South Korea’s state-owned Korea Deposit
Insurance Corporation (KDIC), has sold a 9 percent stake in Woori
Finance, parent group of the country’s second-largest bank by
assets Woori Bank, in a deal worth around KRW1.16 trillion ($1.04
billion).
Following the stake sale, KDIC retains a 57
percent holding in Woori but has said it will reduce its
stake further to 50 percent ahead of a full privatisation.
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In November 2009, KDIC sold a 7 percent stake
in Woori for KRW866 billion.
Woori reported a profit of KRW157 billion in
the fourth quarter of fiscal 2009, compared with a loss of KRW665
billion in the corresponding period a year earlier.
The South Korean economy is expected to expand
by around 5 percent in 2010 compared with growth of 0.2 percent in
2009.
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