On December 20, 2006, Shinhan Financial Group signed an agreement with Korea Development Bank, the Presiding Bank representing the 14 Creditor Financial Institutions, to acquire a 78.58% stake in LG Card at KRW67,770 per share.
The deal was the largest ever Korean M&A transaction, according to Bloomberg, and the transaction completes the restructuring of LG Card, which began when the Creditor Financial Institutions bailed the company out in 2004 through a KRW4.4 trillion recapitalization program.
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