Deposits flee, it turns into a shell.'
Kangyul countered with 5 billion won—or he'd shop other mutual savings banks.
No reply for over an hour.
'Hmm. Should've bid higher?'
Before regret set in, Kim Min-a knocked.
"President. Bank folks are here. Say they're Korea Savings Bank's majority shareholders."
'They're here!'
Kangyul smirked triumphantly and nodded at Jang Deokcheol nearby.
"We got nothing to lose—stay confident. Bring the lawyers."
"Acquisition price at 5 billion?"
"…Hmm. Lower the better, but plan around 5 billion as fair."
"Got it."
Jang Deokcheol bowed and rose.
Unlike the school buyout, he looked tense—like a general heading to battle.
Click—
Jang Deokcheol greeted the bankers outside and led them to his office.
They talked for over three hours.
Vice President: President. How about partial stock transfer?
President: Push for full sale only.
Vice President: Asked if acquisition today is possible. Lawyers say value drops as assets flee the longer it drags.
'Lawyers are right. But image tanks too. Better take it quick and show we're solid.'
Kangyul wanted to hurry for the desperate depositors' sake.
President: Even if we lose out, for those suffering—buy now. Proceed.
Jang Deokcheol's nose stung reading Kangyul's message.
It included him and Kim Min-a among the sufferers.
Moved by Kangyul's resolve, he bowed his head.
"…Why the long face?"
"Nothing. Let's sign."
The bankers beamed with joy.
The majority shareholder was thrilled to squeeze every last won; staff sighed in relief at the revival. Kangyul felt proud for helping.
'Old saying: earn like a dog, spend like a prime minister.'
Kangyul, now majority shareholder of Korea Savings Bank, immediately rebranded and pumped capital.
💰 Total Assets:171.2 billion won
📈 Net Profit (Period):9.4 billion won
🛡️ BIS Capital Ratio:33.9%
He'd invested 50 billion won, boosting capital to 57.2 billion.
A 33% BIS ratio dwarfed other banks.
'Time for a new slogan too.'
"From today, we're the people's bank. We'll ramp up small loans for everyday folks and scrap corporate lending."
Assets had shrunk from fleeing deposits, but soon swelled again. Unlike others, its stability and pro-commoner stance clicked.
All in just one month.
"Phew. Finally a breather, huh?"
Kangyul was lunching with Jang Deokcheol and Kim Min-a again, like a month prior. Menu: McDonald's burgers.
"Cheeseburger for the president again?"
Kangyul nodded and took his burger.
"Mom's on this wellness kick lately—stuck eating veggie sides every meal. This lunch burger's my one joy."
"…Big moves like yours need health management."
"Plenty of time after adulthood. Heh heh."
Kangyul chomped his cheeseburger. Crisp veggies and salty sauce danced sweetly in his mouth.
"Oh right! Package for you, President."
Kim Min-a remembered mid-sit, fetched a box.
"Huh? For me? What's this?"
Opening it, Kangyul's eyes widened at the huge play buttons.
"Silver buttons!"
Three of them, no less.