Korean government mandates Cho Hung GDR

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.