Davis Polk & Wardwell advised BNP Paribas Securities Corp., Deutsche Bank AG, Singapore Branch, The Hongkong and Shanghai Banking Corporation Limited, Merrill Lynch, Pierce, Fenner and Smith Incorporated and The Royal Bank of Scotland plc as underwriters in connection with a Schedule B debt offering by The Korea Development Bank of US$2.0 billion in aggregate principal amount of its 8.0% notes due 2014.

The Korea Development Bank was established in 1954 as a government-owned financial institution pursuant to The Korea Development Bank Act for the purpose of supplying capital for the financing of major industrial products in order to expedite industrial development and the expansion of the Korean economy. KDB's principal business is the provision of loans to major industries for equipment, capital investment and the development of high technology.

The Davis Polk corporate team included partner Eugene C. Gregor and associates Richard (Sukjoon) Lee and Stephen Takahashi of the Hong Kong office. Partner John D. Paton and associate Brian Radigan of the London office provided tax advice. Ji Eun (Jean) Park of the Hong Kong office was the legal assistant for the transaction.