*  *  *  Introduction Ms. and Mr. presidents, Distinguished members of the Asia Society Ladies and gentlemen, I am very pleased to have this opportunity to talk today before distinguished guests and economic leaders from New York and people from all walks of life with a deep interest in the Korean economy.
The Minister of Finance rejected Nedcor’s bid based on the grounds, among others, that South Africa’s already highly concentrated banking sector would be compounded by the merger; the size of the merged bank would affect the banking authorities’ ability to contain systemic crises; and the potential social costs, such as job losses, outweighed the efficiency gains of the merger.