KB Financial Group's rights offering was 98.45% subscribed when it closed last week, according to a company statement filed to the US Securities and Exchange Commission. Although the deal was slightly undersubscribed, it was also fully underwritten, which meant the group was still able to raise the full W1.12 trillion $914 million at today's exchange rate that it was seeking, making it the second Korean bank to raise funds from a rights offering this year.
In March, Shinhan Financial Group raised W1.3 trillion $880 million from a rights issue that was also slightly undersubscribed.
KB Financial, which owns Korea's Kookmin Bank, said in the statement that the underwriters had found buyers for approximately 20% of...
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