K Bank Selects Underwriters for IPO... NH, KB Securities, BofA

Joint Lead Managers of Three Companies

K Bank announced on the 21st that it has selected NH Investment & Securities, KB Securities, and Bank of America (BofA) as the preferred underwriters for its initial public offering (IPO).

K Bank resolved to proceed with the IPO at the board meeting held on the 18th of last month and has entered the IPO process aiming to list on the Korea Composite Stock Price Index (KOSPI) within this year. Last month, it sent out requests for proposals (RFPs) to major securities firms and selected the underwriters after reviewing each firm's proposals.

The three securities firms were highly evaluated for their deep understanding of K Bank and the internet banking sector, as well as their extensive experience in managing large-scale IPOs. For example, both NH Investment & Securities and KB Securities rank among the top five securities firms in Korea based on annual domestic IPO underwriting performance. Notably, NH Investment & Securities served as the lead underwriter for K Bank's listing in 2022.

BofA, one of the five major global investment banks (IBs), possesses differentiated networks and sales capabilities with key global investors such as sovereign wealth funds and pension funds. In July 2021, when K Bank conducted a paid-in capital increase of 1.25 trillion KRW?the largest ever for an internet bank?BofA acted as the underwriter and successfully completed the capital increase.

After signing the final underwriting agreements with the three firms, K Bank plans to undergo corporate due diligence and submit a preliminary review application to the Korea Exchange within the first half of this year.

A K Bank representative stated, “We selected the underwriters based on their understanding of internet banks and their abundant experience with related IPOs. We will thoroughly prepare to ensure that the IPO becomes a foundation for growth together with our customers and stakeholders.”