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Biz News Korea(Eng)
Gov’t to sell 30% Woori Bank stake to multiple investors
- Collected
- 2016.08.23
- Distributed
- 2016.08.24
- Source
- Go Direct
The Financial Services Commission (FSC) and its Public Fund Management Committee decided to sell a total of 30 percent out of a 48.09 percent stake held by the Korea Deposit Insurance Corp. to multiple investors, splitting the shares into 4 to 8 percent chunks, with a goal to complete the privatization of the bank within this year.
The FSC would auction off a series of stakes in Woori Bank ranging from 4 to 8 percent
“We have learned that the sale of management right is not easy and there has been demand for the purchase of 4 to 8 percent stake in Woori Bank,” said Yoon Chang-hyun, an official of the FSC.
Investors who get more than 4 percent stakes will be granted the right to recommend outside directors for the bank’s boardroom. They will also be able to take part in selecting the next president of the bank.
If the deal is successfully completed, the memorandum of understanding signed between the KDIC and Woori Bank to normalize the bank’s operations will be closed, meaning the bank is completely free from the government’s control.
The government plans to issue a public notice of sale on Wednesday and receive a letter of intent (LOI) until September 23. Investors who would submit LOIs are allowed to participate in a bid. The government wants to close bidding in November and complete the deal in December.
By Kim Hyo-sung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]