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The Beginnings of the McKinsey Seoul Office, the First Foreign Consulting Firm in Korea
(Late 1980s ~1991)
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As the Korean economy developed at an extraordinary pace throughout the 1980s, Korean companies soon began to feel the need for consulting services to help address their most pressing business issues. One major Korean company asked the McKinsey Tokyo office to advise them on setting an overall corporate vision and rationalizing the group's complex corporate governance structure. McKinsey's presence in Korea began as a fruit of this singular opportunity and soon blossomed to several other engagements with major Korean companies.
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To meet Korean companies' growing need for consulting, McKinsey felt compelled to expand its presence in Korea. Once governmental regulation prohibiting foreign service organizations was relaxed in 1991, McKinsey set up its Seoul Office as a satellite of the Tokyo Office, located at the Westin Chosun Hotel. McKinsey represented the first foreign consulting firm in Korea.
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Opening a New Chapter in Strategy Consulting
(1991~1995)
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The Seoul Office was largely dependent on the Tokyo Office in the early days, with many consultants coming from Japan to serve Korean clients. When the Seoul Office moved its operations from the Westin Chosun into new offices at the Kyobo Building near Gwanghwamun, the Seoul Office still remained a small-scale office numbering only 30 members, including 17 consultants and 2 partners.
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In spite of its size, the Seoul Office built its reputation through efforts such as 'The McKinsey Seoul Report' with Maeil Business Newspaper and the McKinsey Global Leadership Forum, and engaged in various projects across a range of industries with leading Korean companies.
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As time went by, with the arrival of non-Japanese partners and rapid maturation of native Korean consultants, the Seoul Office became an independent office in 1995, putting itself on a full-scale growth track.
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Contributing to the Korean Economy
(1995~present)
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After becoming an independent office, the Seoul Office experienced phenomenal growth, providing consulting services to various industries, among them financial services, electronics, chemicals, energy, trading, construction, distribution, and metals.
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In addition to seeking impact for its clients, McKinsey Seoul began its mission to become a force for change in Korea, analyzing the Korean economy and issuing a series of recommendations in the aftermath of the 1997 Korean financial crisis. 'McKinsey's post-crisis report' became a best-selling book in Korea, and solidified the Firm's reputation as the preeminent partner to overcome business problems and create significant value in spite of financial instability. The Seoul Office experienced growth in the face of the financial crisis and contributed to the restructuring efforts of many Korean industries.
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In 2000, the Seoul Office moved its operations from the Kyobo Building to its current offices in the Seoul Finance Center. Currently, the Seoul Office boasts about 150 members, including 90 consultants.
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In 2001, the Seoul Office successfully completed the merger of two leading banks in Korea, the largest M&A deal in Asia, and continues its mission to serve as a force for change in the greater Korean economy through publishing of "Vision Korea", "Woman Korea", "Aging Society", "Health Reform 2010" and other works. The McKinsey Seoul office is committed to delivering real impact to its clients and remaining Korea's most influential consultancy.
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What impressed me the most was the strong performance ethic and the high standard of professional excellence that McKinsey people live by everyday |
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