Shinhan agrees to buy majority stake in LG Card

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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