Meantime, another Asian cover story in 2002, on the Carlyle Group's regional ambitions, zeroed in on its makeover of KorAm Bank, a Kookmin rival.

FORBES: Another Look

This year Citigroup completed a tender for KorAm, where it since has had to battle labor union demands, one more part of the familiar Korean story.

FORBES: Another Look

Earlier this year, Citigroup bought a controlling stake in KorAm Bank, which increased its private-banking network there from a dozen branches to over 200, while Standard Chartered last month opened its first branch in Seoul dedicated to private banking.

ECONOMIST: Private banking in Asia