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Shinhan Bank to issue 200B won in contingent securities

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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 South Korean won of write-down contingent capital securities.

The securities have a tenor of 15 years, according to a Form 6-K filed Feb. 6.

The bank will use proceeds from the issuance to maintain capital requirements under Basel III.

As of Feb. 6, US$1 was equivalent to 1,084.13 South Korean won.