Korea's real winners: local banks not foreign private equity

With the Lone Star probe nearing an end, we reprint the November cover story from FinanceAsia magazine. It analyses how Korean banks have made more profit from their investments than foreign private equity firms.

ItÆs hardly a dirty secret, but nor has it been well publicised. Indeed, in a climate in which South Koreans rail against the profits made by foreign private equity firms, it will surprise many in Korea that the biggest æprivate equityÆ profits have probably been made by the Korean banks themselves.

How so Well, ironically, itÆs largely thanks to the...

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