Cleary Gottlieb represented Citigroup, Commerzbank, Crédit Agricole CIB, and HSBC, as the joint bookrunners and lead managers and IBK Securities as co-manager in a Rule 144A/Reg S offering by Industrial Bank of Korea of $500 million floating-rate notes due 2021 under its $8 billion global medium-term note program.
The deal closed on August 2, 2018.
Industrial Bank of Korea, established pursuant to 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.