Hong Kong, June 28, 2018 -- Moody's Investors Service ("Moody's") has today
assigned Counterparty Risk Ratings (CRRs) to 16 banks in Korea and their
branches as applicable.
The 16 banks affected are: 1) Busan Bank, 2) Citibank Korea
Inc, 3) Daegu Bank, Ltd., 4) Industrial Bank
of Korea, 5) Jeju Bank, 6) Jeonbuk Bank, 7) KEB Hana
Bank, 8) Kookmin Bank, 9) Korea Development Bank (KDB),
10) Kwangju Bank Ltd, 11) Kyongnam Bank, 12) NongHyup Bank,
13) Shinhan Bank, 14) Standard Chartered Bank Korea Limited,
15) Suhyup Bank and 16) Woori Bank.
Moody's has also assigned CRR to Korea Securities Finance Corporation
(KSFC).
Moody's has also assigned long-term Counterparty Risk Assessment
(CRA) of Aa2(cr) to KDB's New York Branch and affirmed its short-term
CRA of P-1(cr); and assigned short-term CRA of P-1(cr)
to KDB's Singapore Branch and affirmed its long-term CRA
of Aa2(cr).
Moody's Counterparty Risk Ratings are opinions of the ability of
entities to honour the uncollateralized portion of non-debt counterparty
financial liabilities (CRR liabilities) and also reflect the expected
financial losses in the event such liabilities are not honoured.
CRR liabilities typically relate to transactions with unrelated parties.
Examples of CRR liabilities include the uncollateralized portion of payables
arising from derivatives transactions and the uncollateralized portion
of liabilities under sale and repurchase agreements. CRRs are not
applicable to funding commitments or other obligations associated with
covered bonds, letters of credit, guarantees, servicer
and trustee obligations, and other similar obligations that arise
from a bank performing its essential operating functions.
RATINGS RATIONALE
The CRRs assigned to the 16 Korean banks and KSFC are in line with the
Counterparty Risk Assessments (CR Assessment) already assigned.
Because Moody's considers that Korea does not have an operational
resolution regime, in assigning CRRs to the Korean banks and KSFC
subject to this rating action, the rating agency applies its basic
Loss Given Failure (LGF) approach. Moody's basic LGF analysis
positions CRRs in line with the bank's and KSFC's CRA,
one notch above their adjusted Baseline Credit Assessments (BCA).
Furthermore, the CRR also incorporates between one to eight notches
of uplift from government support based on Moody's assessment of
government support for the 16 banks and KSFC in times of need, based
on their systemic importance to Korea. The uplifts are in line
with those applied to their CRA.
For KSFC, although it is a key corporation in the securities industry,
we assigned CRR and CRA because we use the Banks methodology to rate KSFC
in light of its operation and balance-sheet structure which are
similar to that of banks.
For KDB, in line with KDB's long- and short-term
counterparty risk assessments (CRAs), Moody's has assigned
long-term CRA of Aa2(cr) to KDB's New York Branch and short-term
CRA of P-1(cr) to KDB's Singapore Branch.
OUTLOOK
CRR do not carry outlooks.
FACTORS THAT COULD LEAD TO AN UPGRADE/DOWNGRADE
BUSAN BANK -- WHAT COULD CHANGE THE RATING UP
Busan Bank's ratings could be upgraded if its BCA is raised over the next
12-18 months.
The bank's BCA could be upgraded if (1) it improves its asset quality
while maintaining its high profitability and capitalization, with
annual net income/tangible assets in excess of 1.0% on a
sustained basis; or (2) its problem loans/total loans improves to
0.5% without substantial write-offs or sale of nonperforming
loans (NPLs).
BUSAN BANK -- WHAT COULD CHANGE THE RATING DOWN
Busan Bank's ratings could be downgraded if its BCA is lowered over the
next 12-18 months.
The bank's BCA could be downgraded if (1) the operating environment deteriorates,
resulting in a lowering of Korea's Macro Profile; (2) its TCE ratio
falls below 9.0%; or (3) its annual net income/tangible
assets falls below 0.4% on a sustained basis, owing
to a sharp increase in credit losses.
CITIBANK KOREA -- WHAT COULD CHANGE THE RATING UP
As indicated by the positive outlook, an upgrade of Citibank Korea's
ratings is likely if the bank manages to improve its profitability while
maintaining its current level of capitalization and avoiding any deterioration
in its asset quality.
A rise in the BCA of Citibank Korea or the BCA of its ultimate parent,
Citibank, N.A.
CITIBANK KOREA -- WHAT COULD CHANGE THE RATING DOWN
While a downgrade is unlikely, given the positive outlook,
the outlook could return to stable if improvements in Citibank Korea's
asset quality and capital strength prove to be unsustainable.
A significant weakening in Citibank Korea's capitalization,
with its ratio of tangible common equity to risk-weighted assets
falling below 12%.
A severe deterioration in its asset quality, with its problem loan-to-gross
loan ratio exceeding 3%.
DAEGU BANK -- WHAT COULD CHANGE THE RATING UP
An upgrade of Daegu Bank's ratings is unlikely in the near term,
given the negative outlook. We would consider changing the outlook
to stable if there is positive pressure on its BCA.
Upward pressure on the BCA could develop if (1) the bank's Tangible
Common Equity (TCE) capital ratio is maintained at a level consistent
with a BCA of baa1; or (2) the three-year average of the bank's
net income/tangible assets exceeds 1.0%, both on a
sustained basis and without a deterioration in asset quality.
DAEGU BANK -- WHAT COULD CHANGE THE RATING DOWN
Daegu Bank's ratings could be downgraded if (1) the operating environment
for Korean banks deteriorates, resulting in a downgrade of Koreas
Macro Profile; (2) the banks TCE capital ratio falls below 12%;
(3) annual net income/tangible assets falls below 0.5% on
a sustained basis, owing to a sharp increase in credit losses;
or (4) problem loans/gross loans increases above 1.6%.
INDUSTRIAL BANK OF KOREA -- WHAT COULD CHANGE THE RATING UP
Industrial Bank of Korea's ratings are currently placed at Aa2,
in-line with Korean government rating of Aa2 and thus an upgrade
of Industrial Bank of Korea's ratings is unlikely unless Korean
government rating is upgraded.
BCA and adjusted BCA of the bank could be upgraded if: tangible
common equity (TCE) capital ratio exceeds 11.0%; or
the three-year average of net income/tangible assets exceeds 1.5%,
without any deterioration in asset quality.
INDUSTRIAL BANK OF KOREA -- WHAT COULD CHANGE THE RATING DOWN
Industrial Bank of Korea's ratings may be downgraded if the government
support clause in the IBK Act is weakened and the banks importance to
the Korean government's policies is weakened.
BCA and adjusted BCA of Industrial Bank of Korea could be downgraded if:
(1) The TCE capital ratio falls below 9.5%; (2) The
three-year average net income/tangible assets falls below 0.5%,
owing to a sharp increase in credit losses; or (3) The problem loan
ratio rises above 2.0%.
JEJU BANK -- WHAT COULD CHANGE THE RATING UP
Jeju Bank's ratings could be upgraded if the bank's tangible
common equity (TCE)/risk-weighted assets (RWA) rises above 11.0%
or if there is sustained improvement in the banks problem loans/gross
loans to below 0.7%.
JEJU BANK -- WHAT COULD CHANGE THE RATING DOWN
Jeju Bank's ratings could be downgraded if the bank's TCE/RWA
falls to below 7.0%; or if there is a fall in the liquidity
coverage ratio to below the regulatory minimum of 95% in 2018.
JEONBUK BANK -- WHAT COULD CHANGE THE RATING UP
Jeonbuk Bank's ratings may be upgraded if the bank's BCA is raised.
The bank's BCA could be raised if (1) its operating environment,
as measured by the Macro Profile, improves; (2) the bank improves
its capitalization and maintains its tangible common equity capital ratio
above 9.0%; or (3) it significantly improves its asset
quality.
JEONBUK BANK -- WHAT COULD CHANGE THE RATING DOWN
Jeonbuk Bank's ratings may be downgraded if the Korean government's ability
or likelihood to support the bank weakens, or if the bank's BCA
is lowered.
The bank's BCA could deteriorate if its (1) operating environment deteriorates,
resulting in a lowering of Korea's Macro Profile; (2) capitalization
weakens significantly, with the capital adequacy ratio falling below
7%; or (3) asset quality deteriorates significantly,
with problem loans/gross loans rising above 3%.
KEB HANA BANK -- WHAT COULD CHANGE THE RATING UP
KEB Hana Bank's ratings could be upgraded if (1) its tangible common
equity (TCE) capital ratio exceeds 14.0%; (2) there
is an improvement in asset quality, with the banks problem loan
ratio falling below 0.7% on a sustained basis; of (3)
the bank's three-year average net income/tangible assets
exceeds 1.5% without an increase in asset risk
KEB HANA BANK -- WHAT COULD CHANGE THE RATING DOWN
KEB Hana Bank's ratings could be downgraded if (1) the bank's
TCE capital ratio declines below 12.0% on a sustained basis;
(2) its annual net income/tangible assets falls below 0.3%;
or (3) its asset risk increases, with the banks nonperforming loan
(NPL) formation ratio rising above 3.0% on a sustained basis
KOOKMIN BANK -- WHAT COULD CHANGE THE RATING UP
Kookmin Bank's ratings could be upgraded if there is (1) a significant
improvement in the bank's capitalization, with its asset quality
remaining stable; (2) a significant improvement in its profitability,
without an increase in its risk appetite; of (3) a material improvement
in its asset quality, with problem loans/gross loans falling below
0.5% and maintaining low NPL formation ratio
KOOKMIN BANK -- WHAT COULD CHANGE THE RATING DOWN
Kookmin Bank's ratings could be downgraded if there is (1) a significant
weakening of the bank's capitalization, with its Tangible
Common Equity Tier 1 capital ratio falling below 12%; (2)
a significant deterioration in its asset quality, with the nonperforming
loan (NPL) formation rate staying above 4% on a sustained basis
KOREA DEVELOPMENT BANK -- WHAT COULD CHANGE THE RATING UP
KDB's ratings may be upgraded if Korea's sovereign rating
is upgraded and the deficiency guarantee in the KDB Act remains in force.
The act requires the government to replenish any deficit if KDBs reserves
prove insufficient to absorb any annual net losses.
Because KDB receives nine notches of uplift from its BCA and its senior
unsecured debt rating is at the same level as the sovereign rating,
an improvement in its credit metrics will not lead to a rating upgrade.
KOREA DEVELOPMENT BANK -- WHAT COULD CHANGE THE RATING DOWN
KDB's ratings may be downgraded if (1) Korea's sovereign rating
is downgraded; or (2) there is a change in the KDB Act, which
diminishes the government's responsibility of maintaining the banks
solvency.
KWANGJU BANK -- WHAT COULD CHANGE THE RATING UP
Kwangju Bank's ratings may be upgraded if the bank's BCA is raised.
The bank's BCA could be raised if the operating environment, as
measured by the Macro Profile, improves.
The bank's ratings could be upgraded is the bank improves its capitalization
and maintains its tangible common equity capital ratio above 15.0%
or significantly improves its asset quality.
KWANGJU BANK -- WHAT COULD CHANGE THE RATING DOWN
Kwangju Bank's ratings may be downgraded if the ability or likelihood
of Korea (Aa2 stable) to provide support to the bank weakens.
The bank's ratings may also be downgraded if its BCA is lowered.
Downward pressure on the bank's BCA will develop if its (1) operating
environment deteriorates, resulting in a lower Macro Profile for
Korea; (2) capitalization weakens significantly, with its tangible
common equity ratio falling below 12.0%; or (3) asset
quality deteriorates significantly, with its problem loan ratio
exceeding 1.1%.
KYONGNAM BANK -- WHAT COULD CHANGE THE RATING UP
Kyongnam Bank's ratings could be upgraded if its BCA is upgraded.
Its BCA could be upgraded if: (1) the bank improves its asset quality
while maintaining its high profitability and capitalization, with
annual net income/tangible assets in excess of 1.0%;
(2) its tangible common equity (TCE)/risk-weighted assets (RWA)
improves to above 13.0%; and (3) its problem loans/total
loans improves to 1.0% without substantial write-offs
or sale of nonperforming loans (NPLs)
An upgrade of Busan Bank's BCA could lead to an upgrade of Kyongnam Bank's
ratings because Busan Bank and Kyongnam Bank are two main subsidiaries
of BNK FG and we expect Kyongnam Bank to receive continued strong support
from the group, causing the two banks' Adjusted BCAs and deposit
ratings to remain at similar levels.
KYONGNAM BANK -- WHAT COULD CHANGE THE RATING DOWN
Kyongnam Bank's ratings could be downgraded if its BCA is downgraded.
The bank's BCA could be downgraded if: (1) the operating environment
deteriorates, resulting in a lowering of Korea's Macro Profile;
or (2) the bank's TCE/RWA falls below 8.0%
NONGHYUP BANK -- WHAT COULD CHANGE THE RATING UP
NongHyup Bank's ratings could be upgraded if the bank (1) significantly
improving its capitalization, with its tangible common equity (TCE)
ratio increasing to 13%; (2) significantly improving its funding
and liquidity; or (3) Its asset quality improving significantly on
a sustained basis, with the problem loan ratio falling below 1%
NONGHYUP BANK -- WHAT COULD CHANGE THE RATING DOWN
NongHyup Bank's ratings could be downgraded if there is a significant
weakening of the bank's capitalization, with its TCE ratio
falling below 10%; or if there is a deterioration in the bank's
asset quality, with its problem loan ratio rising above 3%
on a sustained basis
SHINHAN BANK -- WHAT COULD CHANGE THE RATING UP
Shinhan Bank's ratings could be upgraded if there is (1) an improvement
in the bank's problem loan ratio to 0.4% without substantial
write-offs or sale of nonperforming loans or (2) an improvement
in the banks capitalization and asset quality, while its high profitability
levels are maintained, with net income/tangible assets above 0.7%
SHINHAN BANK -- WHAT COULD CHANGE THE RATING DOWN
Shinhan Bank's ratings could be downgraded if there is (1) a deterioration
in the operating environment for Korean banks, resulting in a lowering
of Koreas Macro Profile; (2) a decline in the bank's tangible
common equity ratio below 12.0%; (3) a decline in the
bank's net income/tangible assets below 0.4%;
and (4) a significant deterioration in the bank's asset risk,
with problem loan ratio rising above 2.5% on a sustained
basis
STANDARD CHARTERED BANK KOREA (SCBK) -- WHAT COULD CHANGE THE RATING
UP
SCBK's ratings are unlikely to be upgraded further in the near term.
The bank's A2 ratings already incorporate a three-notch uplift,
owing to our assumption of support from its parent and Korea.
SCBK's BCA may be upgraded as a result of (1) an improvement in
the bank's operating environment, as indicated by an improvement
in Koreas Macro Profile; (2) a significant and sustainable improvement
in its profitability; or (3) a significant improvement in its asset
quality, with problem loans/gross loans declining below 0.5%.
STANDARD CHARTERED BANK KOREA -- WHAT COULD CHANGE THE RATING DOWN
A downgrade of the bank's ratings could occur if the probability
of parental and government support falls notably, or if the bank's
BCA is lowered. The probability of parental support could fall
if the bank's strategic importance to the group diminishes,
either because of a deterioration in SCBK's long-term prospects
or a change in the group's global strategy. Standard Chartered
Bank (SCB)'s capacity to support SCBK may also fall if SCB's
standalone credit strength, as represented by its BCA, deteriorates.
The probability of government support could decrease if we assess that
Korea's ability or likelihood to support the bank has weakened.
Downward pressure on SCBK's BCA could develop if (1) the bank's
operating environment deteriorates, resulting in a downgrade of
Korea's Macro Profile; (2) its capitalization weakens substantially,
with tangible common equity/risk-weighted assets falling below
12.0%; (3) its asset quality deteriorates, with
problem loans/gross loans rising above 2.5%; or (4)
its balance-sheet liquidity deteriorates significantly.
SUHYUP BANK -- WHAT COULD CHANGE THE RATING UP
Suhyup Bank's ratings may be upgraded if the bank's BCA rises
because of an improvement in its (1) operating environment, as measured
by Koreas Macro Profile; (2) funding profile, with its market
funds/tangible banking assets declining below 30%; or (3)
liquidity, with its liquid assets/tangible banking assets falling
below 12%.
SUHYUP BANK -- WHAT COULD CHANGE THE RATING DOWN
Suhyup Bank's ratings may be downgraded if the bank's (1)
policy role diminishes, resulting in a lower level of government
support assumption; or (2) BCA is lowered.
The bank's BCA may be downgraded if (1) the operating environment
for Korean banks deteriorates, resulting in a lowering of Koreas
Macro Profile; (2) the bank's capitalization weakens,
with its tangible common equity (TCE) ratio declining below 9%;
(3) its asset risk deteriorates significantly with its problem loans ratio
rising to above 3% on a sustained basis; or (4) its funding
and liquidity profiles deteriorate significantly.
WOORI BANK -- WHAT COULD CHANGE THE RATING UP
Woori Bank's ratings could be upgraded if its financial fundamentals
improve significantly, leading to upward pressure on its BCAs from
(1) significant improvements in its capitalization while maintaining stable
asset quality; (2) a significant decline in problem loan ratios and
provision charges, while maintaining stable capitalization;
and (3) a significant improvement in its funding and liquidity positions.
However, a single notch upgrade in its BCA may not necessarily lead
to upgrade of its long-term ratings if its improved fundamentals
coincide with the sale by the government of its stake in the bank,
which narrow the current government support uplift to three from four.
WOORI BANK -- WHAT COULD CHANGE THE RATING DOWN
Woori Bank's ratings could be downgraded if its BCA comes under
downward pressure, which could result from: (1) a significant
increase in its problem loan ratio and provision charges without increases
in core capital; (2) a significant weakening of its capitalization
with TCE/RWA ratios decreasing by more than 200 basis points; and/or
(3) a significant deterioration in its funding and liquidity positions.
The ratings could also be downgraded if Moody's assessment of government
support changes, triggered by a significant decrease in the government's
shareholding in Woori Bank.
KOREA SECURITIES FINANCE CORPORATION (KSFC) -- WHAT COULD CHANGE
THE RATING UP
An upgrade of the sovereign rating could result in ratings upgrade for
KSFC.
Upward pressure on KSFC's BCA could develop (1) from a significant
improvement in the corporation's profitability, with its net
income/tangible assets rising above 1.8%; or (2) if
the corporation's funding structure improves, with its market
funds/tangible banking assets falling below 10.0%.
KOREA SECURITIES FINANCE CORPORATION -- WHAT COULD CHANGE THE RATING
DOWN
KSFC's ratings may be downgraded if (1) the Korean government's
ability to provide or likelihood of providing support to KSFC diminishes,
(2) KSFC's policy roles in the securities market weaken, or
(3) KSFC's BCA is lowered.
Downward pressure on KSFC's BCA could develop as a result of (1)
a significant change in the corporation's risk profile, resulting
in greater risk taking and higher volatility in its earnings; (2)
its tangible common equity/risk-weighted assets falling below 15%,
or (3) its problem loans/gross loans rising above 1%.
LIST OF ASSIGNED RATINGS
The following ratings were assigned:
Busan Bank
Local currency and foreign currency Long-term Counterparty Risk
Rating of A1
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Citibank Korea Inc
Local currency and foreign currency Long-term Counterparty Risk
Rating of A1
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Daegu Bank, Ltd.
Local currency and foreign currency Long-term Counterparty Risk
Rating of A1
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Industrial Bank of Korea; Industrial Bank of Korea, Hong Kong
Branch; Industrial Bank of Korea, London Branch:
Local currency and foreign currency Long-term Counterparty Risk
Rating of Aa2
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Jeju Bank
Local currency and foreign currency Long-term Counterparty Risk
Rating of A2
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Jeonbuk Bank
Local currency and foreign currency Long-term Counterparty Risk
Rating of A3
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-2
KEB Hana Bank; KEB Hana Bank, Hong Kong Branch; KEB Hana
Bank, London Branch; KEB Hana Bank, Singapore Branch:
Local currency and foreign currency Long-term Counterparty Risk
Rating of Aa3
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Kookmin Bank
Local currency and foreign currency Long-term Counterparty Risk
Rating of Aa3
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Korea Development Bank; Korea Development Bank, London Branch;
Korea Development Bank, New York Branch; Korea Development
Bank, Singapore Branch:
Local currency and foreign currency Long-term Counterparty Risk
Rating of Aa2
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
In addition, following rating is assigned KDB subsidiaries below.
Korea Development Bank, New York Branch
Long-term Counterparty Risk Assessment , Assigned Aa2(cr)
Short-term Counterparty Risk Assessment , Affirmed P-1(cr)
Korea Development Bank, Singapore Branch
Long-term Counterparty Risk Assessment , Affirmed Aa2(cr)
Short-term Counterparty Risk Assessment , Assigned P-1(cr)
Kwangju Bank Ltd.
Local currency and foreign currency Long-term Counterparty Risk
Rating of A2
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Kyongnam Bank
Local currency and foreign currency Long-term Counterparty Risk
Rating of A1
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
NongHyup Bank
Local currency and foreign currency Long-term Counterparty Risk
Rating of Aa3
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Shinhan Bank; Shinhan Bank, New York Branch;
Local currency and foreign currency Long-term Counterparty Risk
Rating of Aa3
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Standard Chartered Bank Korea Limited
Local currency and foreign currency Long-term Counterparty Risk
Rating of A1
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Suhyup Bank
Local currency and foreign currency Long-term Counterparty Risk
Rating of A1
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Woori Bank; Woori Bank, Hong Kong Branch; Woori Bank,
London Branch; Woori Bank, Los Angeles Branch:
Local currency and foreign currency Long-term Counterparty Risk
Rating of Aa3
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
Korea Securities Finance Corporation
Local currency and foreign currency Long-term Counterparty Risk
Rating of Aa2
Local currency and foreign currency Short-term Counterparty Risk
Rating of P-1
The principal methodology used in these ratings was Banks published in
June 2018. Please see the Rating Methodologies page on www.moodys.com
for a copy of this methodology.
Busan Bank, headquartered in Busan, South Korea, had
total assets of KRW51.8 trillion (USD48.6 billion) at the
end of March 2018.
Citibank Korea Inc, headquartered in Seoul, South Korea,
had total assets of KRW50.4 trillion (USD47.3 billion) at
the end of March 2018.
Daegu Bank, Ltd., headquartered in Daegu, South
Korea, had total assets of KRW49.5 trillion (USD46.5
billion) at the end of March 2018.
Industrial Bank of Korea, headquartered in Seoul, South Korea,
had total assets of KRW276.2 trillion (USD259.2 billion)
at the end of March 2018.
Jeju Bank, headquartered in Jeju, South Korea, had total
assets of KRW5.7 trillion (USD5.3 billion) at the end of
March 2018.
Jeonbuk Bank, headquartered in Jeonju, South Korea,
had total assets of KRW18.3 trillion (USD17.1 billion) at
the end of March 2018.
KEB Hana Bank, headquartered in Seoul, South Korea,
had total assets of KRW328.4 trillion (USD308.1 billion)
at the end of March 2018.
Kookmin Bank, headquartered in Seoul, South Korea, had
total assets of KRW341.6 trillion (USD320.1 billion) at
the end of March 2018.
Korea Development Bank, headquartered in Seoul, South Korea,
had total assets of KRW263.8 trillion (USD246.4 billion)
at the end of December 2017.
Kwangju Bank Ltd., headquartered in Kwangju, South
Korea, had total assets of KRW23.6 trillion (USD22.1
billion) at the end of March 2018.
Kyongnam Bank, headquartered in Changwon, South Korea,
had total assets of KRW36.9 trillion (USD34.6 billion) at
the end of March 2018.
NongHyup Bank, headquartered in Seoul, South Korea,
had total assets of KRW269.6 trillion (USD252.9 billion)
at the end of March 2018.
Shinhan Bank, headquartered in Seoul, South Korea, had
total assets of KRW330.4 trillion (USD309.9 billion) at
the end of March 2018.
Standard Chartered Bank Korea Limited, headquartered in Seoul,
South Korea, had total assets of KRW65.2 trillion (USD61.2
billion) at the end of March 2018.
Suhyup Bank, headquartered in Seoul, South Korea, had
total assets of KRW33.1 trillion (USD31.0 billion) at the
end of March 2018.
Woori Bank, headquartered in Seoul, South Korea, had
total assets of KRW325.8 trillion (USD305.7 billion) at
the end of March 2018.
Korea Securities Finance Corporation, headquartered in Seoul,
South Korea, had total assets of KRW48.6 trillion (USD45.6
billion) at the end of March 2018.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moody's
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the credit rating action on the support provider and in relation to
each particular credit rating action for securities that derive their
credit ratings from the support provider's credit rating.
For provisional ratings, this announcement provides certain regulatory
disclosures in relation to the provisional rating assigned, and
in relation to a definitive rating that may be assigned subsequent to
the final issuance of the debt, in each case where the transaction
structure and terms have not changed prior to the assignment of the definitive
rating in a manner that would have affected the rating. For further
information please see the ratings tab on the issuer/entity page for the
respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this credit rating action,
and whose ratings may change as a result of this credit rating action,
the associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
The below contact information is provided for information purposes only.
Please see the ratings tab of the issuer page at www.moodys.com,
for each of the ratings covered, Moody's disclosures on the
lead rating analyst and the Moody's legal entity that has issued
the ratings.
The person who approved Busan Bank, Citibank Korea Inc, Daegu
Bank, Ltd., Industrial Bank of Korea, Industrial
Bank of Korea, Hong Kong Branch, Industrial Bank of Korea,
London Branch, Jeju Bank, Jeonbuk Bank, KEB Hana Bank,
KEB Hana Bank, Hong Kong Branch, KEB Hana Bank, London
Branch, KEB Hana Bank, Singapore Branch, Kookmin Bank,
Korea Development Bank, Korea Development Bank, London Branch,
Korea Development Bank, New York Branch, Korea Development
Bank, Singapore Branch, Kwangju Bank Ltd., Kyongnam
Bank, NongHyup Bank, Shinhan Bank; Shinhan Bank,
New York Branch; Standard Chartered Bank Korea Limited, Suhyup
Bank, Woori Bank; Woori Bank, Hong Kong Branch;
Woori Bank, London Branch; Woori Bank, Los Angeles Branch
credit ratings is Minyan Liu, Associate Managing Director,
Journalists Tel 852 3758 1350, Client Service Tel 852 3551 3077.
The person who approved Korea Securities Finance Corporation credit ratings
is Yat Man Sally Yim, Associate Managing Director, Journalists
Tel 852 3758 1350, Client Service Tel 852 3551 3077.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moody's legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
The first name below is the lead rating analyst for this Credit Rating
and the last name below is the person primarily responsible for approving
this Credit Rating.
Sophia Lee
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077
Minyan Liu
Associate Managing Director
Financial Institutions Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077
Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077
