KDB to see moment of truth on Se-ri bet

By Kim Jae-won

KDB Financial Group and its Chairman Kang Man-soo have a special reason to see Korean LPGA veteran golfer Pak Se-ri victorious in the Kraft Nabisco Championship, which concludes this weekend.

The financial group has bet against long odds to sponsor Park, the U.S. LPGA Hall of Famer, who put Korea on the world golf map but has been on the decline for the past few years.

Nabisco is special because a win there would help Park achieve a career Grand Slam. Any publicity, associated with Park becoming a comeback kid, may boost the banking group that is planning a partial initial public offering (IPO) in October.

So far, there is skepticism about KDB’s privatization because it comes so late in the current administration time in office, which ends February. Kang, the first finance minister of the Lee Myung-bak government, is pushing for privatization, something that would not be possible for anybody with less standing with the President.

KDB signed a three-year contract to sponsor Pak in September last year, deciding to back the legend, who has 25 LPGA career wins.

The 34-year-old has won five majors _ the LPGA Championship in 1998, 2002 and 2006, the U.S. Women’s Open in 1998 and the Women’s British Open in 2001.

However, she never had won the Nabisco Championship. Her best finish at the tournament was tied for ninth in 2002.

The state-run financial holding company promised to host an invitational tour in her name with the biggest prize money for invitational events on the ladies’ golf tour if Pak wins the major that has so far eluded her.

“I promised her that we will host Pak Se-ri Invitational if she achieves the grand slam and becomes the first Asian player to do so,” said KDB Financial Chairman Kang Man-soo in a press meeting recently.

“I guaranteed the money prize will be the biggest, even $1 more than any other invitationals.”