외환은행 매각 시 BIS 비율 추정치의 적정성 평가와 재무비율분석 및 가치평가

The objective of this paper is to analyze the validity of KEB’s BIS ratio and its selling price that had been used to obtain approval from large shareholders of Loan Star. Among many assumptions used in calculating KEB’s BIS ratio, we reviewed critical assumptions on provisions to find out that KEB’s BIS ratio as of the end of 2003 actually comes to 8.33%. This number is larger than 8%, the standard by which people judge whether a bank has a sound asset base or not. As such, it is difficult to view KEB as a low asset quality bank. In addition, indirect financial ratio analyses, including profitability, liquidity, and productivity analyses, also support the same conclusion. As to the selling price, which have caused some controversy, we used the accounting-based valuation (RIM) to come to a conclusion that the selling price should have been around 2.2 trillion ～ 1.8 trillion won, which is about 300 billion ～ 800 billion won higher than the actual selling price, 1.3834 trillion won. Lastly, by analyzing structural earnings and management policy after KEB was sold off to Loan Star, we would be able to prove that Loan Star has focused on short-term profits rather than on long-term business performance. This provides us with some evidence that questions the validity of KEB sell-off.