Cleary Gottlieb represented Industrial Bank of Korea (IBK) in its $300 million 4.00% lower tier II subordinated notes offering, listed on the Singapore Stock Exchange. Credit Suisse First Boston, HSBC and UBS were joint lead managers and joint bookrunners, and BA Asia and Hyundai Securities were co-managers for the offering, which closed today.
IBK, established by the IBK Act, was incorporated in 1961 by the Korean government to provide development finance and related banking services to small- and medium-sized Korean enterprises. As a specialized bank that serves the government’s public policy objectives, IBK is treated as a special juridical entity and is not subject to certain laws regulating commercial banks.
IBK’s common shares are currently listed on the Korea Stock Exchange, and it also has global depositary shares listed on the Luxembourg Stock Exchange.