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Biz News Korea(Eng)

Korea Investment interested in a piece of Woori Bank

Collected: 2016.09.13

Distributed: 2016.09.19

Source: Go Direct

Korea Investment Holdings Co., the country`s sole non-banking holding firm, is also mulling to bid for a share of Woori Bank whose 30 percent stake held by the government would be up for grabs to multi investors in splinters of 4 percent to 8 percent.

According to the financial industry and the firm on Monday, Korea Investment Holdings is eyeing a piece of Woori Bank which has drawn keen interest from major life insurers in the country. The company admitted that it was “studying” the option as it would help its goal of expanding portfolio after it joined the consortium on the first Internet bank, Kakao Bank. It is the largest stakeholder in Kakao Bank - the first internet bank to be launched next year in Korea - with a 54 percent stake.

Woori Bank stake sales will become more heated if Korea Investment joins the race.

There are already 10 strong candidates including Kyobo Life Insurance Co. and Hanwha Life Insurance Co. The National Pension Service (NPS) and Korean Federation of Community Credit Cooperatives (KFCC) are also said to be keen. From outside, Japan’s Orix Private Equity and China’s Anbang Insurance Group are potential bidders.

By Han Woo-ram

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