KB Financial Group in Won 1.1 Trillion Rights Offering

Cleary Gottlieb represented KB Financial Group in its Won 1.1 trillion (approximately $900 million) rights offering of 30 million new shares, both directly and in the form of American depositary shares (ADSs). The transaction consisted of a registered public offering in Korea and the United States, as well as private placements in certain other jurisdictions. Prior to their expiration, the share rights were traded on the KRX KOSPI Market, and the ADS rights were traded on the NYSE. Goldman Sachs, Morgan Stanley, Korea Investment & Securities and Samsung Securities acted as joint bookrunners for the offering. Holders of the rights, together with members of the employee stock ownership association, subscribed for approximately 98.8% of the new shares offered in the transaction. The remaining shares were subscribed or placed by the joint bookrunners. The rights offering closed on September 1.

KB Financial Group is one of the largest financial holding companies in Korea and the parent of Kookmin Bank, the largest commercial bank in Korea with a customer base of over 26 million retail customers. KB Financial Group engages in a broad range of businesses, including commercial banking, credit cards, asset management, bancassurance, capital markets activities and international banking. Its shares are listed on the KRX KOSPI Market and the NYSE.