[THE INVESTOR] South Korea’s top financial regulator said on Aug. 22 it will divide a 30 percent stake in Woori Bank to sell to multiple investors after its block sale attempts have fallen through several times.
The Financial Services Commission which is in charge of privatizing, decided to sell a total of 30 percent out of the 48.09 percent stake held by the Korea Deposit Insurance Corporation to multiple suitors, both Korean and international.
The FSC said it wants to auction off a series of stakes in Woori ranging in size from 4 to 8 percent.
According to the regulator, the government aims to receive letters of intent from bidders by around Sept. 23, decide on winning parties in November, and close the sale by December.
