Kookmin looks to raise $1.8bn in share sale
South Korea’s Kookmin Bank asked equity bankers for pitches on a $1.8bn treasury share placement that would allow it to sell down part of its stake in parent company KB Financial at the end of last week. But the lender surprised bankers by asking for letters of guarantees from investors to be sent alongside the RFPs.
About 10 banks submitted proposals on Monday, despite widespread shock that the Korean bank had demanded evidence of commitments. Bankers said it would be difficult to get such commitments, and it was unclear how many sent proposals without them.
Some bankers also expressed confusion when Kookmin said on Monday
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