Shinhan Financial Group Co. Ltd. unit Shinhan Bank Co. Ltd. plans to issue 200 billion won of write-down contingent capital securities.
The perpetual securities have a call option after five years or 10 years from the date of issuance, according to a Form 6-K filed Sept. 7.
The bank will use proceeds from the issuance to maintain capital requirements under Basel III.
As of Sept. 7, US$1 was equivalent to 1,124.04 South Korean won.