Cleary Gottlieb represented Industrial Bank of Korea in a $298.4 million Rule 144A/Reg S offering of global depositary shares. The GDSs are listed on the Luxembourg Stock Exchange. Citigroup, Goldman Sachs International and UBS acted as the joint global coordinators and bookrunners for the offering, which closed on April 17, 2014.
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. As a specialized bank that serves the government’s public policy objectives, Industrial Bank of Korea is treated as a special juridical entity and is not subject to certain laws regulating commercial banks.