Asia / Australia: Korean bank lists in New York

Global Finance,  Nov 2000  by Platt, Gordon

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South Korea's H&CB, formerly Housing & Commercial Bank, selected the Bank of New York for its New York Stock Exchange listed ADR program. H&CB, South Korea's third-largest bank in terms of assets, says it is the largest private sector mortgage lender in that country.

Taiwan's Advanced Semiconductor Engineering selected Citibank as depositary for its ADR program, which has begun trading on the New York Stock Exchange.The program will be combined in a few months with an initial public offering of Advanced Semiconductor Engineering shares in the United States.The company provides semiconductor testing and packaging services, which involve the processing of bare semiconductors into finished semiconductors with enhanced electrical and thermal characteristics.

Meanwhile, the merger of Japan's Fuji Bank, Industrial Bank of Japan, and Dai-Ichi Kangyo bank into a new company to be called Mizuho Holdings will spell the end of the banks' ADR programs. HSBC says that since the new company will not be registered with the US Securities and Exchange Commission, an ADR program can't be established. Therefore, the new shares will be sold off, and cash will be distributed to the holders. -Gordon Platt

Copyright Global Finance Media Inc. Nov 2000
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