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Money Games: The Inside Story of How American Dealmakers Saved Korea's Most Iconic Bank
Money Games is a riveting tale of one of the most successful buyout deals the acquisition and turnaround of what used to be Korea's largest bank by the American firm Newbridge Capital.
Full of intrigue and suspense, this insider's account is told by the chief architect of the deal itself, the celebrated author and private equity investor Weijian Shan. With billions of dollars at stake, and the nation's economic future on the line, Newbridge Capital sought to become the first foreign firm in history to take control of one of Korea's most beloved financial institutions.
In a proud country still reeling from a humiliating International Monetary Fund bailout in the Asian Financial Crisis, Newbridge Capital had to muster every ounce of skill, determination, and patience to bring the deal to closing.
Shan takes readers inside the battle to win control of the bank—a delicate, often exasperating process that meant balancing the goals of Newbridge with those of the government, bank employees, and Korea's powerful industrial titans.
Finally, the author describes how Newbridge transformed and rebuilt the struggling bank into a shining example of modern banking—as well as a massively profitable investment. In the secret world of private equity, few buyouts have been written about with such clarity, detail, and insight—and none with such completeness, covering not only the dealmaking but also the transformation and eventual exit of the investment.
For anyone who has ever wondered how private equity investors strike bargains, turn around businesses, and create immense value—or anyone interested in a captivating story of high-stakes money-making—this book is a must-read.
Full of intrigue and suspense, this insider's account is told by the chief architect of the deal itself, the celebrated author and private equity investor Weijian Shan. With billions of dollars at stake, and the nation's economic future on the line, Newbridge Capital sought to become the first foreign firm in history to take control of one of Korea's most beloved financial institutions.
In a proud country still reeling from a humiliating International Monetary Fund bailout in the Asian Financial Crisis, Newbridge Capital had to muster every ounce of skill, determination, and patience to bring the deal to closing.
Shan takes readers inside the battle to win control of the bank—a delicate, often exasperating process that meant balancing the goals of Newbridge with those of the government, bank employees, and Korea's powerful industrial titans.
Finally, the author describes how Newbridge transformed and rebuilt the struggling bank into a shining example of modern banking—as well as a massively profitable investment. In the secret world of private equity, few buyouts have been written about with such clarity, detail, and insight—and none with such completeness, covering not only the dealmaking but also the transformation and eventual exit of the investment.
For anyone who has ever wondered how private equity investors strike bargains, turn around businesses, and create immense value—or anyone interested in a captivating story of high-stakes money-making—this book is a must-read.
339 pages, Kindle Edition
Published October 19, 2020
71 people are currently reading
635 people want to read
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Displaying 1 - 30 of 38 reviews
March 15, 2021
I started reading this at around 7pm one night, and then found that I couldn't stop.
Shan Weijian's pitch for this book is simple, and I shall state it in his words:
“Private equity is the art of using other people's money (usually) to make investments in private markets (usually), as opposed to buying up stock of a company on a public exchange. It is the job and the fiduciary duty of a private equity dealmaker to generate good returns on capital for his or her investors. The dealmaker does not always win. And that is key: No private equity story is complete without knowing if the deal eventually makes or loses money.
(...) PE fascinates the public because of the enormous amounts of money it moves around and the high stakes of the game it plays. The control of iconic corporate giants can be wrested away, and such deals can make an indelible impact on prominent industries. Then there are the larger-than-life dealmakers, who are often handsomely rewarded for their work to the tune of hundreds of millions of dollars. In the United States, there are more than twice as many PE-owned private companies as there are public ones.
Despite PE's solid presence, there is a dearth of literature about the inner workings of the industry. A few big buyouts have been written about in books, in most cases by journalists who try to piece together from the outside how the deal was made. While they are all fascinating, I am not aware of any book that tells the full story of a big deal, from beginning to end, including if the investors eventually made or lost money.”
This is a book that attempts to tell the story of one major PE deal from origination to end. Shan is a masterful storyteller. In the process of telling his story, he gives you a front row seat to the twists and turns of a high stakes, 900-million dollar deal, and somehow manages to also include a fantastic introductory class to the ins-and-outs of retail banking, a case study in high-level negotiating strategy, an example of the private equity industry at its best, and a detailed accounting of the 97 Asian financial crisis from the perspective of one extremely beleaguered country.
(I did not, for instance, fully appreciate the degree of Korean banking reforms that was necessary in the wake of the 97 crisis, as a result of government-enabled chummy chaebol-bank relationships. Shan does a fantastic job explaining how this crisis came to be, how the chaebol-bank relationships accelerated Korea's rapid growth, and why the reforms were necessary.)
It is rare for a business narrative to be this unputdownable — I'd put Money Games in the same category as Barbarians at the Gate and Shoedog. It is even rarer to have the author be one of the main protagonists in the events of the narrative. What an incredible book.
Shan Weijian's pitch for this book is simple, and I shall state it in his words:
“Private equity is the art of using other people's money (usually) to make investments in private markets (usually), as opposed to buying up stock of a company on a public exchange. It is the job and the fiduciary duty of a private equity dealmaker to generate good returns on capital for his or her investors. The dealmaker does not always win. And that is key: No private equity story is complete without knowing if the deal eventually makes or loses money.
(...) PE fascinates the public because of the enormous amounts of money it moves around and the high stakes of the game it plays. The control of iconic corporate giants can be wrested away, and such deals can make an indelible impact on prominent industries. Then there are the larger-than-life dealmakers, who are often handsomely rewarded for their work to the tune of hundreds of millions of dollars. In the United States, there are more than twice as many PE-owned private companies as there are public ones.
Despite PE's solid presence, there is a dearth of literature about the inner workings of the industry. A few big buyouts have been written about in books, in most cases by journalists who try to piece together from the outside how the deal was made. While they are all fascinating, I am not aware of any book that tells the full story of a big deal, from beginning to end, including if the investors eventually made or lost money.”
This is a book that attempts to tell the story of one major PE deal from origination to end. Shan is a masterful storyteller. In the process of telling his story, he gives you a front row seat to the twists and turns of a high stakes, 900-million dollar deal, and somehow manages to also include a fantastic introductory class to the ins-and-outs of retail banking, a case study in high-level negotiating strategy, an example of the private equity industry at its best, and a detailed accounting of the 97 Asian financial crisis from the perspective of one extremely beleaguered country.
(I did not, for instance, fully appreciate the degree of Korean banking reforms that was necessary in the wake of the 97 crisis, as a result of government-enabled chummy chaebol-bank relationships. Shan does a fantastic job explaining how this crisis came to be, how the chaebol-bank relationships accelerated Korea's rapid growth, and why the reforms were necessary.)
It is rare for a business narrative to be this unputdownable — I'd put Money Games in the same category as Barbarians at the Gate and Shoedog. It is even rarer to have the author be one of the main protagonists in the events of the narrative. What an incredible book.
November 23, 2020
The shrouded mystery of the private equity space revealed. This book is the ticket to understanding the private equity dealmaking from start to end, more specifically a bank purchase. (A good 8 years; From 1997 Asian Financial Crisis (AFC) - 2005 distilled into a book)
It entails the mental vigour and grit required as a deal maker but more importantly having the ability to distil any glimmer of hope and continue without any end in sight. From the author's prior book, "Out of the Gobi" it entails a life story of a labourer in the Gobi desert to being a leading international deal maker. Truly, a tale of a rag to riches or rather, grit to riches story.
What I find intriguing is on the surface, the author's achievements seem like he has the will to bend the outcomes of any situations with his mind or some would say he's just really lucky(right place, right time). But behind all that is a never-ending pursuit of success accompanied by superhuman grit to ensure the desired outcome.
Many takeaway lessons I have gotten apart from understanding the private equity deal-making process, or well at least for me, when I am in a difficult situation I can now ask myself, what would Shan Weijian do.
Would highly recommend reading both books: Money Games and Out of the Gobi.
It entails the mental vigour and grit required as a deal maker but more importantly having the ability to distil any glimmer of hope and continue without any end in sight. From the author's prior book, "Out of the Gobi" it entails a life story of a labourer in the Gobi desert to being a leading international deal maker. Truly, a tale of a rag to riches or rather, grit to riches story.
What I find intriguing is on the surface, the author's achievements seem like he has the will to bend the outcomes of any situations with his mind or some would say he's just really lucky(right place, right time). But behind all that is a never-ending pursuit of success accompanied by superhuman grit to ensure the desired outcome.
Many takeaway lessons I have gotten apart from understanding the private equity deal-making process, or well at least for me, when I am in a difficult situation I can now ask myself, what would Shan Weijian do.
Would highly recommend reading both books: Money Games and Out of the Gobi.
Read
June 23, 2021This is international high finance! If you're working on one of these deals, prepare to work without much sleep. I found the analysis of the bank's financials to be fascinating. There is something to be said for improving the financial performance of a bank and the positive impact it can have for shareholders, customers, and a well-functioning economy.
May 11, 2025
From the author of the amazing autobiography Out of Gobi, this is an inside story of the takeover of private equity (PE) firm, Newbridge Capital’s take over of Korean First Bank (KFB) during the Asian Financial Crisis.
Most activities by private equity firms tend to be secretive and viewed with disdain due to the capitalistic and sometimes predatorial nature. This book offers a sneak peek into the tango between buyer and seller and sometimes evolve into a frenzy with more stakeholders involved. And how not all PE firms strip companies for parts contrary to prevailing sentiments of the industry.
For this case, KFB one of South Korea’s largest banks mired by worsening loan and potential insolvency. Kept afloat by the government, it was desperate for a white knight, particularly someone from outside of the country to help stem South Korea’s free falling investor confidence during the crisis.
The author, representing Newbridge Capital, was in charge of the potential purchase of KFB. The author provided detailed accounts of how each negotiation, from the non-binding MOU to the final TOI were challenged by constantly moving targets set by South Korean bureaucracy. The concerns on public perception that the bank was sold too cheaply with asymmetrically higher risk on tax payers were not unsurprising.
With creativity, grit and genuine want to do business, the author and his team powered through and secured the purchase after more than a year of negotiations. Newbridge acquired KFB for $550million.
Upon the acquisition, Newbridge managed to turn the bank around to one of the best run banks in South Korea. When the economic conditions improved in the country, larger banks such as HSBC and Standard Chartered began enquiring about purchasing the bank from Newbridge. 5 years after acquiring KFB, Newbridge reached a deal with Standard Chartered for a handsome price of $3.3billion.
Great story telling and the author was able to simplify financial terms for laymen in the industry to understand. It is amazing the level of due diligence and the non-linear nature to the whole process, especially when it involves multiple parties and strong personalities. For a deal so complex, there are certainly many different viewpoints such that there are no clear protagonists or antagonists, or even clear winners or losers. While Newbridge made huge profit in the deal, the renewed confidence in South Korean economy after the deal cannot be easily quantified.
Most activities by private equity firms tend to be secretive and viewed with disdain due to the capitalistic and sometimes predatorial nature. This book offers a sneak peek into the tango between buyer and seller and sometimes evolve into a frenzy with more stakeholders involved. And how not all PE firms strip companies for parts contrary to prevailing sentiments of the industry.
For this case, KFB one of South Korea’s largest banks mired by worsening loan and potential insolvency. Kept afloat by the government, it was desperate for a white knight, particularly someone from outside of the country to help stem South Korea’s free falling investor confidence during the crisis.
The author, representing Newbridge Capital, was in charge of the potential purchase of KFB. The author provided detailed accounts of how each negotiation, from the non-binding MOU to the final TOI were challenged by constantly moving targets set by South Korean bureaucracy. The concerns on public perception that the bank was sold too cheaply with asymmetrically higher risk on tax payers were not unsurprising.
With creativity, grit and genuine want to do business, the author and his team powered through and secured the purchase after more than a year of negotiations. Newbridge acquired KFB for $550million.
Upon the acquisition, Newbridge managed to turn the bank around to one of the best run banks in South Korea. When the economic conditions improved in the country, larger banks such as HSBC and Standard Chartered began enquiring about purchasing the bank from Newbridge. 5 years after acquiring KFB, Newbridge reached a deal with Standard Chartered for a handsome price of $3.3billion.
Great story telling and the author was able to simplify financial terms for laymen in the industry to understand. It is amazing the level of due diligence and the non-linear nature to the whole process, especially when it involves multiple parties and strong personalities. For a deal so complex, there are certainly many different viewpoints such that there are no clear protagonists or antagonists, or even clear winners or losers. While Newbridge made huge profit in the deal, the renewed confidence in South Korean economy after the deal cannot be easily quantified.
March 9, 2021
Enjoyed this read entirely.
Actually, i caught sight of a man at % coffee shop reading this book. He caught my attention as he was animatedly on the phone while having the book at the side of the table. The impression that he gave me was one of a busy banker making alot of money.
I then peered across my table to see his read, and immediately tried to source this book from our NLB.
Then as if, sucked by a vacuum, i was engrossed in this story, especially the last chapter, (Chap 17: Its a race) in selling KFB to Standard Chartered, and how in a short time, how billion dollars are being discussed.
Shen Weijian is a master storyteller. He made the most mundane, everyday issues such as banking, where there are so much dull newspapers reports, to me a lay person so exciting.
Also, such a sale, such an acquisition could only can happen once in a lifetime.
Amazing read.
Actually, i caught sight of a man at % coffee shop reading this book. He caught my attention as he was animatedly on the phone while having the book at the side of the table. The impression that he gave me was one of a busy banker making alot of money.
I then peered across my table to see his read, and immediately tried to source this book from our NLB.
Then as if, sucked by a vacuum, i was engrossed in this story, especially the last chapter, (Chap 17: Its a race) in selling KFB to Standard Chartered, and how in a short time, how billion dollars are being discussed.
Shen Weijian is a master storyteller. He made the most mundane, everyday issues such as banking, where there are so much dull newspapers reports, to me a lay person so exciting.
Also, such a sale, such an acquisition could only can happen once in a lifetime.
Amazing read.
April 14, 2024
A meticulously detailed account of a major private equity deal from start to finish to exit. Provides the reader with an educational account of the inner workings of major deals, along with a crash course in banking.
December 30, 2020
I read this book because Shan's first book, Out of the Gobi, is one of my favorites. This book is completely different. It is not really autobiographical. Rather, it is a page turning blow by blow of one of Shan's private equity deal. Even though the deal took place in a somewhat unusual context--Korea at the end of the Asian Financial Crisis--many of the obstacles that the author describes remind me of similar regulatory and p0litical obstacles that I have faced in my work in the energy industry in the US. Definitely to anyone who might be contemplating a career in private equity, investment banking, or corporate law.
May 5, 2024
版权归作者所有，任何形式转载请联系作者。
作者：吴开明（来自豆瓣）
来源：https://book.douban.com/review/15923915/
4月读完了单伟建的《走出戈壁》，单伟建的个人经历足够传奇：北京文官家庭出身，文革中发配到内蒙古戈壁劳动，80年代初经过一系列令人惊叹的操作后去美国读书，拿到博士学位，并在沃顿商学院任教。既能看出他个人超强的自我上进的求生欲，也侧面反映了他的幸运（出身就决定了眼界，和能够获取到的社会资源）。如果故事只到这里，单伟建的形象将是一个足够聪明、幸运和努力的知识分子。之后投身私市股权投资行业，改造韩国第一银行和深圳发展银行，这两段经历证明单伟建的传奇经历中，其聪颖和后天的勤奋，远比他的出身重要得多。
本书《金钱博弈》（Money Games）是关于收购韩国第一银行（约占75%的篇幅）和改造后转卖给渣打银行（约占25%的篇幅）的精彩故事。收购部分，与韩国金监会的拉锯战反复纠缠，虽然书中提到很多技术上的细节，但本质是政治与资本的博弈。政治上，韩国政府答应IMF要出售两家银行给外资，以获取IMF的援助，政府不能食言，这个任务就落到金监会头上，但韩国舆论却在反复摇摆，一部分是因为出售银行可能被冠已贱卖国有资产的骂名，这个政治风险导致金监会的官员在谈判中始终摇摆不定。资本上看，任何外资机构都是逐利的，要借亚洲金融危机狠狠赚一笔（这其中也有巨大的风险，就是韩国经济是否可以恢复），所以谈判中很多问题要求颇高（虽然单伟建以亲身参与者的身份，基本把谈判中遇到的困难都归咎于政府的低效和拖延，但明眼人能够看出，金监会是进退两难的）。谈判颇为困难，从1998年9月开始运作，年底签署备忘录，到1999年底正式完成收购，历时近15个月，新桥团队的专业性令人佩服。
新桥接手后的部分反倒写的很少，可能是因为作者主要参与收购而不参与银行的具体经营。这部分是能大写特写的，特别是从科昂上任后的诸多改革， 包括从信用卡的泥淖中顺利脱身、投入住房贷款行业、减少SK集团的敞口，这些都体现了改造后的银行管理能力（风险控制能力）的大幅改进。资本主义本质是一种优化资源使用的组织形式，优秀的资本主义经验，确实能够改善经济运行状况。
新桥2000年初收购韩国第一银行时与韩国政府共出资9亿美元，04年将其转卖给渣打银行时退出金额合计33亿美元，五年期折算年化收益率30%，不愧是一笔精彩的投资。 这为后续新桥走入中国参与收购深圳发展银行，埋下了机会的种子。
一个细节：单伟建是跑步的爱好者，日常跑10KM，书中描述很多次他在跑步中深思，做出重要决策。单伟建已经70岁，在Youtube上看到他的形象一直是消瘦的，比实际年龄看上去小很多，应当与他长期锻炼有关。这也是值得我学习的。
他的下一本书讲新桥收购深圳发展银行，目前只有英文版Money Machine，可能翻译成中文有些不可描述的困难，看来得直接读英文了。
作者：吴开明（来自豆瓣）
来源：https://book.douban.com/review/15923915/
4月读完了单伟建的《走出戈壁》，单伟建的个人经历足够传奇：北京文官家庭出身，文革中发配到内蒙古戈壁劳动，80年代初经过一系列令人惊叹的操作后去美国读书，拿到博士学位，并在沃顿商学院任教。既能看出他个人超强的自我上进的求生欲，也侧面反映了他的幸运（出身就决定了眼界，和能够获取到的社会资源）。如果故事只到这里，单伟建的形象将是一个足够聪明、幸运和努力的知识分子。之后投身私市股权投资行业，改造韩国第一银行和深圳发展银行，这两段经历证明单伟建的传奇经历中，其聪颖和后天的勤奋，远比他的出身重要得多。
本书《金钱博弈》（Money Games）是关于收购韩国第一银行（约占75%的篇幅）和改造后转卖给渣打银行（约占25%的篇幅）的精彩故事。收购部分，与韩国金监会的拉锯战反复纠缠，虽然书中提到很多技术上的细节，但本质是政治与资本的博弈。政治上，韩国政府答应IMF要出售两家银行给外资，以获取IMF的援助，政府不能食言，这个任务就落到金监会头上，但韩国舆论却在反复摇摆，一部分是因为出售银行可能被冠已贱卖国有资产的骂名，这个政治风险导致金监会的官员在谈判中始终摇摆不定。资本上看，任何外资机构都是逐利的，要借亚洲金融危机狠狠赚一笔（这其中也有巨大的风险，就是韩国经济是否可以恢复），所以谈判中很多问题要求颇高（虽然单伟建以亲身参与者的身份，基本把谈判中遇到的困难都归咎于政府的低效和拖延，但明眼人能够看出，金监会是进退两难的）。谈判颇为困难，从1998年9月开始运作，年底签署备忘录，到1999年底正式完成收购，历时近15个月，新桥团队的专业性令人佩服。
新桥接手后的部分反倒写的很少，可能是因为作者主要参与收购而不参与银行的具体经营。这部分是能大写特写的，特别是从科昂上任后的诸多改革， 包括从信用卡的泥淖中顺利脱身、投入住房贷款行业、减少SK集团的敞口，这些都体现了改造后的银行管理能力（风险控制能力）的大幅改进。资本主义本质是一种优化资源使用的组织形式，优秀的资本主义经验，确实能够改善经济运行状况。
新桥2000年初收购韩国第一银行时与韩国政府共出资9亿美元，04年将其转卖给渣打银行时退出金额合计33亿美元，五年期折算年化收益率30%，不愧是一笔精彩的投资。 这为后续新桥走入中国参与收购深圳发展银行，埋下了机会的种子。
一个细节：单伟建是跑步的爱好者，日常跑10KM，书中描述很多次他在跑步中深思，做出重要决策。单伟建已经70岁，在Youtube上看到他的形象一直是消瘦的，比实际年龄看上去小很多，应当与他长期锻炼有关。这也是值得我学习的。
他的下一本书讲新桥收购深圳发展银行，目前只有英文版Money Machine，可能翻译成中文有些不可描述的困难，看来得直接读英文了。
November 5, 2023
Another interesting story about capitalism in Asia, especially in private equity, was almost similar to Bill Browder's story in Eastern Europe. I know PayPal flexed its policy to comply with the government law in Vietnam. This time, New Bridge Capital did everything to convince KFB Bank in South Korea to sell the bank to them, and they transferred it to Standard Chart. The most exciting part about this is the persistence and ongoing negotiation of the New Bridge team toward the KFB owner and the government. It took a lot of patience to finalize the decision. It was an opportunity to open the market to the world in Korea, especially in banking investment. At the same time, the people might lose their pride because of the fear of being controlled by foreigners. At the same time, multiple barriers from the law and politics did not discourage the team from negotiating a hundred terms on both sides. New Bridge almost gave up, but the table turned to them twice until the deal was finalized. I could feel the frustration in his writing about dealing with it. It was a great book since my family business went through it, but not with banking.
June 7, 2023
This book certainly delivers in terms of what it says it’s about. If you’ve ever wanted to know what goes into a private equity deal to buy a bank then, well, this is the book you need. Weijian Shan goes into microscopic detail on how he led a buyout of Korea First Bank, barely getting any sleep for months as he haggled on small details, lawyers going back and forth on items such as ‘enabling maximum profitability’ or ‘maximising profitability’ (hint: ‘enabling’ means you’re not guaranteeing it, only hoping to theoretically achieve it).
Is it enjoyable? That depends on how much of this stuff you enjoy. There isn’t too much in the way of corporate backstabbing but it’s still interesting in terms of just how much haggling goes on and how much can be derailed by just one person being difficult to work with.
Is it enjoyable? That depends on how much of this stuff you enjoy. There isn’t too much in the way of corporate backstabbing but it’s still interesting in terms of just how much haggling goes on and how much can be derailed by just one person being difficult to work with.
June 21, 2023
After reading "Out of the Gobi", I decided it was definitely worth reading Weijian's other books. Think 'Barbarians at The Gate' but more detailed on the play by play. Weijian recounts his part in his firm (at the time) New Bridge Capital's acquisition of Korean First Bank from the South Korean government, the effort it took to complete the deal and the subsequent sale 5 years later to Standard Chartered.
Given that Weijian uses his notes from his journal to compose this book, you do get a sense of the frustration of the ebb and flow of the deal. While I did enjoy this one, I'll say this is for a specific taste and wouldn't recommend it for everyone. If youre interested in the world of high finance and the minute details of how private equity deals occur from start to sale, youll like this.
Given that Weijian uses his notes from his journal to compose this book, you do get a sense of the frustration of the ebb and flow of the deal. While I did enjoy this one, I'll say this is for a specific taste and wouldn't recommend it for everyone. If youre interested in the world of high finance and the minute details of how private equity deals occur from start to sale, youll like this.
May 29, 2024
Shan, CEO of Pacific Alliance Group and a deeply experienced entrepreneur and investor in Asian private markets, delivers a first-hand well documented account of the successful distressed acquisition of Korea First Bank by private equity firms Newbridge Capital and Texas Pacific Group during the Asian financial crisis of the late 1990s and its subsequent turnaround. It provides a blow-by-blow review of the twists and turns involved in successfully executing a complex distressed private equity investment under trying circumstances and reflects the need to successfully navigate personalities from business, legal, and government backgrounds and their sometimes widely divergent respective incentives.
September 30, 2024
Read the first half then listen to the second half in audiobook, overall recommend reading, although I got tired in the back and forth negotiation for the deal in the mid of the book, which made me respect Shan's patient even more.
Weijian Shan is a good storyteller and the book is written in a way that even people with little finance knowledge could understand. It's not only eye-opening to read the details of a deal documented by an insider, but also interesting to see the world through a successful investor/banker, and read his views on layoff (as part of job elimination), worker union, Korean culture, etc, which is massively different from the other books (sociology, liteature, etc.) that I usually like to read.
Weijian Shan is a good storyteller and the book is written in a way that even people with little finance knowledge could understand. It's not only eye-opening to read the details of a deal documented by an insider, but also interesting to see the world through a successful investor/banker, and read his views on layoff (as part of job elimination), worker union, Korean culture, etc, which is massively different from the other books (sociology, liteature, etc.) that I usually like to read.
December 22, 2024
The biggest takeaway for me, as a software engineer is how negotiation works. Recently I joined the 2B business and working with different partners in traditional industry (well, we call ourselves high tech but..). I already feel the negotiation went in various ways I never anticipate. Until I read this book, I learned the good, bad and ugly of negotiations. Also, how to think in other people's perspective, holds your position and most importantly stay sane while frustrated.
For the book, I did my homework about the deal and it's definitely a win-win game. It might still be a way better deal for the buyer. If you think from this perspective, the Korean government side might sound more reasonable and less dramatic.
For the book, I did my homework about the deal and it's definitely a win-win game. It might still be a way better deal for the buyer. If you think from this perspective, the Korean government side might sound more reasonable and less dramatic.
April 9, 2024
As far as I know, there are very few good books out there on major transactions in China, especially ones written from a personal perspective. That makes this book unique and valuable if nothing else. The book itself is well written too. Details of the deals could be a bit complicated but for someone in this industry and with some knowledge of the capital markets and M&A world, there shouldn’t be anything that might bog you down. All in all, a great book. I’m moving on to the this book by this author and hope that one will be as enjoyable.
January 23, 2023
Read the Chinese version of this book. Fascinating. This is the M&A / LBO case study that students, investment bankers, and investment professionals need. It exposes the nature of a complex negotiation, the key business terms, a bit of insights into the commercial banking industry, and what it takes to complete a large, complicated transaction.
I look forward to reading his book on the Chinese bank.
I look forward to reading his book on the Chinese bank.
August 27, 2024
This book does an excellent job of reflecting the process of major M&A deals.
What would have earned it the 5th star would be:
- more details of what the Board / management team did to improve performance over the five years’ of ownership; and
- a more detailed explanation of why the KFB CEO Horie got so involved and damages his career so badly to override the risk management protocols for Hynix Semiconductor. It feels like the book only had half the story..
Shan is an excellent writer.
What would have earned it the 5th star would be:
- more details of what the Board / management team did to improve performance over the five years’ of ownership; and
- a more detailed explanation of why the KFB CEO Horie got so involved and damages his career so badly to override the risk management protocols for Hynix Semiconductor. It feels like the book only had half the story..
Shan is an excellent writer.
September 29, 2025
Fascinating story told by a seasoned storyteller!
One of the best book on business I’ve ever read, based on real life stories, giving an insiders account to one of the most successful bank deal in history. In addition to his business acumen, Shan is also a masterful storyteller and one can learn plenty from his negotiation, his candidness, his ability to read the people, and so on. Highly recommended.
One of the best book on business I’ve ever read, based on real life stories, giving an insiders account to one of the most successful bank deal in history. In addition to his business acumen, Shan is also a masterful storyteller and one can learn plenty from his negotiation, his candidness, his ability to read the people, and so on. Highly recommended.
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October 26, 2020I particularly like his analysis of Korean culture in the negotiations and the operations of Korea First Bank. The book taught me this: acquisition is easy but improving on a business is hard. Newbridge made huge amounts of money from the deal due to: fundamental overhaul of the bank’s management system and the macroeconomic improvement. Exchange rates helped as well.
This entire review has been hidden because of spoilers.
June 3, 2023
This is a good book especially if you are interested in m & a. It is amazing detail regarding the negotiations sometimes I found it a little repetitious as they went back and forth for the better part of a year. Most of the book is the lead up to the closing of the deal. Then a smaller section on the actions taken to turnaround the bank. Overall a good book that I recommend.
December 10, 2021
Very indepth book about the deal with Korean state representatives consisting all the twists and turns during the process. Selling part was somewhat more regular and by international "best" practises. One of the best book finds in 2021!
May 4, 2022
An absolutely detailed and great book to document a private equity deal. Very inspiring. I am impressed by how the writer documented every details when he was conducting the lengthy and tiring negotiation. Look forward to the next book
September 29, 2022
读的中信出版的中文版，翻译的很到位。很佩服作者的毅力，每次眼看就要收购成功了又出现新的幺蛾子，也从侧面说明收购一家国有银行多么的不容易。书里面有很多晦涩难懂的金融词语和概念，但作者总能够用简单的例子解释清楚。
里面很多细节都记不清了，但有一点印象深刻：经济危机的时候即使是基本面非常好的公司想融资都很困难，最近买（已经卖掉了）的一家公司基本面相当可以，创始人技术出身，公司的技术没话说，但体量非常小，要想扩大业务就要不断的烧钱，钱已经快烧没了，后续还要继续烧钱，这个时候融资非常困难，似乎被收购是理性的选择。
里面很多细节都记不清了，但有一点印象深刻：经济危机的时候即使是基本面非常好的公司想融资都很困难，最近买（已经卖掉了）的一家公司基本面相当可以，创始人技术出身，公司的技术没话说，但体量非常小，要想扩大业务就要不断的烧钱，钱已经快烧没了，后续还要继续烧钱，这个时候融资非常困难，似乎被收购是理性的选择。
June 7, 2025
I hope Shan keeps the books coming, I have loved everything I've read by him. I think it would be easy to be bored by these play-by-plays of private equity deals but I find them really interesting and informative. I'm not sure if they accurately portray what it was like to be there though, there seems to be a lot of "hurry up and wait"-ing going on. Seems like it would be so frustrating to do a deal with the government involved, not sure if there is American equivalent book out there, but it is also interesting to read about the privatization going on in China.
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August 4, 2025Another legendary success that's destined for ethical capable business people doing the best for the local nation. no system is perfect & even a good system can be abused by flawed actors but it beats having a poor system in place. Shan is a rockstar ❤️💯
Want to read
March 15, 2021High rec by Ced! - https://twitter.com/ejames_c/status/1...
September 14, 2022
Interesting day-by-day account of how a top PE firm negotiated the purchase of a South Korean govt. owned bank.
March 10, 2023
Phenomenal read. Such an exciting and transformational deal..
April 27, 2023
A good read and summary around what goes on in a deal, if a bit self-congratulatory
July 3, 2023
Great memoir on Newbridge's purchase of Korea First Bank in the 90s.
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