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Biz News Korea(Eng)
S. Korea’s National Pension Service won’t likely partake in Woori Bank bid
- Collected
- 2016.09.22
- Distributed
- 2016.09.23
- Source
- Go Direct
The Public Fund Oversight Committee that is in charge of the Woori Bank privatization process plans to close the deadline for receiving a letter of intent from investors each bidding for 4 percent to 8 percent of the offered 30 percent stake in Woori Bank on Friday. A number of large-sized private equity fund managers from home and abroad as well as institutional investors including Korea Federation of Community Credit Cooperatives, Hanwha Life Insurance Co. and Kyobo Life Insurance Co. reportedly are interested.
The government has decided to break up the stake and offer it to multi investors in hopes to privatize the bank after several failed attempts.
The market has been closely watching whether the bellwether institutional player would join the bid. The NPS already owns a 5.01 percent stake of Woori Bank. The sales authority has already offered to bestow the buyer of more than 4 percent a seat on the board. But under the NPS law, the sovereign wealth fund cannot purchase equity stake for purposes other than for investment. The state-owned entity owning more than 9 percent in the bank also would go against the goal of privatizing the bank.
But the NPS could consider investing in a private equity fund that wins the bid for profit returns.
By Kim Hyo-hye
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