Woori Bank in $1 Billion Securities Offering

May 2, 2007

Cleary Gottlieb served as transaction counsel in an offering by Woori Bank of $1 billion 6.208% hybrid tier I securities, listed on the Singapore Stock Exchange. ABN AMRO, Credit Suisse, Deutsche Bank Securities, HSBC, Merrill Lynch International and Woori Investment & Securities were joint bookrunners and BMO Capital Markets and ING Wholesale Banking were co-managers for the offering, which priced on April 25 and closed on May 2.

Woori Bank is the flagship bank of Woori Finance Holdings, one of the largest financial holding companies in Korea, whose shares are listed on NYSE. It is the third-largest commercial bank in Korea based on total loans and assets and provides a wide range of products and services to a broad spectrum of customers.