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Shinhan Bank to issue 200B won in contingent securities

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.