Korean Government sells its 29.7% stake in Woori Bank

On 13 November 2016, the Financial Services Commission has chosen seven successful bidders, including Chinese-owned Tong Yang Life Insurance Co., to buy a combined 29.7 per cent stake (about KRW 2.4 trillion) in the state-owned Woori Bank on its fifth attempt to privatize the bank since 2010. The success of the latest auction will reduce the stake of the state-run Korea Deposit Insurance Corp. (KDIC) from 51.1 per cent to 21.4 per cent. This sale marks the completion of the first stage of privatizing the Woori Bank and the Government is committed to continue its effort to sell the remaining share in the bank.

• Type:

  • Entry and establishment (Ownership and control)

• Industry:

  • Services (Financial and insurance activities)

• Sources:

  • Financial Services Commission, SEVEN INVESTORS WERE PICKED TO BUY GOVERNMENT’S STAKE IN WOORI BANK, file:///C:/Local%20Folder/Downloads/161113_Privatization%20of%20Woori%20Bank(0).pdf, 13 Nov 2016
  • The Korea Times, Privatizing Woori Bank, http://www.koreatimes.co.kr/www/news/opinon/2016/11/202_218159.html, 14 Nov 2016
  • The Wall Street Journal, South Korea Government Sells $2.1 Billion Stake in Woori Bank, http://www.wsj.com/articles/south-korea-government-sells-2-1-billion-stake-in-woori-bank-1479030047, 13 Nov 2016