Is the Corporation the Underdog, or is the Bank? (4)
“No, Manager Ma. How can you do this? I offered you the absolute best terms, and you stab me in the back like this!”
The man barging into the sales office and causing a scene was Kim Ju-ho, a sales manager from Base Savings Bank. With his 3-to-7 parting and a face as long and orange-like as a carrot, he was a salesman who had tried to act chummy with Ma Seok-il earlier by mentioning their “similar age.” But the moment he heard the effective rejection, he couldn't hide his agitation and began to shout.
“Stab in the back? I’m quite hurt that you’d say such a thing.”
“If it’s not a stab in the back, then what is it? I can’t even begin to understand why you didn’t choose our terms!”
“Even if you tell me that, what power do I have? I’m just a messenger for the higher-ups. It’s unfortunate, but I suggest you try again during the next round of deals.”
“But you said you’d put in a good word for us!”
Despite Kim Ju-ho’s vein-popping outburst, Ma Seok-il didn’t get excited in the slightest. His tone remained incredibly calm. Because this contrasted so sharply with Kim Ju-ho, it served as an excellent educational case study for Son Min-gwan, who was watching quietly from the side rather than hiding.
“Manager Kim.”
“What!”
At Kim Ju-ho’s snapping retort, Ma Seok-il wore an expression of profound regret.
“Did I not speak well of you?”
“You didn’t speak well of us, so...”
Ma Seok-il cut him off naturally.
“I spoke very well of you. I even highlighted how excellent your deposit interest rates were. But the higher-ups simply wouldn’t tell me why they didn’t choose Base Savings Bank.”
With his eyes even glistening with moisture, Ma Seok-il looked genuinely aggrieved.
“But...”
Again, Ma Seok-il cut him off. Naturally.
“I truly tried my best. But, just as you are talking to me right now, it seems there are others who have a direct line to the people even higher up. I really wanted to be of help to you... I’m so sorry...”
“Hah, geez...”
While Kim Ju-ho was busy letting out sighs of frustration, Ma Seok-il stood up, went under his desk, and pulled out the red ginseng set that Kim Ju-ho had brought as a gift earlier.
“I’ll be returning this. I haven’t the face to accept it...”
For a moment, Kim Ju-ho’s complexion turned pale.
“No, no. I had no intention of taking it back.”
“Please, take it. I don’t deserve to receive this...”
“No, really. You don’t have to return it. Just... please, put in a good word for us next time.”
“Of course. If an opportunity arises that could be good news for you, Manager Kim, I will be sure to contact you.”
“I... I will be waiting for that call.”
As Kim Ju-ho left the office, his shoulders were slumped, but the moment the door clicked shut, Ma Seok-il’s shoulders shot right back up.
“You are truly amazing.”
“Isn’t this what being in sales is all about?”
Seeing the moisture in Ma Seok-il’s eyes vanish as quickly as it had appeared, Son Min-gwan was beginning to realize what “true social intelligence” really meant.
“But did the higher-ups really not tell you why they were rejected?”
“Nope, they didn’t.”
“Really?”
It was a somewhat impudent question from Son Min-gwan, but Ma Seok-il was actually pleased by his reaction.
“Look at you, growing up fast. In the past, you would have been too busy reading my mood to even ask.”
“It’s all thanks to you, Manager.”
“Alright, I’ll be honest with you. Did they tell me why?”
Son Min-gwan focused his wide, sparkling eyes on Ma Seok-il’s lips.
“They didn’t.”
“Aww.”
“It’s the truth. I mean, if I asked, they probably would have told me, but there was no reason to ask. Besides, I can guess why we dropped them.”
“You can guess?”
“Of course, you idiot. How are you supposed to survive in this company if you don’t know the intentions of the higher-ups?”
“Can you tell me?”
“This kid, really. You change in an instant, don’t you? Can you help me move when I move houses soon?”
“Of course.”
“Keke, I love that kind of social awareness. Fine, I’ll tell you. Simply put, it’s because of the interest rates.”
“Interest rates?”
“Yeah, interest rates.”
Ma Seok-il nodded twice before continuing.
“Do you know what the interest rates are for secondary financial institutions?”
“Regrettably, I’ve never earned enough money to even open a savings account.”
“Ah, right, you’re still new to the workforce. The deposit interest rates for secondary financial institutions are between 20 and 40 percent. It varies depending on the type of deposit, of course.”
“Whoa... that’s high.”
“But interest rates aren’t just about deposits, you know? There’s also loan interest.”
“Ah, I know that.”
“Then, what do you think the loan interest rates are like for secondary financial institutions?”
“Ah...!”
“Exactly, you get it now, right? Our YK Department Store needs to take out significant loans, so if we take out loans from secondary financial institutions just to get higher deposit interest, the losses would be too great. It’s a nonsensical idea. From the start, secondary financial institutions never had a chance.”
“Are the interest rates for primary financial institutions much lower?”
“Yes. Deposit interest is a little over 10 percent. This year, it dropped so much that some places are at 8 percent. But in that case, the loan interest would also be in the 10-percent-plus range.”
“The higher-ups really seem smart.”
“They have to be. That’s how we keep our jobs for a long time. You have no idea how much I suffered because of a blockhead boss at my previous job, ugh...”
“Ah, then are all the people at savings banks blockheads?”
At Son Min-gwan’s remark, Ma Seok-il burst into laughter.
“Haha, your application skills have improved! Well, there might be some blockheads, but they didn’t approach us because they were genuinely stupid.”
“Then why?”
“They came to make connections. Even knowing they would be rejected. Of course, some were genuinely there to sell, but that’s secondary.”
“Is there a benefit to making connections with us?”
“Of course there is. Just like how I came here after working at another company, making connections now will definitely help in the future. You need to realize quickly how valuable it is to have connections with people who worked at such a blue-chip company. To put it bluntly, I could introduce someone I know who can’t get a loan from a primary bank to a person I met here at a secondary bank, couldn’t I?”
“The world is more complicated than I thought.”
“It is. But that guy Kim Ju-ho who just left? He really is a blockhead. Because he got angry for real. That means he was taking the sales pitch too personally, and getting angry in front of me is the worst thing you can do for networking. First off, the president of Base Savings Bank must be a blockhead too, so that bank is going to go under soon.”
“It sounds like you’re stating a fact, not making a prophecy.”
“Because it is a fact. And as you’ve vaguely realized, even if an underdog like that gets angry, there’s a time to get angry and a time not to.”
“Was just now a time not to?”
“Exactly. Because he didn’t get angry, I got to keep the red ginseng. Keke.”
Watching Ma Seok-il let out that sinister laugh, Son Min-gwan felt like he was looking at a textbook. Ma Seok-il’s behavior of easily accepting superficial losses to avoid substantial ones felt like the absolute standard.
“Manager Ma.”
“Yeah?”
“I have a lot to learn.”
Ma Seok-il looked at Son Min-gwan and felt that the future of the sales department was looking very bright.
***
“It seems Seonhan Bank was quite desperate.”
At Yoon-gi’s words, Choi Cheol-gyu nodded.
“I was a bit surprised, too. I felt a bit bad for Minguk Bank.”
Minguk Bank had lost to Seonhan Bank by a mere 0.1 percent difference in loan interest rates. It was a decimal point, a difference of only 0.1 percent, but since they were borrowing 100 billion won, it meant saving 100 million won in annual interest, which is why Yoon-gi chose Seonhan Bank.
“Thanks to that, I made a nice profit too.”
As Choi Cheol-gyu pretended to count bills, Yoon-gi chuckled, and Ryu Geun-tae wore an envious expression.
“Are you envious?”
At Yoon-gi’s words, which read his expression, Ryu Geun-tae quickly regained his composure and put on an awkward smile.
“I apologize. Humans, as it turns out, are fond of instant gains...”
“If you wish, I could swap you. President Choi, Chief Ryu, like that.”
“Ah, no. I like the title of Chief.”
Yoon-gi gave a sinister smile at Ryu Geun-tae’s flustered reaction, then immediately got to the point.
“In any case, deposit interest isn’t very important to us. A significant amount will be reinvested or used for purchasing goods. In that sense, Seonhan Bank played it very smart.”
In fact, if you considered the deposit interest rates, Minguk Bank was the winner. However, Yoon-gi only thought about the pure loan interest, and thanks to that, YK Department Store succeeded in borrowing over 100 billion won at an overwhelmingly favorable rate. In particular, one of the factors in Seonhan Bank’s victory was that they finished the review as a pre-screening. Even though YK Department Store hadn’t handed over any data related to sales for the review, the fact that the headquarters brought the contract themselves acted as an advantage.
Of course, they had to set the department store as collateral, but for Yoon-gi, it was no loss at all.
‘In the first place, if I weren’t here, they wouldn’t be able to acquire most of the brands, and if that happened, the connection with the new military regime would be severed. In a sense, it’s like chaff.’
Of course, the practical value was sufficient, so Seonhan Bank didn’t think they were taking a loss either.
“That is true. They read our intentions well. But, Chairman. You took out a loan in the 100-billion-won range for the second branch, do you have a location in mind?”
Ryu Geun-tae and Choi Cheol-gyu had sensed the second branch the moment they heard about the 100-billion-won loan. They were, after all, the two people who had been by Yoon-gi’s side the longest.
“I’m thinking of opening a total of five branches in Seoul. One in the east, west, south, and north, and one in the center.”
“Will demand be able to keep up with supply?”
“People are bound to flock to cities eventually. As the country develops, that is. Just look at the United States; the population influx into cities is immense, isn’t it? That means demand will increase accordingly, so there won’t be a problem.”
Ryu Geun-tae and Choi Cheol-gyu both nodded.
“Then, do you have a location in mind for the second branch? Although President Ryu just asked.”
“Wouldn’t Secretary Ryu be able to predict that well?”
Faced with the sudden quiz, Ryu Geun-tae broke into a cold sweat and answered with the region that had the highest probability.
“It’s either Yongsan or Jamsil, but in my opinion, it’s Jamsil.”
“Why is that?”
“You’ve already set one in the north, and it doesn’t seem like you’d set one in the center, and the wealth of the people living in the Jamsil area is quite decent among the land you currently own, Chairman.”
If someone from the 21st century heard this, they would have thought of Gangnam, but until the early 80s, Gangnam was literally a wasteland. The reason Gangnam developed at high speed was entirely because of the massive influx of taxpayer money. Therefore, Ryu Geun-tae’s guess was correct.
“Exactly. The second branch is Jamsil.”
“Are you thinking of making mini-department stores there as well?”
Yoon-gi shook his head.
“No. Mini-department stores will only be operated in the Jongno area. There’s no reason to build more there. I’ve already secured the connections with influential figures, so if I build them elsewhere, they might actually dislike it.”
“Understood.”
“Come back here tomorrow morning at 9 o’clock with the Jamsil map and the documents related to the land I own. Do you have any schedule?”
“No, I’m fine.”
“Am I coming too?”
“Of course. There’s something we need to discuss together.”
Jamsil, designated as the site for the new second branch. However, before long, regardless of Yoon-gi’s intentions, a wind of speculation began to blow in Jamsil.