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RNS No 4295k
HOUSING & COMMERCIAL BANK KOREA
21st October 1997

Re:   Housing & Commercial Bank, Korea     Rights Offering

Please be advised that Housing & Commercial Bank, Korea announced the following
Rights offering.

1.   Issuer:  Housing & Commercial Bank, Korea
2.   Type of corporate action:    Paid-in Capital increase (Subscription rights
     will be entitled to shareholders)
3.   No. of new issues:    9,615,000 common voting shares 
4.   Subscription ratio:   0.14083269
     *  The portion not subscribed by shareholders will be offered to public.
5.   Record date:  Nov 10, 1997
6.   Subsciption ratio: 1) Shareholders:   Dec. 08 - Dec. 09, 1997
                        2) Public Offering (if nay): Dec 15 - Dec 16, 1997
7.   Delivery date of new shares:   from Jan. 23, 1998
     (On Jan. 12, 1998, the new shares will be listed on the Korea Stock
     Exchange) 
8.   Subscription price:  Preliminary issuing price will be notified
     on Nov. 04, 1997 and fixed price will be notified on Nov. 29, 1997, if the
     price of oustanding shares goes down.

     If not, the preliminary price will be fixed a the final price on Nov. 29,
     1997. The price will be determined based on a theoretical price, calculated
     in a set formula, which will be discounted by 20%

9.   Others
1)   The new shares have the right to receive full (not partial) dividends from
     1998 (i.e. 1997 fiscal year). 
2)   Housing & Commercial Bank, Korea expect that for three years, the payout
     ratio would be more than 27%.

END

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