Woori Bank in $1 Billion Takedown

May 3, 2006

Cleary Gottlieb served as transaction counsel in an offering by Woori Bank of $1 billion subordinated notes due 2016. The offering, conducted in accordance with Reg. S and Rule 144A, was a takedown from Woori Bank’s $4 Billion Global Medium Term Note Programme, which was established in 1999 and last updated on September 2, 2005 and is listed on the Singapore Stock Exchange. Deutsche Bank, Goldman Sachs, Morgan Stanley and Woori Investment & Securities served as joint lead managers for the offering.

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