As filed with the Securities and Exchange Commission on August 6, 2026

Registration Statement No. 333-296872

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.

 

 

AMENDMENT NO. 1

TO

REGISTRATION STATEMENT

UNDER

SCHEDULE B

OF

THE SECURITIES ACT OF 1933

 

 

THE KOREA DEVELOPMENT BANK

(Name of Registrant)

 

 

THE REPUBLIC OF KOREA

(Co-Registrant and Guarantor)

 

 

Names and Addresses of Authorized Representatives in the United States:

 

Chi Young Choi or Jinwon Kim Duly Authorized Representatives of The Korea Development Bank 320 Park Avenue, 32nd Floor New York, NY 10022		Seongsoo Kim Duly Authorized Representative of The Republic of Korea 101 East 56th St. New York, NY 10022

 

 

Copies to:

Jinduk Han, Esq.

Cleary Gottlieb Steen & Hamilton LLP

c/o 19F, Ferrum Tower

19, Eulji-ro 5-gil, Jung-gu

Seoul 04539, Korea

 

 

Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.

The securities registered hereby will be offered on a delayed or continuous basis pursuant to the procedures set forth in Securities Act Release Nos. 33-6240 and 33-6424.

 

 

CALCULATION OF REGISTRATION FEE

 

Title of each class of securities being registered		Amount to be registered(2)		Amount of registration fee
Debt securities, with or without warrants to purchase debt securities, and guarantees(1)		US$10,000,000,000		US$1,381,000
Guarantees of The Republic of Korea		—(3)		—(3)

(1)	Consists of guarantees to be issued by The Korea Development Bank in respect of obligations of other parties.

(2)

Or an equivalent amount in another currency or currencies or in composite currencies or as determined by reference to an index or, if the debt securities are to be offered at a discount, the approximate proceeds to The Korea Development Bank. Includes the maximum principal amount of the obligations to be guaranteed by the Registrants under the guarantees registered hereby.

(3)	The Republic of Korea may irrevocably guarantee the debt securities being registered hereby. Pursuant to Rule 457(n) of the Securities Act of 1933, no registration fee is required with respect to the guarantees.

 

 

Pursuant to Rule 429 under the Securities Act of 1933, the Prospectus contained in this Registration Statement and supplements to such Prospectus will also be used in connection with US$4,854,705,000 of debt securities with or without warrants to purchase debt securities registered under Registration Statement No. 333-280021.

The Registrants hereby amend this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrants shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

 

*	This Registration Statement also constitutes Post-Effective Amendment No. 7 to Registration Statement No. 333-280021.

 

EXPLANATORY NOTE

This registration statement relates to US$10,000,000,000 aggregate amount of (i) debt securities (with or without warrants) of The Korea Development Bank to be offered from time to time as separate issues on terms and in the manner to be specified in a prospectus supplement to be delivered in connection with each such offering, (ii) guarantees that may be issued by The Korea Development Bank in respect of obligations of other parties on terms and in the manner to be specified in a prospectus supplement to be delivered in connection with each such issuance and (iii) guarantees that may be issued by The Republic of Korea in respect of debt securities of The Korea Development Bank on terms and in the manner to be specified in a prospectus supplement to be delivered in connection with each such issuance. The prospectus constituting a part of this registration statement relates to (i) the debt securities (with or without warrants) and guarantees to be issued by The Korea Development Bank, registered hereunder, (ii) guarantees to be issued by The Republic of Korea, registered hereunder and (iii) US$4,854,705,000 aggregate principal amount of debt securities (with or without warrants) and guarantees registered under Registration Statement No. 333-280021 (including an aggregate principal amount of US$200,000,000 of debt securities that may be sold by us from time to time in a continuous offering of designated Medium-Term Notes, Series C, Due Not Less Than Nine Months From Date of Issue, or the Series C Notes).

This registration statement contains a form of prospectus supplement filed as Exhibit K-1 to this registration statement, together with the supplement to that prospectus supplement filed as Exhibit K-2 to this registration statement, to be used in connection with the sale by us of the Series C Notes in a continuous offering.

The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

 

SUBJECT TO COMPLETION, DATED AUGUST 6, 2026

PROSPECTUS

 

 

US$14,854,705,000

The Korea Development Bank

Debt Securities

Warrants to Purchase Debt Securities

Guarantees

The Republic of Korea

Guarantees

 

 

 

We will provide the specific terms of these securities in supplements to this prospectus. You should read this prospectus and any prospectus supplement carefully before you invest.

 

 

 

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

 

This prospectus is dated     , 2026

TABLE OF CONTENTS

 

		Page
CERTAIN DEFINED TERMS AND CONVENTIONS			1
USE OF PROCEEDS			2
THE KOREA DEVELOPMENT BANK			3
Overview			3
Capitalization			6
Business			6
Selected Financial Statement Data			8
Operations			16
Sources of Funds			23
Debt			25
Overseas Operations			26
Property			27
Directors and Management; Employees			27
Tables and Supplementary Information			27
Financial Statements and the Auditors			36
THE REPUBLIC OF KOREA			177
Land and History			177
Government and Politics			179
The Economy			182
Principal Sectors of the Economy			190
The Financial System			198
Monetary Policy			203
Balance of Payments and Foreign Trade			207
Government Finance			216
Debt			218
Tables and Supplementary Information			221
DESCRIPTION OF THE SECURITIES			224
Description of Debt Securities			224
Description of Warrants			231
Terms Applicable to Debt Securities and Warrants			231
Description of Guarantees to be Issued by Us			233
Description of Guarantees to be Issued by The Republic of Korea			233
LIMITATIONS ON ISSUANCE OF BEARER DEBT SECURITIES AND BEARER WARRANTS			234
TAXATION			235
Korean Taxation			235
U.S. Federal Income Tax Considerations			237
PLAN OF DISTRIBUTION			248
LEGAL MATTERS			249
AUTHORIZED REPRESENTATIVES IN THE UNITED STATES			249
OFFICIAL STATEMENTS AND DOCUMENTS			249
EXPERTS			249
FORWARD-LOOKING STATEMENTS			250
FURTHER INFORMATION			252

 

i

CERTAIN DEFINED TERMS AND CONVENTIONS

All references to the “Bank”, “we”, “our” or “us” mean The Korea Development Bank. All references to “Korea” or the “Republic” contained in this prospectus mean The Republic of Korea. All references to the “Government” mean the government of Korea.

Unless otherwise indicated, all references to “won”, “Won” or “W” contained in this prospectus are to the currency of Korea, references to “U.S. dollars”, “Dollars”, “$”, “USD” or “US$” are to the currency of the United States of America, references to “Euro”, “EUR” or “€” are to the currency of the European Union, references to “Japanese Yen”, “JPY” or “¥” are to the currency of Japan, references to “Singapore dollar” or “SGD” are to the currency of Singapore, references to “Swiss franc” or “CHF” are to the currency of Switzerland, references to “pound sterling”, “GBP” or “£” are to the currency of the United Kingdom, references to “Chinese offshore renminbi” or “CNH” are to the currency of the People’s Republic of China traded outside of mainland China, references to “Hong Kong dollar” or “HKD” are to the currency of Hong Kong, S.A.R., references to “Mexican Peso” or “MXN” are to the currency of the United Mexican States, references to “New Zealand Dollar” or “NZD” are to the currency of New Zealand, references to “Australian dollar” or “AUD” are to the currency of Australia, references to “Brazilian real” or “BRL” are to the currency of the Federative Republic of Brazil, references to “Indonesian Rupiah” or “IDR” are to the currency of Indonesia, references to “Indian Rupee” or “INR” are to the currency of India, references to “Swedish Krona” or “SEK” are to the currency of Sweden and references to “Turkish Lira” or “TRY” are to the currency of the Republic of Türkiye.

All discrepancies in any table between totals and the sums of the amounts listed are due to rounding.

Our separate financial information as of and for the years ended December 31, 2025 and 2024 included in this prospectus has been prepared in accordance with International Financial Reporting Standards as adopted in Korea, or Korean IFRS or K-IFRS. References in this prospectus to “separate” financial statements and information are to financial statements and information prepared on a non-consolidated basis. Unless specified otherwise, our financial and other information included in this prospectus is presented on a separate basis in accordance with Korean IFRS and does not include such information with respect to our subsidiaries. KDB Financial Group, or KDBFG, a financial holding company, and Korea Finance Corporation, or KoFC, a public policy financing vehicle and the parent company of KDBFG, both of which had originally been established by spinning off a portion of our assets, liabilities and equity in October 2009, merged with and into us on December 31, 2014.

 

1

USE OF PROCEEDS

Unless otherwise specified in the applicable prospectus supplement, we will use the net proceeds from the sale of the securities for our general operations.

 

2

THE KOREA DEVELOPMENT BANK

Overview

We were established in 1954 as a government-owned financial institution pursuant to The Korea Development Bank Act, as amended, or the KDB Act. Since our establishment, we have been the leading bank in the Republic with respect to the provision of long-term financing for projects designed to assist the nation’s economic growth and development. The Government directly owns all of our paid-in capital. Our registered office is located at 14, Eunhaeng-ro, Yeongdeungpo-gu, Seoul, The Republic of Korea. Our primary purpose, as stated in the KDB Act, the KDB Decree and our Articles of Incorporation, is to “furnish funds in order to expedite the development of the national economy.” We make loans available to major industries for equipment, capital investment and the development of high technology, as well as for working capital.

As of December 31, 2025, we had W220,702.8 billion of loans outstanding (including loans, call loans, domestic usance, bills of exchange bought, local letters of credit negotiation and loan-type suspense accounts pursuant to the applicable guidelines without adjusting for allowance for loan losses, present value discounts and deferred loan fees), W346,273.1 billion of total assets and W45,455.4 billion of total equity, compared to W212,382.5 billion of loans outstanding, W339,221.1 billion of total assets and W42,924.9 billion of total equity as of December 31, 2024. In 2025, we recorded interest income of W10,872.3 billion, interest expense of W9,766.3 billion and net income of W1,715.2 billion, compared to W12,105.9 billion of interest income, W10,987.8 billion of interest expense and of W2,007.2 billion of net income in 2024. See “—Selected Financial Statement Data.”

Currently, the Government directly holds 100% of our paid-in capital. In addition to contributions to our capital, the Government provides direct financial support for our financing activities, in the form of loans or guarantees. The Government has the power to elect or dismiss our Chairman and Chief Executive Officer, members of our Board of Directors and Auditor. The Government may dismiss each such person if he/she (i) violates the KDB Act, an order issued thereunder, or the Articles of Incorporation or (ii) is unable to perform his/her duties due to physical or mental disability. The Chairman may be dismissed by the President of the Republic at the recommendation of the chairman of the Financial Services Commission. The Chief Executive Officer and members of the Board of Directors may be dismissed by the Financial Services Commission at the recommendation of the Chairman and the Auditor may be dismissed by the Financial Services Commission. There is no prescribed timeline for dismissal. Pursuant to the KDB Act, the Financial Services Commission has supervisory power and authority over matters relating to our general business including, but not limited to, capital adequacy and managerial soundness.

The Government supports our operations pursuant to Article 32 of the KDB Act. Article 32 provides that “the annual net losses of the Korea Development Bank shall be offset each year by the reserve, and if the reserve be insufficient, the deficit shall be replenished by the Government.” As a result of the KDB Act, the Government is generally responsible for our operations and is legally obligated to replenish any deficit that arises if our reserve, consisting of our surplus and capital surplus items, is insufficient to cover our annual net losses. In light of the above, if we had insufficient funds to make any payment under any of our obligations, including the debt securities and guarantees covered by this prospectus, the Government would take appropriate steps, such as by making a capital contribution, by allocating funds or by taking other action, to enable us to make such payment when due. The provisions of Article 32 do not, however, constitute a direct guarantee by the Government of our obligations under the debt securities or the guarantees, and the provisions of the KDB Act, including Article 32, may be amended at any time by action of the National Assembly.

In January 1998, the Government amended the KDB Act to:

 

•

subordinate our borrowings from the Government to other indebtedness incurred in our operations;

 

3

•

allow the Government to offset any deficit that arises if our reserve fails to cover our annual net losses by transferring Government-owned property, including securities held by the Government, to us; and

 

•

allow direct injections of capital by the Government without prior approval of the National Assembly.

The Government amended the KDB Act in May 1999 and the KDB Decree in March 2000, to allow the Financial Services Commission to supervise and regulate us in terms of capital adequacy and managerial soundness.

In March 2002, the Government amended the KDB Act to enable us, among other things, to:

 

•

obtain low-cost funds from The Bank of Korea and from the issuance of debt securities (in addition to already permitted industrial finance bonds), which may be used for increased levels of lending to small- and medium-sized enterprises;

 

•

broaden the scope of borrowers to which we may extend working capital loans to include companies in the manufacturing industry, enterprises which are “closely related” to enhancing the corporate competitiveness of the manufacturing industry and leading-edge high-tech companies; and

 

•

extend credits to mergers and acquisitions projects intended to facilitate corporate restructuring efforts.

In July 2005 and May 2009, the Government amended the KDB Act to provide that:

 

(1)

our annual net profit, after adequate allowances are made for depreciation in assets, shall be distributed as follows:

 

(i)

40% or more of the net profit shall be credited to reserve, until the reserve amounts equal the total amount of paid-in capital; and

 

(ii)

any net profit remaining following the apportionment required under subparagraph (i) above shall be distributed in accordance with the resolution of our Board of Directors and the approval of our shareholders;

 

(2)

accumulated amounts in reserve may be capitalized after offsetting any net losses; and

 

(3)

any distributions made in accordance with paragraph (1)(ii) above may be in the form of cash dividends or dividends in kind, provided that any distributions of dividends in kind must be made in accordance with applicable provisions of the KDB Decree.

In February 2008, the Government further amended the KDB Act, primarily to transfer most of the Government’s supervisory authority over us from the Ministry of Economy and Finance to the Financial Services Commission.

In May 2009, the Government amended the KDB Act to facilitate our privatization. The amendment provided for, among others:

 

•

the preparation for the transformation of us from a special statutory entity into a corporation, including the application of the Banking Act as applicable;

 

•

the expansion of our operation scope that enables us to engage in commercial banking activities, including retail banking (which was subsequently adjusted due to a change in the Government’s decision to halt its plan for our privatization and to consolidate and strengthen our public financing role, utilizing our rich experience and expertise in public policy financing);

 

•

the provision of government guarantees for our mid- to long-term foreign currency debt outstanding at the time of initial sale of the Government’s stake in KDBFG (subject to the National Assembly’s authorization of the Government guarantee amount) and possible guarantees for our foreign currency debt incurred for the refinancing of such mid- to long-term foreign currency debt with the government guarantee during the period when the Government owns more than 50% of our shares; and

 

4

•

the establishment of KDBFG and KoFC and application of the Financial Holding Company Act to KDBFG.

In May 2014, the Government and the National Assembly amended the KDB Act to streamline the financial policy roles among Government-owned banks and financial corporations in order to better respond systematically to rapidly changing domestic and international economic conditions by merging KDBFG and KoFC into us. The amended KDB Act provides, among others, that:

 

•

the Government will halt its plan for our privatization;

 

•

public policy financing will be consolidated and strengthened through the newly merged entity;

 

•

we will comprehensively succeed to the properties, rights and obligations of KDBFG and KoFC upon the consummation of the merger;

 

•

the bonds issued by KDBFG and the policy bank bonds issued by the KoFC shall be deemed as the industrial financial bonds issued by us;

 

•

the business engaged in by KoFC in accordance with the Korea Finance Corporation Act or other laws and decrees will be continuously performed by us; and

 

•

the repayment of the principal of and interest on foreign currency debt (with an original maturity of one year or more at the time of issuance) incurred by KoFC and us before this amended KDB Act comes into force shall be guaranteed by the Government at the time of initial sale by the Government of its equity interest in us, subject to the approval by the National Assembly.

In May 2020, the Government amended the KDB Act in order to provide statutory grounds for the establishment of the Key Industry Stabilization Fund to support businesses in certain key industries that face financial difficulties resulting from the COVID-19 pandemic. In accordance with the terms of its formation, all operations under the fund are currently scheduled to terminate by the end of 2025, at which point all rights and obligations under the fund will be transferred to the Government.

The KDB Act was further amended in September 2025 to (i) increase the maximum amount of our authorized capital from W30,000 billion to W45,000 billion, following which our Articles of Incorporation were amended in December 2025 to implement such increase, and (ii) to provide statutory grounds for the establishment of the High-Tech Strategic Industry Fund to support businesses in industries such as semiconductors, secondary batteries and artificial intelligence.

The Minister of Finance and Economy of the Republic has, on behalf of the Republic, signed the registration statement of which this prospectus forms a part.

 

5

Capitalization

As of December 31, 2025, our authorized capital was W45,000 billion and our capitalization was as follows:

 

		As of December 31, 2025(1)
		(billions of Won)
Long-term debt(2):
Won currency borrowings		W	4,513.3
Industrial finance bonds			169,820.8
Foreign currency borrowings			6,679.0
Total long-term debt			181,013.1	(3)(4)
Capital:
Paid-in capital			27,257.8
Capital surplus			2,452.5
Retained earnings(5)			14,680.2
Accumulated other comprehensive income			1,064.9
Total capital			45,455.4
Total capitalization		W	226,468.5

(1)	Except as disclosed in this prospectus, there has been no material adverse change in our capitalization since December 31, 2025.

(2)	Defined as debt that has a maturity at issuance of one year or more.

(3)	We have translated borrowings in foreign currencies into Won at the rate of W1,434.9 to US$1.00, which was the market average exchange rate, as announced by the Seoul Monetary Brokerage Services Ltd., on December 31, 2025.

(4)	As of December 31, 2025, we had confirmed acceptances and guarantees totaling W12,188.8 billion under outstanding guarantees issued on behalf of our clients. See “—Financial Statements and the Auditors—Notes to Separate Financial Statements of December 31, 2025 and 2024—Note 39.”

(5)

Includes regulatory reserve for credit losses of W72.6 billion as of December 31, 2025. If our allowance for credit losses is deemed insufficient for regulatory purposes, we compensate for the difference by recording a regulatory reserve for credit losses, which is shown as a separate item included in retained earnings. See “—Financial Statements and the Auditors—Notes to Separate Financial Statements of December 31, 2025 and 2024—Note 23.”

Business

Purpose and Authority

Since our establishment, we have been the leading bank in the Republic in providing long-term financing for projects designed to assist the nation’s economic growth and development.

Under the KDB Act, the KDB Decree and our Articles of Incorporation, our primary purpose is to “contribute to the sound development of the financial industry and the national economy by supplying and managing funds necessary for the development and promotion of industries, expansion of social infrastructure, development of regions, stabilization of the financial markets and facilitation of sustainable growth.” Since we serve the public policy objectives of the Government, we do not seek to maximize profits. We do, however, strive to maintain a level of profitability to strengthen our equity base and support growth in the volume of our business.

Under the KDB Act, we may:

 

•

carry out activities necessary to accomplish the expansion of the national economy, subject to the approval of the Financial Services Commission;

 

•

provide loans or discount notes;

 

•

subscribe to, underwrite or invest in securities, subject to certain restrictions;

 

6

•

guarantee or assume indebtedness;

 

•

raise funds by accepting demand deposits and time and savings deposits from the general public, issuing securities, borrowing from the Government, The Bank of Korea or other financial institutions, and borrowing from lenders overseas;

 

•

execute foreign exchange transactions, including currency and interest swap transactions;

 

•

provide planning, management, research and other support services at the request of the Government, public bodies, financial institutions or enterprises;

 

•

manage and operate various funds established pursuant to Government-led initiatives;

 

•

fund the operation of the High-Tech Strategic Industry Fund; and

 

•

carry out other businesses incidental to the foregoing (subject to the approval of the Financial Services Commission).

Government Support and Supervision

The Government owns directly all of our paid-in capital. Since our establishment, the Government has made capital contributions not only in cash but also in the form of shares of common stock of Government-affiliated entities. Recent examples include the Government’s contributions to our capital of (i) W510 billion in cash and W611 billion in cash in January 2021 and May 2021, respectively, (ii) W392 billion in cash in March 2022, W308 billion in cash in July 2022 and W565 billion in the form of shares of common stock of Korea Land and Housing Corporation in December 2022, (iii) W435 billion in the form of shares of common stock of Korea Land and Housing Corporation in March 2023, W120 billion in cash in May 2023 and W220 billion in cash in October 2023, (iv) W2 trillion in the form of shares of common stock of Korea Land and Housing Corporation in March 2024, W84 billion in cash in April 2024, W121 billion in cash in June 2024 and W185 billion in cash in July 2024 and (v) W65 billion in cash in March 2025, W156 billion in cash in April 2025, W388 billion in cash in June 2025, W206 billion in cash in July 2025, W90 billion in cash in September 2025 and W37 billion in cash in October 2025.

Taking into account these capital contributions, as of December 31, 2025, our total paid-in capital was W27,257.8 billion. See “—Financial Statements and the Auditors—Notes to Separate Financial Statements of December 31, 2025 and 2024—Note 23.” The Government further contributed W395 billion in cash in April 2026 and W283 billion in cash in May 2026.

In addition to capital contributions, the Government directly supports our financing activities by:

 

•

lending us funds to on-lend;

 

•

allowing us to administer Government loans made from a range of special Government funds;

 

•

allowing us to administer some of The Bank of Korea’s surplus foreign exchange holdings; and

 

•

allowing us to receive credit from The Bank of Korea.

The Government also supports our operations pursuant to Articles 31 and 32 of the KDB Act. Article 31 provides that “40% or more of the annual net profit of the Korea Development Bank shall be transferred to reserve, until the reserve amounts equal the total amount of authorized capital” and that accumulated amounts in reserve may be capitalized. Article 32 provides that “the net losses of the Korea Development Bank shall be offset each fiscal year by the reserve, and if the reserve be insufficient, the deficit shall be replenished by the Government.”

 

7

As a result of the KDB Act, the Government is generally responsible for our operations and is legally obligated to replenish any deficit that arises if our reserve, consisting of our surplus and capital surplus items, is insufficient to cover our annual net losses. In light of the above, if we had insufficient funds to make any payment under any of our obligations, including the debt securities and guarantees covered by this prospectus, the Government would take appropriate steps, such as by making a capital contribution, by allocating funds or by taking other action, to enable us to make such payment when due. The provisions of Article 32 do not, however, constitute a direct guarantee by the Government of our obligations under the debt securities or the guarantees, and the provisions of the KDB Act, including Article 32, may be amended at any time by action of the National Assembly.

 

•

The Government closely supervises our operations in the following ways:

 

•

the Government has the power to elect or dismiss our Chairman and Chief Executive Officer, members of our Board of Directors and Auditor;

 

•

within three months after the end of each fiscal year, we must submit our financial statements for the fiscal year to the Financial Services Commission;

 

•

the Financial Services Commission has broad authority to require reports from us on any matter and to examine our books, records and other documents. On the basis of the reports and examinations, the Financial Services Commission may issue any orders deemed necessary to enforce the KDB Act;

 

•

the Financial Services Commission must approve our operating manual, which sets out the guidelines for all principal operating matters;

 

•

the Financial Services Commission may supervise our operations to ensure managerial soundness based upon the KDB Decree and the Bank Supervisory Regulations of the Financial Services Commission and may issue orders deemed necessary for such supervision; and

 

•

we may amend our Articles of Incorporation only with the approval of the Financial Services Commission.

We have had our annual financial statements for years commencing 1998 audited by an external auditor. See “—Financial Statements and the Auditors” and “Experts.”

Pursuant to our most recently approved program of operations, we expect to support the reform and restructuring of the Republic’s economic and industrial structure, including financing of promising small- and medium-sized enterprises, providing export finance and encouraging investments in infrastructure necessary to promote consumer demand and industrial reorganization.

We also pay dividends on a regular basis to the Government. For fiscal years 2023, 2024 and 2025, we paid to the Government dividends amounting to W878.1 billion, W758.7 billion and W880.6 billion, respectively.

Selected Financial Statement Data

Unless specified otherwise, the information provided below is stated on a separate basis in accordance with Korean IFRS.

 

8

Consolidated Financial Statement Data

The following table presents selected statements of financial position data regarding our assets, liabilities and shareholders’ equity on a consolidated basis as of December 31, 2025 and 2024, which have been derived from our audited consolidated financial statements as of and for the years ended December 31, 2025 and 2024.

 

		As of December 31,
		2024				2025
		(billions of Won)
Statements of Financial Position Data
Total Loans (measured at amortized cost)(1)		W	227,453.1				236,806.7
Total Borrowings(2)			281,379.7				292,285.8
Total Assets			372,581.1				384,622.2
Total Liabilities			328,571.4				335,030.5
Equity			44,009.7				49,591.7

(1)

Gross amount, which includes loans for facility development, loans for working capital, loans for households, inter-bank loans, private loans, off-shore loan receivables, loans borrowed from overseas financial institutions, bills bought in foreign currencies, advance payments on acceptances and guarantees and other loans without adjusting for allowance for loan losses, present value discounts and deferred loan fees.

(2)	Total Borrowings include deposits, financial liabilities measured at fair value through profit or loss, borrowings and debentures.

Our selected income statement data included in the following table have been derived from our audited consolidated financial statements as of and for the years ended December 31, 2025 and 2024.

 

		Year Ended December 31,
		2024				2025
		(billions of Won)
Income Statement Data
Total Interest Income			13,555.8				12,372.5
Total Interest Expense			11,537.8				10,362.1
Net Interest Income			2,018.0				2,010.4
Operating Income			2,207.6				1,874.2
Non-operating Income			465.0				5,179.3
Profit before Income Taxes			2,672.6				7,053.4
Income Tax Expense			525.9				1,823.9
Net Income			2,146.7				5,229.6

Separate Financial Statement Data

The following tables present selected separate financial information as of and for the years ended December 31, 2025 and 2024, which has been derived from our audited separate financial statements as of and for the years ended December 31, 2025 and 2024 included in this prospectus. You should read the following financial statement data together with the financial statements and notes included in this prospectus.

 

		As of December 31,
		2024				2025
		(billions of Won)
Statements of Financial Position Data
Total Loans (measured at amortized cost)(1)			212,382.5				220,702.8
Total Borrowings(2)			266,322.6				275,342.1
Total Assets			339,221.1				346,273.1
Total Liabilities			296,296.2				300,817.8
Equity			42,924.9				45,455.4

(1)

Gross amount, which includes loans for facility development, loans for working capital, loans for households, inter-bank loans, private loans, off-shore loan receivables, loans borrowed from overseas financial institutions, bills bought in foreign currencies, advance payments on acceptances and guarantees and other loans without adjusting for allowance for loan losses, present value discounts and deferred loan fees.

(2)	Total Borrowings include deposits, financial liabilities measured at fair value through profit or loss, borrowings and debentures.

 

9

As of December 31, 2025, our total assets increased by 2.1% to W346,273.1 billion from W339,221.1 billion as of December 31, 2024, primarily due to an increase in loans measured at amortized cost to W217,168.1 billion as of December 31, 2025 from W209,481.4 billion as of December 31, 2024 and an increase in securities measured at fair value through profit or loss to W21,176.6 billion as of December 31, 2025 from W18,418.8 billion as of December 31, 2024. The effects of such increases were partially offset by a decrease in derivative financial assets to W11,090.4 billion as of December 31, 2025 from W13,915.3 billion as of December 31, 2024.

As of December 31, 2025, our total liabilities increased by 1.5% to W300,817.8 billion from W296,296.2 billion as of December 31, 2024, primarily due to an increase in debentures to W173,370.0 billion as of December 31, 2025 from W165,102.3 billion as of December 31, 2024 and an increase in deposits to W68,474.9 billion as of December 31, 2025 from W66,100.6 billion as of December 31, 2024. The effects of such increases were partially offset by a decrease in derivative financial liabilities to W10,385.7 billion as of December 31, 2025 from W14,873.9 billion as of December 31, 2024.

As of December 31, 2025, our total equity increased by 5.9% to W45,455.4 billion from W42,924.9 billion as of December 31, 2024, primarily due to an increase in retained earnings to W14,680.2 billion as of December 31, 2025 from W12,914.6 billion as of December 31, 2024 and an increase in issued capital to W27,257.8 billion as of December 31, 2025 from W26,316.6 billion as of December 31, 2024.

Our selected income statement data included in the following table have been derived from our audited separate financial statements as of and for the years ended December 31, 2025 and 2024 included in this prospectus.

 

		Year Ended December 31,
		2024				2025
		(billions of Won)
Income Statement Data
Total Interest Income		W	12,105.9				10,872.3
Total Interest Expense			10,987.8				9,766.3
Net Interest Income			1,118.1				1,106.0
Operating Income			2,294.1				2,160.9
Profit before Income Taxes			2,440.8				2,558.7
Income Tax Expense			433.7				843.5
Net Income			2,007.2				1,715.2

2025

We had net income of W1,715.2 billion in 2025 compared to W2,007.2 billion in 2024, on a separate basis. The principal factors for the decrease in net income included:

 

•

a change in provision for (reversal of) credit losses to provisions of W608.4 billion in 2025 from reversals of provisions of W244.1 billion in 2024, primarily due to an increase in provisions for loan loss allowance to W810.8 billion in 2025 from W90.8 billion in 2024, which in turn mainly reflected the significant provisions we recorded in 2025 for our exposures to borrowers in the petrochemical sector in light of the deterioration in their operating environment in 2025;

 

•

an increase in income tax expense to W843.5 billion in 2025 from W433.7 billion in 2024, mainly due to a change in the non-recognition effect of deferred income taxes and others to an expense in 2025 from a benefit in 2024 and an increase in corporate tax rates; and

 

•

contributions to the High-Tech Strategic Industry Fund of W339.4 billion in 2025, compared to no such contributions in 2024.

 

10

The above factors were offset in significant part by the following factors:

 

•

an increase in gains on disposal of investments in subsidiaries and associates to W794.4 billion in 2025 from W1.4 billion in 2024, primarily due to the gains recognized on our partial divestments of Hanwha Ocean and HMM Company Limited in 2025; and

 

•

a decrease in net loss on derivatives to W208.3 billion in 2025 from W829.8 billion in 2024, primarily due to a change in net gain (loss) on hedging purpose currency derivatives to a net gain in 2025 from a net loss in 2024, which was offset in large part by a change in net gain (loss) on trading purpose currency derivatives to a net loss in 2025 from a net gain in 2024 and an increase in net losses on fair value hedged items.

2024

We had net income of W2,007.2 billion in 2024 compared to W3,027.1 billion in 2023, on a separate basis. The principal factors for the decrease in net income included:

 

•

a change in net gain (loss) on derivatives to a net loss of W829.8 billion in 2024 from a net gain of W1.3 billion in 2023, primarily due to a change in net gain (loss) on hedging purpose derivatives to a net loss in 2024 from a net gain in 2023, which in turn resulted mainly from foreign currency fluctuations;

 

•

a significant decrease in reversal of impairment loss on investments in subsidiaries and associates to W160.9 billion in 2024 from W972.4 billion in 2023, primarily due to an increase in impairment loss on our investment in HMM Company Limited; and

 

•

a significant decrease in reversal of provisions for credit losses to W244.1 billion in 2024 from W802.6 billion in 2023, primarily due to a provision of our loan loss allowances in 2024, which was in turn primarily due to a decrease in the reversal of provisions for loan loss allowance for Hanwha Ocean Co., Ltd.

The above factors were offset in significant part by the following factors:

 

•

an increase in net foreign currency transaction gain to W864.9 billion in 2024 from W302.4 billion in 2023, primarily due to foreign currency fluctuations; and

 

•

a decrease in income tax expense to W433.7 billion in 2024 from W938.6 billion in 2023, primarily due to a decrease in profit before income taxes to W2,440.8 billion in 2024 from W3,965.7 billion in 2023.

Allowances for Loan Losses and Loans in Arrears

We establish allowances for losses from problem loans, including guarantees and other extensions of credit, based on the length of the delinquent periods and the nature of the loans, including guarantees and other extensions of credit. Under Korean IFRS 1109, we establish allowances for credit losses based on expected credit losses instead of incurred losses by assessing changes in expected credit losses and recognizing such changes as impairment loss (or reversal of impairment loss) in profit or loss. The allowance required to be established with respect to a loan or receivable is the amount of the expected 12-month credit loss or the expected lifetime credit loss for the applicable loan or receivable, according to three stages of credit risk deterioration since initial recognition.

 

11

As of December 31, 2025, we established allowances of W3,565.4 billion for loan losses, which was 21.8% higher than the allowances as of December 31, 2024 of W2,926.0 billion, which mainly reflected the significant provisions we recorded in 2025 for our exposures to borrowers in the petrochemical sector in light of the deterioration in their operating environment in 2025. Allowances for loan losses under Korean IFRS are recorded for loans based on expected credit losses, depending on whether there has been a significant increase in credit risk or a credit impairment since initial recognition and, if our allowances for loan losses are deemed insufficient for regulatory purposes, we compensate for the difference by recording a regulatory reserve for loan losses within retained earnings. See “—Financial Statements and the Auditors—Notes to Separate Financial Statements of December 31, 2025 and 2024—Notes 3(27), 9(1), 23(4) and 23(5).”

Certain of our customers have restructured loans with their creditor banks. As of December 31, 2025, we have provided loans of W729.5 billion for companies under workout, court receivership, court mediation and other restructuring procedures. In addition, as of such date, we held equity securities of such companies in the amount of W14.0 billion, acquired through debt-for-equity swap transactions. As of December 31, 2025, we had established allowances of W371.0 billion for loan losses with respect to such companies. We cannot assure you that actual results of the credit loss from the loans to these customers will not exceed the allowances established.

The following table provides information on our loan loss allowances.

 

				As of December 31, 2024(1)								As of December 31, 2025(1)
				Loan Amount				Loan Loss Allowances				Loan Amount				Loan Loss Allowances
				(billions of Won)
Loan Classification		Normal(2)		W	210,727.5			W	2,186.3			W	218,675.0			W	2,572.4
		Precautionary			551.5				100.0				543.5				93.2
		Substandard			566.8				225.6				525.3				176.5
		Doubtful			177.1				107.3				251.8				125.0
		Expected Loss			359.7				306.8				707.2				598.3
		Total		W	212,382.5			W	2,926.0			W	220,702.8			W	3,565.4

(1)

These figures include loans for facility development, loans for working capital, loans for households, inter-bank loans, private loans, off-shore loan receivables, loans borrowed from overseas financial institutions, bills bought in foreign currencies, advance payments on acceptances and guarantees and other loans.

(2)	Includes loans guaranteed by the Government. Under Korean IFRS, we establish loan loss allowances for all loans including loans guaranteed by the Government.

As of December 31, 2025, our non-performing loans totaled W1,484.4 billion, representing 0.7% of our outstanding loans as of such date. Non-performing loans are defined as loans that are classified as substandard or below. On December 31, 2025, our legal reserve was W4,528.3 billion, representing 2.1% of our outstanding loans as of such date.

Loans to Financially Troubled Companies

We have credit exposure to a number of financially troubled Korean companies, including HMM Company Limited (formerly, Hyundai Merchant Marine Co., Ltd.), HJ Shipbuilding & Construction Co., Ltd. (formerly, Hanjin Heavy Industries and Construction Co., Ltd.), Daehan Shipbuilding Co., Ltd., K Shipbuilding Co., Ltd. (formerly, STX Offshore & Shipbuilding), GM Korea Company and Taeyoung E&C. As of December 31, 2025, our credit extended to these companies totaled W9,555.7 billion, accounting for 2.8% of our total assets as of such date.

 

12

The following table shows the changes in credit exposure (including loans, guarantees and equity investments classified as substandard or below) extended to these companies as of the dates indicated:

 

		As of December 31,
Company		2024				2025				Primary Reason for Change
		(billions of Won)
HMM Company Limited			6,595.1				6,676.1			Increase due to an increase in the value of stocks
HJ Shipbuilding & Construction			966.8				882.3			Decrease due to repayment of loans and a decrease in refund guarantees
Daehan Shipbuilding			1,067.3				628.7			Decrease due to repayment of loans and a decrease in refund guarantees
K Shipbuilding			728.5				751.4			Increase due to an increase in refund guarantees
GM Korea Company			474.7				483.5			Increase due to an increase in the value of stocks
Taeyoung E&C			133.7				133.7			—
Total		W	9,966.1				9,555.7

As of December 31, 2025, we established allowances of W0.1 billion for HMM Company Limited, W126.2 billion for HJ Shipbuilding & Construction, W13.3 billion for Daehan Shipbuilding, W28.1 billion for K Shipbuilding, none for GM Korea Company and W13.0 billion for Taeyoung E&C.

In July 2016, HMM Company Limited executed a debt-to-equity swap with us and other creditors, as part of its continued restructuring led by us as its largest creditor, and affiliates of the Hyundai group reduced their shareholdings in HMM Company Limited, which resulted in us becoming the largest shareholder of HMM Company Limited. In October 2018, we injected W1 trillion in emergency aid into HMM Company Limited in order to normalize its operations by purchasing bonds with warrants and convertible bonds issued by HMM Company Limited. We also concurrently entered into an agreement to jointly manage HMM Company Limited together with Korea Ocean Business Corporation until December 2020, which was subsequently extended to January 2022. In June 2021, we exercised our right to convert W300 billion of our convertible bonds into 60 million common shares of HMM Company Limited. Following an improvement in the financial performance of HMM Company Limited, we ended our joint management of HMM Company Limited in January 2022, upon which Korea Ocean Business Corporation became its sole manager. In July 2023, we and Korea Ocean Business Corporation jointly announced a combined sale of an aggregate of approximately 38.9% of the equity interest in HMM Company Limited through a competitive bidding process. Although a consortium led by Harim Group was initially selected as the preferred bidder in December 2023, we concluded our negotiations with them in February 2024 upon failure to reach an agreement on certain issues. In October 2023, we exercised our right to convert W200 billion of our convertible bonds into 40 million common shares of HMM Company Limited and exercised our stock purchase warrant tied to the bonds with warrants we had purchased previously and acquired 60 million common shares of HMM Company Limited. In May, June and October 2024, we exercised our right to convert an aggregate of W480 billion of our convertible bonds into an aggregate of 96 million common shares of HMM Company Limited. In April 2025, we exercised our right to convert W360 billion of our convertible bonds into 72 million common shares of HMM Company Limited, following which our equity stake in HMM Company Limited amounted to 36.02% as of April 30, 2025. In September 2025, HMM Company Limited repurchased approximately 35 million of its common shares from us as treasury stock through a tender offer, following which our equity stake in HMM Company Limited further decreased to 35.42% as of December 31, 2025.

 

13

In January 2019, HJ Shipbuilding & Construction Philippines, a subsidiary of HJ Shipbuilding & Construction at Subic Bay in the Philippines, declared bankruptcy and filed for corporate rehabilitation with a regional trial court following its failure to comply with loan obligations to its Philippine lenders. In March 2019, creditors in Korea (including us) and lenders in the Philippines agreed on, and executed, a business normalization plan including a debt-to-equity swap and capital reduction for HJ Shipbuilding & Construction, as a result of which we became the largest shareholder of HJ Shipbuilding & Construction. In September 2021, creditors of HJ Shipbuilding & Construction (including us) sold a 66.85% interest in the company to a consortium led by Dongbu Corporation.

K Shipbuilding has faced financial difficulties for the past several years due to prolonged slowdowns in the Korean shipbuilding and shipping industries. K Shipbuilding, which had filed for court receivership in May 2016 and executed debt-to-equity swaps with their creditors (including us) in December 2016 under a rehabilitation plan through which we increased our equity interest to 43.9% and became its largest shareholder, exited court receivership in July 2017. In November 2020, we selected a consortium consisting of KH Investment and UAMCO., Ltd. as the preferred bidder for the sale of shares of K Shipbuilding. In July 2021, the consortium acquired a 97% interest in K Shipbuilding for W250 billion. In December 2021, we terminated our creditor management of K Shipbuilding, and in December 2022, sold all of our equity stake in K Shipbuilding.

In January 2024, Taeyoung Engineering & Construction Co., or Taeyoung E&C, commenced workout procedures, pursuant to which its creditors, including us, agreed to temporarily defer all of its debt payment obligations. Subsequently, we, as the lead creditor, worked together with external consultants to evaluate Taeyoung E&C’s ability to maintain its business and repay its loans. In April 2024, we proposed a corporate improvement plan to restructure Taeyoung E&C based on such evaluation, which would involve debt-to-equity swaps and capital reductions, among others, and the creditors approved such corporate improvement plan, following which we entered into an agreement with Taeyoung E&C to implement such plan.

In 2025, we sold non-performing loans worth W187.6 billion to Hana F&I Co., Ltd.

Our large exposure to financially troubled companies in Korea means that we are also exposed to financial difficulties experienced by our borrowers as a result of, among other things, adverse economic conditions in Korea and globally, which could disrupt the business, activities and operations of many of our borrowers, which in turn could have an adverse impact on the ability of our borrowers to meet existing payment or other obligations to us. For example, the recent COVID-19 pandemic resulted in significant global and domestic economic and financial disruptions, and had an especially direct negative impact on certain of our borrowers, among them the airline industry, which required significant liquidity following a sharp decline in aircraft traffic and a dramatic increase in the number of suspended flights due to entry restrictions imposed by many countries in response to COVID-19 during the course of the pandemic.

 

14

In April 2020, we provided Asiana Airlines, a subsidiary of Kumho Asiana Group and the second-largest airline in Korea, with liquidity support in the aggregate amount of approximately W1.2 trillion, in the form of the provision of a credit line and an investment in its perpetual convertible bonds. Our decision to take such measure was largely driven by a need to address Asiana Airlines’ financial difficulties resulting from the negative impact of the COVID-19 pandemic on the airline industry, although we had previously provided Asiana Airlines with liquidity support in similar amount and form in 2019 as well with the aim of enhancing its financial condition. In the fourth quarter of 2020, we injected W0.3 trillion into Asiana Airlines through the Key Industry Stabilization Fund, which was established by the Government to support businesses in certain key industries that faced financial difficulties resulting from the COVID-19 pandemic, in order to normalize its operations following the cancellation of plans by a consortium led by HDC Hyundai Development to acquire Asiana Airlines. In November 2020, we signed an investment agreement with Hanjin KAL, the parent company of Korean Air Lines, to inject W800 billion (consisting of W500 billion through participation in a rights offering and W300 billion through purchase of exchangeable bonds) into Hanjin KAL in connection with Korean Air Lines’ contemplated acquisition of a 63.9% stake in Asiana Airlines through a transaction valued at W1.8 trillion (the “Asiana Acquisition”). In December 2020, Asiana Airlines’ shareholders approved a 3-to-1 share capital reduction plan, which was aimed at offsetting part of Asiana Airlines’ deficits and improving its capital structure. The Asiana Acquisition was consummated in December 2024 after a lengthy approval process by the antitrust authorities of a number of jurisdictions, following which Asiana Airlines became a consolidated subsidiary of Korean Airlines Co., Ltd. As of December 31, 2025, our equity interest in Hanjin KAL amounted to approximately 10.7%. In February 2025, Asiana Airlines repaid all of its outstanding credit obligations to us, in the aggregate amount of approximately W1.4 trillion.

In addition, adverse economic conditions in Korea have prompted the Government in recent years to implement various emergency aid initiatives involving Korean banks, including us, to provide liquidity assistance to a range of financially troubled companies. Such initiatives include, among others, the provision of new loans to financially troubled companies, extension of maturity dates for existing loans and suspension of interest payment obligations for an extended period of time. For example, in February 2024, the Government announced a financial support program amounting to W75.9 trillion mostly aimed at helping small- and medium-sized enterprises overcome adverse economic conditions resulting from the prevailing high interest rate environment and expand their businesses into new industries. We provided W16.0 trillion toward this program as of December 31, 2025. Our participation in such Government-led initiatives may lead us to extend credit to financially troubled borrowers that we would not otherwise extend, or offer terms for such credit that we would not otherwise offer, in the absence of such initiatives. Furthermore, there is no guarantee that the financial condition and liquidity position of our financially troubled borrowers benefiting from such initiatives will improve sufficiently for them to service their debt on a timely basis, or at all. Accordingly, increases in our exposure to financially troubled borrowers resulting from such Government-led initiatives may have a material adverse effect on our financial condition and results of operations.

 

15

Furthermore, in recent years, the Korean petrochemical industry has experienced deteriorating conditions, including persistent global oversupply resulting in part from significant production capacity expansion in China and the Middle East, weakening demand, and declining profitability of Korean petrochemical producers, with major domestic companies experiencing operating losses and liquidity shortfalls amid a prolonged structural downturn. In response, the Korean government has recently promoted a series of measures intended to facilitate voluntary, preemptive restructuring of the industry. These measures are designed to encourage voluntary consolidation among industry participants, reduce domestic excess capacity, scale back the production of commodity-grade products and shift towards high-value-added products with improved long-term competitiveness. To support these restructuring efforts, in February 2026, the Korean government announced a financial support package of approximately W2.0 trillion for eligible restructuring projects, of which we are expected to provide approximately W430 billion. Our participation is expected to include financing for facility rationalization, restructuring implementation, capital expenditures, technology upgrades and research and development, with the scope, timing and terms of such financing depending on, among others, the restructuring plans submitted by the relevant companies, governmental approvals and our credit review and other internal procedures. There can be no assurance that such restructuring measures will achieve their intended objectives or that market conditions will not deteriorate further, which could adversely affect our credit exposure to the petrochemical sector.

A deterioration in the financial condition of our borrowers, including those under workout, court receivership, court mediation or other restructuring procedures, could result in a deterioration in the quality of our loan portfolio. This, in turn, could result in an increase in delinquency ratios, increased charge-offs and higher provisioning, as well as an increase in impairment losses on such loans, which could have a material adverse impact on our business, financial condition or results of operations.

Operations

Loan Operations

We mainly provide equipment capital loans, project loans and working capital loans to private Korean enterprises that undertake major industrial projects either directly or indirectly through on-lending. The loans generally cover over 50%, and in some cases as much as 100%, of the total project cost. Equipment capital loans include loans to major industries for development of high technology and for acquisition, improvement or repair of machinery and equipment. We disburse loan proceeds in installments to ensure that the borrower uses the loan for its intended purpose.

Before approving a loan, we consider:

 

•

the economic benefits of the project to the Republic;

 

•

the extent to which the project serves priorities established by the Government’s industrial policy;

 

•

the project’s operational feasibility;

 

•

the loan’s and the project’s profitability; and

 

•

the quality of the borrower’s management.

The interest rate we charge on our loans varies based on a number of factors, including the purpose of the loan, maturity date and the borrower’s credit ratings. Certain loans bear interest at below market rates. Equipment capital loans generally have original maturities of three to five years, although we occasionally make equipment capital loans with longer maturities. Working capital loans usually mature within two years.

The Business and Investment Planning Department functions as our centralized policy-making and planning division with respect to our lending activities. The Business and Investment Planning Department formulates and revises our internal regulations on loan programs as well as setting basic lending guidelines.

 

16

We have multiple levels of loan approval authority, depending on the loan amount and other factors such as the availability of collateral or guarantee, debt repayment ability and business prospects. The Credit Review Committee, Division Credit Review Committee, Division Credit Review Sub-Committee, Credit Officer, Head of the Regional Head Office and General Manager each has authority to approve loans up to a specified amount. The amount differs depending on the type of loan and certain other factors, for example, whether a loan is collateralized or guaranteed.

Our overall risk management policy is set by the Risk Management Committee. For detailed information regarding our risk management policy and procedures, see “—Financial Statements and the Auditors—Notes to Separate Financial Statements of December 31, 2025 and 2024—Note 48.”

The following table sets out, by currency and category of loan, our total outstanding loans:

Loans⁽¹⁾

 

		As of December 31,
		2024				2025
		(billions of Won)
Equipment Capital Loans:
Domestic Currency		W	62,063.4				64,488.0
Foreign Currency			12,719.7				12,743.7
			74,783.1				77,231.7
Working Capital Loans:
Domestic Currency(2)			68,969.5				69,822.1
Foreign Currency			21,931.6				21,827.3
			90,901.1				91,649.4
Other Loans(3)			46,698.2				51,821.7
Total Loans			212,382.5				220,702.8

(1)	Includes loans extended to affiliates.

(2)	Includes loans on households.

(3)	Includes inter-bank loans, private loans, off-shore loan receivables, loans borrowed from overseas financial institutions, bills bought in foreign currencies, advance payments on acceptances and guarantees and other loans.

As of December 31, 2025, we had W220,702.8 billion in outstanding loans, which represents a 3.9% increase from W212,382.5 billion of outstanding loans as of December 31, 2024.

 

17

Maturities of Outstanding Loans

The following table categorizes our outstanding equipment capital and working capital loans by their remaining maturities:

Outstanding Equipment Capital and Working Capital Loans by Remaining Maturities⁽¹⁾

 

		As of December 31,								As % of December 31, 2025 Total
		2024				2025
		(billions of Won, except percentages)
Loans with Remaining Maturities of One Year or Less		W	78,640.4				73,708.6				43.6	%
Loans with Remaining Maturities of More Than One Year			87,043.8				95,172.4				56.4
Total		W	165,684.2				168,881.0				100.0	%

(1)	Includes loans extended to affiliates.

Loans by Industrial Sector

The following table sets out the total amount of our outstanding equipment capital and working capital loans, categorized by industry sector:

Outstanding Equipment Capital and Working Capital Loans by Industry Sector⁽¹⁾

 

		As of December 31,								As % of December 31, 2025 Total
		2024				2025
		(billions of Won, except percentages)
Manufacturing		W	76,354.0			W	78,267.0				46.3	%
Banking and Insurance			40,685.5				43,567.2				25.8
Transportation			10,259.3				8,403.6				5.0
Public Administration			745.9				766.5				0.5
Electric, Gas and Water Supply Industry			5,689.7				5,888.4				3.5
Others(2)			31,949.8				31,988.3				18.9
Total		W	165,684.2			W	168,881.0				100.0	%
Percentage increase (decrease) from previous period			3.6	%			1.9	%

(1)	Includes loans extended to affiliates.

(2)	Includes wholesale and retail trade, real estate and leasing, and construction.

Industrial Bank of Korea was our single largest borrower as of December 31, 2025, accounting for 3.7% of our outstanding equipment capital and working capital loans. As of December 31, 2025, our five largest borrowers and 20 largest borrowers accounted for 10.4% and 19.1%, respectively, of our outstanding equipment capital and working capital loans.

 

18

The following table breaks down the equipment capital and working capital loans to our 20 largest borrowers outstanding as of December 31, 2025 by industry sector:

20 Largest Borrowers by Industry Sector

 

		As % of December 31, 2025 Total Outstanding Equipment Capital and Working Capital Loans to Our 20 Largest Borrowers
Manufacturing			38.7	%
Banking and Insurance			50.6
Transportation			3.8
Electric, Gas and Water Supply Industry			4.3
Others(1)			2.6
Total			100.0	%

(1)	Includes wholesale and retail trade, real estate and leasing, and construction.

The following table categorizes the new loans made by us by industry sector:

New Loans by Industry Sector

 

		Year Ended December 31,								As % of Year Ended December 31, 2025 Total
		2024				2025
		(billions of Won, except percentages)
Manufacturing		W	42,934.2				44,624.0				46.7	%
Banking and Insurance			22,440.0				25,664.6				26.8
Transportation			4,190.6				3,914.9				4.1
Electric, Gas and Water Supply Industry			3,527.6				3,656.7				3.8
Public Administration			434.7				144.7				0.2
Others(1)			17,070.3				17,609.6				18.4
Total		W	90,597.4			W	95,614.5				100.0
Percentage increase (decrease) from previous period			12.4	%			5.5	%

(1)	Includes wholesale and retail trade, real estate and leasing, and construction.

Loans by Categories

In addition to dividing our loans into equipment capital and working capital loans, we classify loans into several groupings, the most important being:

 

•

industrial fund loans;

 

•

on-lending loans;

 

•

foreign currency loans;

 

•

local currency loans denominated in foreign currencies;

 

•

offshore loans in foreign countries; and

 

•

government fund loans.

 

19

The following table sets out equipment capital and working capital loans by categories as of December 31, 2025:

 

		Equipment Capital Loans(1)								Working Capital Loans(1)
		As of December 31, 2025				%				As of December 31, 2025				%
		(billions of Won, except percentages)
Industrial fund loans		W	60,296.6				78.1	%		W	55,018.3				60.1	%
On-lending loans			1,670.8				2.2				14,288.3				15.6
Foreign currency loans			7,673.6				9.9				1,372.8				1.5
Local currency loans denominated in foreign currencies			0.4				0.0				15.2				0.0
Offshore loans in foreign currencies			5,052.8				6.5				18,007.2				19.6
Government fund loans			46.6				0.1				—				0.0
Overdraft			—				0.0				10.7				0.0
Others(1)			2,491.0				3.2				2,936.8				3.2
Total		W	77,231.7				100.0	%		W	91,649.3				100.0	%

(1)	Includes loans on households and loans extended to affiliates.

Industrial Fund Loans. Industrial fund loans are equipment capital and working capital loans denominated in Won to borrowers in major industries to finance equipment and facilities.

We currently make equipment capital industrial fund loans at floating or fixed rates for terms of up to 20 years and for up to 100% of the equipment cost being financed. We make working capital industrial fund loans at floating or fixed rates and in amounts constituting up to 50% of the borrower’s estimated annual sales for the manufacturing industry or up to 40% for the non-manufacturing industry, excluding depreciation expenses.

On-lending Loans. On-lending is a form of indirect financing that involves intermediary financial institutions which on-lend the funds provided by us to industrial borrowers and are responsible for repayment to us. Most of the funds provided by us through on-lending are ultimately lent to small- and medium-sized enterprises for their equipment purchases and working capital. We explicitly set detailed guidelines (including scope of borrowers, maturity and interest rates) for intermediary financial institutions to be followed when on-lending to the ultimate borrowers. We monitor our exposure to, and the credit standing of, each financial institution to which we lend. Borrowers do not apply directly to us and may only apply for our on-lending loans through their regular bank or another bank of their choice. The intermediary bank appraises the financial and business situation of the applicant and generally assumes liability for repayment to us. Although the processing of individual loans requires two formally separate loan approvals for each borrower, first by the intermediary bank and then by us, the ultimate borrower need only apply to the intermediary bank for approval.

Foreign Currency Loans. We extend loans denominated in U.S. dollars, Japanese Yen or other foreign currencies principally to finance the purchase of industrial equipment from abroad or the implementation of overseas industrial development projects by Korean companies. We make these loans at floating interest rates with original maturities, in the case of equipment capital foreign currency loans, of up to 20 years and, in the case of working capital foreign currency loans, of up to three years.

Local Currency Loans Denominated in Foreign Currencies. We make local currency loans denominated in foreign currencies for the same purposes, and to the same borrowers, as foreign currency loans. Although we denominate the loans in foreign currency, the borrower receives and repays the loans in Won based on foreign exchange rates at the time of receipt and repayment. We currently make loans of this type at floating interest rates, with original maturities, in the case of equipment capital loans, of up to 20 years and, in the case of working capital loans, of up to three years.

 

20

Offshore Loans in Foreign Currencies. We extend offshore loans in foreign currencies to finance:

 

•

the purchase of industrial equipment and the implementation of overseas industrial projects by overseas subsidiaries and branches of Korean companies; and

 

•

the overseas industrial development projects of foreign government entities, international organizations and foreign companies.

We make these loans at floating interest rates with original maturities, in the form of equipment capital foreign currency loans, generally of up to 20 years and, working capital foreign currency loans, generally of up to three years. However, longer maturities may be negotiated on an individual basis.

Government Fund Loans. We make government fund loans primarily to finance:

 

•

water supply and drainage facilities;

 

•

the Seoul subway system;

 

•

freight terminal facilities;

 

•

hospitals; and

 

•

other facilities.

Government fund loans that are equipment capital loans require approval by the appropriate Government ministry. We currently make government fund loans in Won at floating interest rates with original maturities of 10 to 20 years.

Other Loans. We also make special purpose fund loans for particular industries or projects using funds lent to us by the Government and foreign financial institutions. The Government funds that finance these loans include, among others:

 

•

the Tourism Promotion Fund (hotel and resort projects);

 

•

the Rational Use of Energy Fund (energy conservation projects and collective energy supply projects); and

 

•

the Small- and Medium-sized Enterprises Promotion Fund (small- and medium-sized enterprises).

 

•

For further information relating to such loans, see “—Sources of Funds.”

Guarantee Operations

We extend guarantees to our clients to facilitate their other borrowings and to finance major industrial projects. We guarantee Won-denominated corporate debentures, local currency loans, and other Won liabilities and foreign currency loans from domestic and overseas Korean financial institutions and from foreign institutions. The KDB Act and our Articles of Incorporation limit the aggregate amount of our industrial finance bond obligations and guarantee obligations. See “—Sources of Funds.”

We generally obtain collateral valued in excess of the original guarantee. We appraise the value of our collateral at least once a year. Depending on the borrower, the collateral may be industrial plants, real estate and/or marketable securities.

 

21

The following table shows our outstanding guarantees:

Guarantees Outstanding

 

		As of December 31,
		2024				2025
		(billions of Won)
Acceptances		W	208.8			W	187.2
Guarantees on local borrowing			742.5				781.8
Guarantees on foreign borrowing			11,361.3				11,167.4
Letter of guarantee for importers			42.7				52.3
Total		W	12,355.3			W	12,188.8

Investments

We invest in a range of Korean private and Government-owned enterprises but we will not take a controlling interest in a company unless the acquisition is necessary for the corporate restructuring of the company. Although generally a long-term investor, we sell investments from time to time. In recent years, sales resulted principally from the Government’s privatization program, and we expect to continue such sales in the future. Our equity investments increased to W54,421.7 billion as of December 31, 2025 from W51,083.5 billion as of December 31, 2024.

The KDB Act and our Articles of Incorporation provide that the cost basis of our total equity investments may not exceed twice the sum of our paid-in capital and our reserve from profit. In addition, pursuant to the KDB Decree, we may not acquire equity securities of a single company in excess of 15% of its entire voting shares. The 15% limit, however, does not apply to certain investments, including those in companies financed by capital contributions from the Government. As of December 31, 2025, the cost basis of our equity investments subject to restriction under the KDB Act and our Articles of Incorporation totaled W28,390.8 billion, equal to 44.6% of our equity investment ceiling. For a discussion of Korean accounting principles relating to our equity investments, see “—Financial Statements and the Auditors.”

The following table sets out our equity investments by industry sector on a book value basis as of December 31, 2025:

Equity Investments

 

		Book Value as of December 31, 2025
		(billions of Won)
Electric, Gas and Water Supply Industry		W	16,921.1
Construction			1,014.7
Banking and Insurance			14,943.6
Real Estate Business			10.8
Manufacturing			3,465.7
Transportation and Communication			7,338.9
Others			10,726.9
Total		W	54,421.7

 

22

As of December 31, 2025, we held total equity investments, on a book value basis, of W2,958.8 billion in two of our five largest borrowers and W3,289.3 billion in three of our 20 largest borrowers. We have not established a policy addressing loans to enterprises in which we hold equity interests or equity interests in enterprises to which we have extended loans.

When possible, we use the prevailing market price of a security to determine the value of our interest. However, if no readily ascertainable market value exists for our holdings, we record these investments at the cost of acquisition. With respect to our equity interests in enterprises in which we hold more than 15% of interest, we value these investments annually, with certain exceptions, on a net asset value basis when the investee company releases its financial statements. As of December 31, 2025, the aggregate value of our equity investments accounted for approximately 81.7% of their aggregate cost basis.

As part of our investment activities, we underwrite straight and convertible bond issuances in Won for domestic corporations. We also invest in municipal bonds, extending funds to municipalities at subsidized interest rates, mostly to finance water supply and drainage infrastructure projects.

Other Activities

We engage in a range of industrial development activities in addition to providing loans and guarantees, including:

 

•

conducting economic and industrial research;

 

•

performing engineering surveys;

 

•

providing business analyses and managerial assistance; and

 

•

offering trust services.

As of December 31, 2025, we held in trust cash and other assets totaling W30,919.6 billion, and we generated in 2025 trust fee income equaling W372.3 billion. As of December 31, 2024, we held in trust cash and other assets totaling W30,231.7 billion, and we generated in 2024 trust fee income equaling W441.5 billion. Pursuant to Korean law, we segregate trust assets from our other assets; trust assets are not available to satisfy claims of our depositors or other creditors. Accordingly, we account for our trust accounts separately from our banking accounts. However, if our trust operations fail to preserve the principal of our clients’ trust assets, we are responsible for covering the deficit either from previously established provisions in our trust accounts or by a transfer from our banking accounts. In 2024 and 2025, we did not transfer any funds from our banking accounts to cover deficits in our trust accounts. Surplus funds generated by the trust assets may be deposited into the clients’ accounts and earn interest. We reflect trust fees earned by us on our trust account management services as other operating revenues in the income statement of the banking accounts.

Sources of Funds

In addition to our capital and reserves, we obtain funds primarily from:

 

•

borrowings from the Government;

 

•

issuances of bonds in the domestic and international capital markets;

 

•

borrowings from international financial institutions or foreign banks; and

 

•

deposits.

 

23

All of our borrowings are unsecured.

Borrowings from the Government

We borrow from the Government’s general purpose funds and its special purpose funds. General purpose loans generally are in Won and have fixed interest rates and maturities ranging from five to 20 years. We incur special purpose loans, principally from the Tourism Promotion Fund, the Rational Use of Energy Fund and the Small- and Medium-sized Enterprises Promotion Fund, in connection with specific projects we finance. The Government links the interest rate and maturity of each special purpose borrowing to the terms of the financing we provide for the specific project.

The following table sets out our Government borrowings as of December 31, 2025:

 

Type of Funds Borrowed		As of December 31, 2025
		(billions of Won)
General Purpose		W	47.5
Special Purpose			4,631.2
Total		W	4,678.7

Domestic and International Capital Markets

We issue industrial finance bonds both in Korea and abroad, some of which the Government directly guarantees. We generally issue domestic bonds at fixed interest rates with original maturities of one to ten years.

The following table sets out the outstanding balance of our industrial finance bonds as of December 31, 2025:

 

Outstanding Balance		As of December 31, 2025
		(billions of Won)
Denominated in Won		W	118,692.5
Denominated in Other Currencies			55,429.5
Total		W	174,122.0

The KDB Act provides that the aggregate outstanding principal amount of our industrial finance bonds, other than those directly guaranteed or purchased by the Government, plus the aggregate outstanding amount of debt (including bonds and loans) guaranteed or purchased by us, other than those excepted by the KDB Act, may not exceed 30 times the sum of our paid-in capital and our reserve from profit. As of December 31, 2025, the aggregate amount of our industrial finance bonds and guarantee obligations (including guarantee obligations relating to loans that had not been borrowed as of December 31, 2025) was W192,587.1 billion, equal to 20.2% of our authorized amount under the KDB Act, which was W955,758.9 billion.

In 2025, we issued W54.8 trillion in Won-denominated industrial finance bonds and W20.3 trillion in industrial finance bonds denominated in other currencies. In 2026, we are targeting to issue approximately W51.2 trillion in Won-denominated industrial finance bonds and approximately W20.0 trillion in industrial finance bonds denominated in other currencies, subject to change depending on our funding needs and market conditions.

Foreign Currency Borrowings

We borrow money from institutions, principally syndicates of commercial banks, outside the Republic in foreign currencies. We frequently enter into related interest rate and currency swap transactions. The loans generally have original maturities of one to five years. As of December 31, 2025, the outstanding amount of our foreign currency borrowings was US$18.5 billion.

 

24

Our long term and short term foreign currency borrowings decreased to W26,479.2 billion as of December 31, 2025 from W27,999.4 billion as of December 31, 2024.

Deposits

We take demand deposits and time and savings deposits from the general public. Time and savings deposits generally have maturities shorter than three years and bear interest at fixed rates. As of December 31, 2025, demand deposits held by us totaled W2,014.9 billion and time and savings deposits held by us totaled W57,014.4  billion.

Debt

Debt Repayment Schedule

The following table sets out our principal repayment schedule as of December 31, 2025:

Debt Principal Repayment Schedule⁽¹⁾

 

		Maturing on or before December 31,
Currency(2)(3)		2026				2027				2028				2029				Thereafter
		(billions of Won)
Won		W	60,098.7			W	41,184.0			W	13,287.5			W	1,426.4			W	7,326.2
Foreign			41,048.9				14,230.3				12,455.2				2,543.5				11,630.8
Total Won Equivalent		W	101,147.6			W	55,414.3			W	25,742.7			W	3,969.9			W	18,957.0

(1)	Excludes bonds sold under repurchase agreements.

(2)	Borrowings in foreign currencies have been translated into Won at the market average exchange rates on December 31, 2025, as announced by the Seoul Money Brokerage Services Ltd.

(3)	We categorize debt with respect to which we have entered into currency swap agreements by our repayment currency under such agreements.

The following table summarizes, as of December 31 of the years indicated, our outstanding direct internal debt:

Direct Internal Debt

 

		(billions of Won)
2021			115,318.8
2022			126,854.0
2023			121,108.9
2024			120,191.5
2025			123,426.5

The following table summarizes, as of December 31 of the years indicated, our outstanding direct external debt:

Direct External Debt

 

		(billions of Won)
2021			52,412.9
2022			60,771.2
2023			66,102.6
2024			80,023.5
2025			81,908.7

 

25

The following table sets out, by currency and the equivalent amount in U.S. Dollars, our outstanding external bonds as of December 31, 2025:

External Bonds

 

		Amount in Original Currency				Equivalent Amount in U.S. Dollars(1)
		(millions)
US$			USD25,864				25,864
Euro (EUR)			EUR3,220				3,783
New Zealand Dollar (NZD)			NZD140				81
Hong Kong dollar (HKD)			HKD13,524				1,738
Chinese offshore renminbi (CNH)			CNH5,318				761
Swiss franc (CHF)			CHF650				821
Brazilian real (BRL)			BRL18,995				3,468
Australian dollar (AUD)			AUD2,043				1,368
Great Britain Sterling (GBP)			GBP586				789
Indonesian Rupiah (IDR)			IDR325,000				20
Indian Rupee (INR)			INR19,763				219
Swedish Krona (SEK)			SEK1,410				153
Mexican Peso (MXN)			MXN3,500				195
Singapore Dollar (SGD)			SGD84				65
Japanese Yen (JPY)			JPY10,000				64
Turkish Lira (TRY)			TRY9,900				231
Total							US$39,620

(1)	Amounts expressed in currencies other than US$ are converted to US$ at the exchange rate announced by the Seoul Money Brokerage Services, Ltd. in effect on December 31, 2025.

For further information on our outstanding indebtedness, see “—Tables and Supplementary Information.”

Debt Record

We have never defaulted in the payment of principal or interest on any of our obligations.

Overseas Operations

We operate overseas subsidiaries in Hong Kong, Dublin, Budapest, Sao Paulo, Tashkent, Jakarta and Mountain View. The subsidiaries engage in a variety of banking and merchant banking services, including:

 

•

managing and underwriting new securities issues;

 

•

syndicating medium and long-term loans;

 

•

trading securities;

 

•

trading in the money market; and

 

•

providing investment management and advisory services.

We currently maintain twelve branches in Tokyo, Shanghai, Singapore, New York City, London, Beijing, Guangzhou, Qingdao, Shenyang, Yangon, Hong Kong and Frankfurt, and six overseas representative offices in Ho Chi Minh City, Abu Dhabi, Moscow, Sydney, Bangkok and Jakarta.

 

26

Property

Our head office is located at 14 Eunhaeng-ro, Yeongdeungpo-gu, Seoul, Korea, a 35,996 square meter building completed in July 2001 and owned by us. In addition to the head office, we maintain 59 branches in major cities throughout the Republic, including 16 in Seoul. We generally lease our domestic and overseas offices under long-term leases.

Directors and Management; Employees

Our Board of Directors has ultimate responsibility for management of our affairs. Under the KDB Act and our Articles of Incorporation, our Board of Directors is to consist of one Chief Executive Officer (who also serves as the Chairman of the Board of Directors), one Chief Operating Officer and not more than eight directors. Under the KDB Act, the President of the Republic appoints our Chief Executive Officer and Chairman of the Board of Directors upon the recommendation of the Chairman of the Financial Services Commission. The Financial Services Commission appoints all of our directors upon the recommendation of our Chief Executive Officer. Under our Articles of Incorporation, our executive directors serve for three-year terms and they may be re-appointed, and our independent non-executive directors serve for two-year terms and they may be re-appointed; provided, however, that our independent non-executive directors shall not serve more than one year for each reappointment and shall not serve more than five years consecutively.

Currently, the members of our Board of Directors are:

 

Position		Name		Expiration of Term
Chief Executive Officer and Chairman of the Board of Directors		Sangjin Park		September 9, 2028
Chief Operating Officer and Vice Chairman of the Board of Directors		Bong Hee Lee		March 23, 2029
Auditor		Jaeshin Kim		August 25, 2027
Independent Non-executive Directors		Seung Cheol Jeon		May 1, 2027
		Seungho Lee		April 23, 2028
		Woo Chan Kim		April 23, 2028
		Seeun Jeong		April 23, 2028
		Kyung-Woo Lee		April 23, 2028

As of December 31, 2025, we employed 3,486 persons with 2,113 persons located in our head office.

Tables and Supplementary Information

A. External Debt of KDB

(1) External Bonds of KDB

 

Currency		Original Principal Amount				Interest Rate (%)				Issue Date		Maturity Date		Principal Amount Outstanding as of December 31, 2025
USD			50,000,000				2.730			February 6, 2015		February 6, 2027			50,000,000
USD			1,000,000,000				3.000			January 13, 2016		January 13, 2026*			1,000,000,000
USD			50,000,000				2.690			March 30, 2016		March 30, 2026*			50,000,000
USD			53,000,000				2.180			August 10, 2016		August 10, 2026			53,000,000
USD			500,000,000				2.000			September 12, 2016		September 12, 2026			500,000,000
USD			50,000,000				2.530			November 10, 2016		November 10, 2028			50,000,000
USD			50,000,000				3.088			January 17, 2017		January 17, 2027			50,000,000
USD			50,000,000				3.800			January 29, 2018		January 29, 2038			50,000,000
USD			50,000,000				4.100			March 19, 2018		March 19, 2048			50,000,000
USD			500,000,000				0.800			October 27, 2020		April 27, 2026*			500,000,000

 

27

Currency		Original Principal Amount				Interest Rate (%)				Issue Date		Maturity Date		Principal Amount Outstanding as of December 31, 2025
USD			500,000,000				0.800			January 19, 2021		July 19, 2026*			500,000,000
USD			300,000,000				1.625			January 19, 2021		January 19, 2031			300,000,000
USD			500,000,000				1.000			March 9, 2021		September 9, 2026			500,000,000
USD			300,000,000				2.000			April 1, 2021		April 1, 2031			300,000,000
USD			100,000,000				1.146			May 18, 2021		May 18, 2026*			100,000,000
USD			100,000,000				1.035			June 18, 2021		June 18, 2026*			100,000,000
USD			100,000,000				1.145			June 4, 2021		June 4, 2026*			100,000,000
USD			100,000,000				3M USD Libor+0.25			June 11, 2021		June 11, 2026*			100,000,000
USD			50,000,000				2.470			August 24, 2021		August 24, 2051			50,000,000
USD			200,000,000				1.750			September 27, 2021		September 27, 2031			200,000,000
USD			20,000,000				2.850			October 12, 2021		October 12, 2051			20,000,000
USD			20,000,000				2.925			October 18, 2021		October 18, 2051			20,000,000
USD			500,000,000				1.375			October 25, 2021		April 25, 2027			500,000,000
USD			300,000,000				2.000			October 25, 2021		October 25, 2031			300,000,000
USD			20,000,000				2.870			November 19, 2021		November 19, 2051			20,000,000
USD			38,000,000				1.950			January 25, 2022		January 25, 2027			38,000,000
USD			200,000,000				2.250			January 26, 2022		January 26, 2032			200,000,000
USD			500,000,000				2.250			February 24, 2022		February 24, 2027			500,000,000
USD			40,000,000				2.643			March 18, 2022		March 18, 2032			40,000,000
USD			50,000,000				3.400			May 18, 2022		May 18, 2027			50,000,000
USD			450,000,000				4.250			September 8, 2022		September 8, 2032			450,000,000
USD			50,000,000				SOFR+1.00			October 14, 2022		October 14, 2027			50,000,000
USD			50,000,000				SOFR+1.00			October 17, 2022		October 17, 2027			50,000,000
USD			50,000,000				SOFR+0.99			October 17, 2022		October 17, 2027			50,000,000
USD			50,000,000				SOFR+1.00			October 19, 2022		October 19, 2027			50,000,000
USD			50,000,000				SOFR+1.03			October 26, 2022		October 26, 2027			50,000,000
USD			50,000,000				SOFR+1.03			October 27, 2022		October 27, 2027			50,000,000
USD			50,000,000				SOFR+1.03			October 28, 2022		October 28, 2027			50,000,000
USD			20,000,000				SOFR+1.30			November 4, 2022		November 4, 2027			20,000,000
USD			130,000,000				5.450			November 21, 2022		November 21, 2028			130,000,000
USD			35,000,000				SOFR+1.30			November 22, 2022		November 22, 2027			35,000,000
USD			20,000,000				5.450			November 28, 2022		November 28, 2028			20,000,000
USD			20,000,000				SOFR+1.30			November 28, 2022		November 28, 2027			20,000,000
USD			20,000,000				SOFR+1.30			December 8, 2022		December 8, 2027			20,000,000
USD			60,000,000				SOFR+1.29			December 14, 2022		December 14, 2027			60,000,000
USD			40,000,000				SOFR+0.95			February 10, 2023		February 10, 2028			40,000,000
USD			1,000,000,000				4.375			February 15, 2023		February 15, 2028			1,000,000,000
USD			1,000,000,000				4.375			February 15, 2023		February 15, 2033			1,000,000,000
USD			50,000,000				SOFR+0.75			February 16, 2023		February 16, 2026*			50,000,000
USD			10,000,000				5.010			March 3, 2023		March 3, 2026*			10,000,000
USD			40,000,000				SOFR+0.85			May 11, 2023		May 11, 2028			40,000,000
USD			50,000,000				SOFR+0.80			June 5, 2023		June 5, 2026*			50,000,000
USD			50,000,000				SOFR+0.80			June 15, 2023		June 15, 2026*			50,000,000
USD			50,000,000				SOFR+0.80			June 20, 2023		June 20, 2026*			50,000,000
USD			50,000,000				SOFR+0.82			June 26, 2023		June 26, 2026*			50,000,000
USD			22,000,000				SOFR+0.80			July 12, 2023		July 12, 2026*			22,000,000
USD			50,000,000				5.320			July 14, 2023		July 14, 2026*			50,000,000
USD			300,000,000				SOFR+0.90			August 1, 2023		August 1, 2028			300,000,000
USD			50,000,000				5.240			August 2, 2023		August 2, 2026*			50,000,000
USD			50,000,000				5.250			August 11, 2023		August 11, 2026			50,000,000
USD			50,000,000				5.500			August 29, 2023		August 29, 2043			50,000,000
USD			300,000,000				SOFR+0.70			October 23, 2023		October 23, 2026			300,000,000
USD			700,000,000				5.375			October 23, 2023		October 23, 2026			700,000,000
USD			500,000,000				5.375			October 23, 2023		October 23, 2028			500,000,000
USD			500,000,000				5.625			October 23, 2023		October 23, 2033			500,000,000
USD			38,000,000				SOFR+0.70			October 31, 2023		October 30, 2026			38,000,000
USD			33,000,000				SOFR+0.87			November 15, 2023		November 15, 2028			33,000,000
USD			50,000,000				SOFR+0.87			November 29, 2023		November 29, 2028			50,000,000
USD			20,000,000				SOFR+0.79			December 20, 2023		December 20, 2028			20,000,000
USD			50,000,000				SOFR+0.51			January 19, 2024		January 19, 2026*			50,000,000
USD			20,000,000				SOFR+0.90			January 24, 2024		January 24, 2031			20,000,000
USD			1,750,000,000				4.625			February 15, 2024		February 15, 2027			1,750,000,000

 

28

Currency		Original Principal Amount				Interest Rate (%)				Issue Date		Maturity Date		Principal Amount Outstanding as of December 31, 2025
USD			1,250,000,000				4.500			February 15, 2024		February 15, 2029			1,250,000,000
USD			50,000,000				4.945			February 28, 2024		February 28, 2027			50,000,000
USD			20,000,000				SOFR+0.60			April 17, 2024		April 17, 2029			20,000,000
USD			50,000,000				SOFR+0.60			June 3, 2024		June 3, 2029			50,000,000
USD			25,000,000				SOFR+0.59			June 14, 2024		June 14, 2027			25,000,000
USD			1,000,000,000				4.750			June 26, 2024		June 26, 2027			1,000,000,000
USD			65,000,000				SOFR+0.75			July 12, 2024		July 12, 2029			65,000,000
USD			100,000,000				SOFR+0.40			August 30, 2024		February 27, 2026*			100,000,000
USD			20,000,000				4.071			September 5, 2024		September 5, 2027			20,000,000
USD			100,000,000				SOFR+0.45			September 12, 2024		March 12, 2026*			100,000,000
USD			50,000,000				SOFR+0.45			September 13, 2024		March 13, 2026*			50,000,000
USD			1,000,000,000				4.125			October 16, 2024		October 16, 2027			1,000,000,000
USD			50,000,000				4.470			November 12, 2024		November 12, 2029			50,000,000
USD			10,000,000				4.530			November 19, 2024		May 19, 2026*			10,000,000
USD			10,000,000				4.580			November 20, 2024		November 20, 2026			10,000,000
USD			200,000,000				SOFR+0.49			January 7, 2025		December 7, 2026			200,000,000
USD			100,000,000				4.720			January 13, 2025		January 13, 2028			100,000,000
USD			50,000,000				4.580			January 10, 2025		January 10, 2026*			50,000,000
USD			42,800,000				4.830			January 21, 2025		January 21, 2028			42,800,000
USD			30,000,000				0.000			January 17, 2025		January 16, 2026*			30,000,000
USD			900,000,000				4.625			February 3, 2025		February 3, 2028			900,000,000
USD			1,200,000,000				4.875			February 3, 2025		February 3, 2030			1,200,000,000
USD			900,000,000				SOFR + 0.76			February 3, 2025		February 3, 2030			900,000,000
USD			50,000,000				4.650			February 11, 2025		February 11, 2026*			50,000,000
USD			50,000,000				4.470			February 13, 2025		February 13, 2026*			50,000,000
USD			50,000,000				4.547			February 18, 2025		February 18, 2026*			50,000,000
USD			50,000,000				4.630			February 14, 2025		February 14, 2026*			50,000,000
USD			45,000,000				4.625			February 19, 2025		February 19, 2026*			45,000,000
USD			30,000,000				4.945			February 21, 2025		February 21, 2030			30,000,000
USD			50,000,000				SOFR+0.55			February 25, 2025		February 25, 2028			50,000,000
USD			50,000,000				SOFR+0.30			March 6, 2025		February 27, 2026*			50,000,000
USD			20,000,000				4.380			March 20, 2025		March 20, 2026*			20,000,000
USD			50,000,000				SOFR+0.32			March 27, 2025		April 27, 2026*			50,000,000
USD			50,000,000				SOFR+0.40			March 27, 2025		September 27, 2026			50,000,000
USD			50,000,000				4.260			April 10, 2025		April 10, 2026*			50,000,000
USD			20,000,000				4.320			April 30, 2025		April 30, 2026*			20,000,000
USD			200,000,000				SOFR+0.55			May 13, 2025		May 13, 2027			200,000,000
USD			50,000,000				4.300			May 13, 2025		May 13, 2026*			50,000,000
USD			20,000,000				4.330			May 9, 2025		May 9, 2026*			20,000,000
USD			100,000,000				SOFR+0.45			May 14, 2025		June 5, 2026*			100,000,000
USD			50,000,000				4.190			May 14, 2025		May 14, 2027			50,000,000
USD			50,000,000				SOFR+0.49			May 15, 2025		December 15, 2026			50,000,000
USD			13,000,000				4.000			May 16, 2025		May 16, 2026*			13,000,000
USD			50,000,000				SOFR+0.40			May 19, 2025		June 11, 2026*			50,000,000
USD			20,000,000				4.350			May 20, 2025		May 20, 2027			20,000,000
USD			50,000,000				4.480			May 21, 2025		May 21, 2026*			50,000,000
USD			20,000,000				SOFR+0.65			May 22, 2025		May 22, 2028			20,000,000
USD			40,000,000				4.570			May 30, 2025		May 30, 2030			40,000,000
USD			50,000,000				4.300			May 29, 2025		May 28, 2027			50,000,000
USD			30,000,000				SOFR+0.7			June 5, 2025		June 5, 2028			30,000,000
USD			50,000,000				SOFR+0.43			June 11, 2025		June 11, 2026*			50,000,000
USD			30,000,000				SOFR+0.67			June 18, 2025		June 18, 2028			30,000,000
USD			50,000,000				0.000			June 18, 2025		June 11, 2026*			50,000,000
USD			30,000,000				SOFR+0.67			June 17, 2025		June 17, 2028			30,000,000
USD			25,000,000				4.500			June 18, 2025		June 18, 2026*			25,000,000
USD			10,000,000				SOFR+0.35			June 18, 2025		June 18, 2026*			10,000,000
USD			30,000,000				SOFR+0.50			June 26, 2025		June 26, 2027			30,000,000
USD			14,000,000				4.430			June 26, 2025		June 26, 2026*			14,000,000
USD			50,000,000				4.090			July 3, 2025		July 2, 2027			50,000,000
USD			50,000,000				4.270			July 10, 2025		July 10, 2026*			50,000,000
USD			100,000,000				4.360			July 14, 2025		July 14, 2026*			100,000,000
USD			30,000,000				4.300			July 15, 2025		July 14, 2026*			30,000,000

 

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