Woori Finance mandates ADR

The Korean bank mandates advisors for its level II ADR.

In the next step towards Woori's eventual privatization, the Korean bank appointed advisors on Saturday for its level II ADR. With the decision originally expected on Wednesday, but postponed till Saturday, it was announced that Lehman Brothers and Samsung Securities had won the mandate.

The dominant Korean investment bank and the US firm will introduce the issuer to the US market via a level II ADR. Under this kind of programme, the ADRs are listed on the US securities exchange thereby offering higher visibility in the US market, more active trading, and greater liquidity. Given that they must comply with the full registration and reporting requirements of the SEC's...

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