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South Korean banks eye NYSE listing

South Korean banks eye NYSE listing

(South Korea) The three biggest commercial banks in South Korea are tipped to emulate rival Kookmin Bank’s lead by listing on the New York Stock Exchange (NYSE). Shinhan Financial Group, Woori Financial Group and Hana Bank are expected to apply for listing on the NYSE within the next few months.

The precedent was set by South Korea’s Housing and Commercial Bank in October 2002. The bank later became the country’s biggest lender when it merged with Kookmin some 12 months later.

Shinhan has said it intends to move its depositary requirements – certificates of stock owners that are issued to foreign investors – from the Luxembourg Bourse to the NYSE in September.

Shinhan became embroiled in controversy recently when it bought an 80 percent stake in state-owned Chohung Bank which led to 6000 unionised workers striking over fears it would lead to job losses.

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