Joint Venture between Viva Republica Inc., along with 10 other investors

On October 14, 2019, a shareholders’ agreement was executed to establish a new company conducting internet banking business in Korea between Viva Republica Inc.(one of the Korea’s largest mobile finance company), along with ten other investors. The investors included top domestic investing firms such as Hanwha Investment & Securities, KEB Hana Bank and Standard Chartered Bank Korea LIMITED. Initial investment value is KRW 250,000,000,000 with Viva Republica Inc. acquiring 34% of the shares and other investors acquiring under 10% of the shares each.

Lee & Ko served as a legal counsel to Standard Chartered Bank Korea LIMITED and provided comprehensive review of the potential legal issues related to the execution of shareholders’ agreement and establishment of the new company, including percentage of shareholding, restrictions on possessing shares of bank.