Cleary Gottlieb represented BofA Merrill Lynch, Citigroup, Deutsche Bank, Goldman Sachs International and Standard Chartered Bank, as the joint bookrunners and joint lead managers, and IBK Securities as a co-manager, in a Rule 144A/Reg S offering by Industrial Bank of Korea of $500 million of 2.375% senior notes due 2017 under its $8 billion Global Medium Term Note Programme. The closing took place on July 17.
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.
