Hyundai Construction chairman Kin Yun Kyu has briefed Kim about the company's grand projects in North Korea. While they too have made progress, Thailand and Indonesia, the other two Crisis countries, are in a more precarious state. But they are surviving. Ailing Bank Bali, whose sale to Standard Chartered Bank was aborted over legal problems, is due to be recapitalized in October. Three smaller banks have been liquidated since Jan. 1999.
Mergers are in progress.
Four government banks have formed Bank Mandiri, No. 73 in the Asiaweek 500 and the biggest bank in Indonesia. IBRA hopes to sell Danamon next year, although analysts are skeptical about the prospects of a union of such weaklings. Much depends on political stability. Few corporate loans are being made even now. Most banks focus on consumer loans and low-yield government bonds.