Korea’s Shinhan Bank to issue up to KRW 300 billion write-down contingent capital securities

By Rebecca Melvin

Concord, N.H., Oct. 8 – Shinhan Bank said it has gotten approval from its board of directors to issue up to KRW 300 billion write-down contingent capital securities, according to a regulatory notice.

The securities will mature within 15 years.

The issuance is considered tier 2 subordinated debt and will maintain the company’s capital requirements under Basel 3.

Under existing law, the total amount of the contingent capital securities including interest will be written off upon designation as an insolvent financial institution without any consent or approval from related parties.

Shinhan is a Seoul, South Korea-based retail bank.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.