YOON&YANG

In February 2018, KB Kookmin Card and Indochina Bank, the largest bank in Laos and an affiliate company of Kolao Holdings, acquired 100% of the shares of Tomato Specialized Bank held by Bankruptcy Estate of Tomato Savings Bank and others. In conjunction with this acquisition, KB Kookmin Card also entered into an agreement with Tomato Specialized Bank to purchase newly issued shares. In April 2018, KB Kookmin Card completed its payment for the aforementioned transactions and successfully obtained approval from the National Bank of Cambodia for the acquisition of Tomato Specialized Bank.
 
Following the acquisition, KB Kookmin Card will change the name from ‘Tomato Specialized Bank’ to ‘KB Daehan Specialized Bank’ and will provide automobile installment loans, credit card services and more.
 
In advising the above, Yoon & Yang set up the transaction structure that was most favorable to KB Kookmin Card by conducting a comprehensive review and analysis of financial regulations in Korea, Cambodia and Laos. Further, Yoon & Yang not only provided comprehensive legal services for KB Kookmin Card by negotiating and preparing the terms and conditions for the agreements of the above transactions, including the share purchase agreement and shareholders agreement, but also provided legal advisory services for KB Kookmin Card’s future businesses in Cambodia, thereby contributing to the overall successful completion of the acquisition of Tomato Specialized Bank and KB Kookmin Card’s future business plans in Cambodia.