77KM Ab Inbev 23

RNS No 8298a
HOUSING & COMMERCIAL BANK, KOREA
11 October 1999

Letter to Company Announcements Office


Please give the information as follows to the GDR holders of Housing &
Commercial Bank, Korea.

This letter is in regards to the selection of the Representative Shareholder of
Housing & Commercial Bank, Korea (the "Bank") for the appointment of the
non-standing director of Bank.

Pursuant to the Bank Act of Korea, the shareholders (including the holders of
DR) may become the Representative Shareholder who has the right to recommend a
non-standing director candidate if the shareholder meets the standards set by
the supervisory authority and bank in the order of highest shareholding as of
September 30, 1999.

The shareholding ratio per shareholder will be calculated under the identical
person rule by adding the shares held by the shareholder and the shares held by
those shareholders who are in a special relationship with such shareholder, as
defined by the Bank Act. However, according to the enforcement decrees pursuant
to the Bank Act as of September 30, 1999, certain institutional investors
(including, without limitation, those engaged in the banking business as
provided in the Bank Act, those engaged in the securities business or investment
advisor business as provided in the Securities Exchange Act, and those engaged
in insurance business as provided in the Insurance Act, or in the case of a
foreigner, those who correspond to any of the above.  For more details, please
contact us) are restricted form serving as Representative Shareholder.

Those shareholders who are interested in becoming a Representative shareholder
should report the number of their shares under the above identical person rule
to the Bank by September 12, 1999 (Korea time) through Bank of New York.

For more information on identical person rule, please refer to the
announcement published in major newspapers in Korea on September 4, 1999.  If
you have any questions regarding this matter, please feel free to contact us
through Bank of New York.

Letter from:   Gyu-Hyun Yun
               Manager
               Treasury Team
               HOUSING & COMMERCIAL BANK, KOREA
END  

MSCNFXEFFDNNFEN

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