Woori Bank in $1 Billion Notes Offering; First Basel III Tier II Sub Notes Offering in Korea

April 30, 2013

Cleary Gottlieb served as transaction counsel in an offering of $1 billion 4.75% Tier II subordinated notes due 2024 by Woori Bank under its $7 billion Global Medium Term Note Programme. The offering was the first Basel III-compliant Tier II subordinated notes offering by a bank in Korea. Barclays, BNP PARIBAS, BofA Merrill Lynch, Crédit Agricole CIB, HSBC, J.P. Morgan, and Nomura served as joint bookrunners and joint lead managers for the offering, which closed on April 30.

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