Split mandate for Kookmin ABS

ING and Bank One selected for Kookmin Card''s first cross-border securitization.

Kookmin Card, one of Korea's largest credit card companies, has selected ING and Bank One to handle its first public cross-border securitization, according to rival bankers who also pitched for the deal.

Towards the end of May, Kookmin sent out request for proposals RFP to 16 investment banks see related article, a record according to some ABS bankers, and eventually decided on a split mandate. It is believed that Kookmin is seeking to raise up to $500 million from the transaction and this will be done through a conduit issue - to be arranged by ING รป and a public term deal, to be structured by Bank One.

Neither bank was available for comment,...

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