KB Financial switches bookrunners for rights issue

BoA-Merrill Lynch, Citi, Credit Suisse and J.P. Morgan lose their mandate for the $1.6 billion deal. The operator of Korea's Kookmin Bank hires Goldman Sachs and Morgan Stanley to replace them.

In a highly unusual move, KB Financial Group, the owner of Korea's Kookmin Bank, has replaced all of the four international banks mandated for its upcoming rights issue and brought in Goldman Sachs and Morgan Stanley to arrange the deal instead.

It is unclear exactly what has transpired leading up to their dismissal late last week, but based on information from numerous sources, it seems clear that Bank of America-Merrill Lynch, Citi, Credit Suisse and J.P. Morgan lost their earlier...

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