South Korea's Shinhan Bank to issue debentures to fund loan to subsidiary

By Reshmi Basu

New York, May 3 - Shinhan Financial Group said it will issue debentures in the local market on May 9 in order to fund a Korea won 50 billion loan to subsidiary Shinhan Capital.

The loan will mature on May 9, 2008 and bear an interest rate of the domestic funding rate plus 20 basis points.

Proceeds for the loan will be used for business operations.

Shinhan Financial is one of South Korea's major financial institutions.

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