The South Korean government is planning to sell a minor stake in Woori Bank with an aim to privatize the local major lender.
The Financial Services Commission’s (FSC) Public Fund Oversight Committee intends to sell about 18% of the government’s 26.97% stake in the bank, which is held by the state-run Korea Deposit Insurance Corp, reports Yonhap News Agency.
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The stake will be sold to multiple investors through an open bidding process which is due to close on 28 November.
FSC aims to finalize bidders for the stake by early December.
In September, FSC had also put a controlling 30% stake in the bank up for sale, looking for a single buyer to obtain the managerial right of the lender.
The government has been making efforts to privatize Woori Finance and its 14 affiliates since 2010, but failed in its earlier attempts owing to a lack of buyers.
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