Investment banks jockey for 100 million Samsung restructuring bonanza

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Samsung Electronics chairman công ty du lịch everland Lee Kun-Hee arrives at Gimpo airport in Seoul after he visited several European countries and Japan
Thomson Reuters

By Lawrence White and Joyce Lee

HONG KONG/SEOUL (Reuters) - Investment bankers are jostling to win plum roles from the founding Lee family of Samsung Group, South Korea's top fee-payer, as it prepares to hand the baton to the next generation in a restructuring that could land more than $100 million in advisory fees alone.

Foreign and Korean investment banks are bringing in their chief executives and top dealmakers to pitch for a glut of deals as the $407 billion Samsung Group [SAGR.UL] untangles an empire that ranges from electronics to financial services.

Banks' top executives have long courted the Samsung Group as it's among Asia's top fee-payers. Citigroup's chief executive Mike Corbat flew to Korea last year to meet with Samsung management, according to a source with direct knowledge of the matter, while last month Asia-Pacific head Stephen Bird traveled to Seoul.

A spokesman for Citigroup declined to comment.