Shinhan Bank in $600 Million Offering

Cleary Gottlieb served as transaction counsel in a dual-tranche Rule 144A/Reg S offering of $300 million 4.375% senior unsecured notes due 2031 and $300 million floating-rate senior unsecured notes due 2029 by Shinhan Bank under its $8 billion global medium-term note program.

Citigroup, Crédit Agricole CIB, J.P. Morgan, Mizuho, Standard Chartered Bank, and Wells Fargo Securities served as joint bookrunners and joint lead managers. The offering priced on April 1, 2026, and closed on April 10, 2026. The notes were listed on the Singapore Exchange.

Shinhan Bank is one of the leading commercial banks in Korea in terms of total assets, revenues, profitability, and capital adequacy, among others. A flagship member of Shinhan Financial Group, one of the leading financial holding companies in Korea in terms of similar metrics, Shinhan Bank provides a wide range of commercial and other banking services to retail and corporate customers primarily in Korea and, to a lesser extent, in select overseas markets. It is one of the largest lenders in Korea to small- and medium-sized enterprises.

The Cleary team included partner Jinduk Han, counsel Anne Saehee Kim, and associate Yongjin Chang. Partners Chase Kaniecki and Samuel Chang, and associate Ana Carolina Maloney advised on sanctions matters. Partner David Last and senior attorney Andres Saenz advised on FCPA and anti-corruption matters. Partner Michael Sanders advised on anti-money laundering matters. Partner Matthew Brigham and associate Michael Olson advised on U.S. tax matters, with assistance from law clerk Jiyoung (Reina) Kim.