Cleary Gottlieb is representing a consortium led by The Carlyle Group of Washington, D.C. and J.P. Morgan Chase & Co.’s Corsair Fund in their sale of a controlling stake in KorAm Bank Co., Ltd. to a wholly-owned subsidiary of Citigroup Inc. The deal, signed today in Seoul, is valued at $2.71 billion and includes a tender offer by Citigroup for the remaining stock of KorAm.
Upon completion, Citigroup’s purchase of KorAm will be the largest-ever foreign direct investment in South Korea’s history and the first-ever acquisition of a South Korean bank by a foreign bank.
