Industrial Bank of Korea in $1 Billion Debt Offering

April 23, 2009

Cleary Gottlieb represented Barclays Capital, Citi, Merrill Lynch International and Morgan Stanley, as the joint bookrunners and joint lead managers, and IBK Securities Co., Ltd., as the lead manager, in a Rule 144A/Reg S offering by Industrial Bank of Korea of $1 billion of 7.125% senior notes due 2014. The closing took place on April 23, 2009.

Industrial Bank of Korea, established by the Industrial Bank of Korea Act, was incorporated in 1961 by the Korean government to provide development finance and related banking services to small- and medium-sized Korean enterprises.