H&CB announces merger with Kookmin Bank
2001-04-02On December 22, 2000, H&CB and Kookmin Bank signed a Memorandum of Understanding (MOU) on merging the two banks. Kookmin Bank is one of the largest banks in Korea.
A new bank will be established as a separate legal entity, which will absorb all assets, liabilities and any related rights of H&CB and Kookmin bank. However, the legal status of the new bank may be subject to future changes.
The stock exchange ratio will be based on the closing prices of the shares of the two banks on December 21, 2000. However, if there are significant differences resulting from due diligence for assets and liabilities, a merger committee will adjust the ratio accordingly.
The new bank will be launched on June 30, 2001.
The new CEO and Chairman of the Board of Directors will be nominated by the merger committee, which will be formed to merge the two banks.
We will disclose more details of the merger as soon as applicable.