Korea’s Second Largest Bank in $500 Million Debt Offering

October 6, 2005

Cleary Gottlieb served as transaction counsel in Woori Bank’s Rule 144A and Regulation S offering of 4.875% Notes due 2010. The $500 million transaction was a takedown from Woori Bank’s $4 billion Global Medium Term Note Programme.

The notes and the program are listed on the Singapore Stock Exchange. ABN AMRO, BNP Paribas  and UBS Investment Bank served as joint lead managers and bookrunners for the offering.

Woori Bank is Korea’s second-largest financial holding company, formed as a result of the 1998 merger of Commercial Bank of Korea and Hanil Bank, two national commercial banks. Woori Bank provides a variety of products and services to a broad range of customers, including Korea’s largest corporations, small- and medium-sized enterprises, and individuals. It is the flagship bank of Korea’s largest holding company, Woori Finance Holdings, whose American depository shares are listed on NYSE.