The Firm recently represented Goldman Sachs, Morgan Stanley, Korea Investment & Securities and Samsung Securities in connection with KB Financial Group’s ("KBFG") rights offering of 30,000,000 shares of common stock, either directly or in the form of American depositary shares. The rights offering consisted of a public offering in South Korea and an SEC-registered international offering in the United States and elsewhere outside of South Korea. The shares were offered for subscription by existing shareholders (including holders of ADSs) of KBFG, and to the extent not so subscribed, the underwriters subscribed for, or procured subscribers for, the remaining shares. The aggregate offering size was approximately $900 million.
KBFG is a holding company for Kookmin Bank, the largest bank in South Korea in terms of total assets, which provides commercial and consumer banking services. KBFG also has operations in life insurance, asset management and investment services, among others. KBFG’s common stock is listed on the KRX KOSPI Market and its ADSs are listed on the New York Stock Exchange.
The Simpson Thacher team for the transaction included Jin Hyuk Park, Kristina Kang, Soo Chung and Sarah Park (HK Corporate), Steven Delott and Till Lefranc (NY Corporate), Jonathan Talansky (Tax), Andrew Pagliughi (Blue Sky), and Jeanne Annarumma (Executive Compensation and Employee Benefits).