Korean government mandates Cho Hung GDR

The Korean financial sector stages a return to the international equity markets as Cho Hung is mandated and KorAm sends out an RFP (Request for Proposals).

In a step, which further underlines the Korean government's determination to push through and accelerate bank privatization, a first mandate is awarded for Cho Hung Bank and its prospective deal size doubled to roughly $1 billion. Within the next couple of days the Korea Deposit Insurance Corporation KDIC, is expected to announce that it has selected Credit Suisse First Boston, JPMorgan and UBS Warburg as the three global co-ordinators of a GDR sale.

Having initially planned to sell 15% of Cho Hung to international equity investors, the government is now said to be considering divesting up to 35%. Given that KDIC currently owns 80.05% of the bank, such a move will see it...

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