The government of South Korea has decided to sell its 30% stake in Woori Bank to multiple investors by the end of 2016.

The stake would be sold in tranches of 4% to 8% each. Investors getting more than 4% stakes will be allowed to recommend one outside director.

The move is the fifth attempt by the country’s financial regulator Financial Services Commission (FSC) and its Public Fund Management Committee (PFOC) to privatise the bank by offloading a controlling stake in the bank, currently owned by state-run Korea Deposit Insurance Corporation (KDIC).

FSC said in a statement: “We found that it would be difficult to proceed with the plan of selling a controlling stake to a single buyer under the current market situation, while there is considerable potential demand for acquiring a smaller stake.

“As a result, the PFOC came to a conclusion that selling the government’s stake to multiple buyers in a smaller stake of 4 to 8% each is the best option to sell Woori Bank in a swiftmanner, while maximizing the recovery of public funds and contributing to further development of the financial industry.”

The PFOC will also offer differentiated incentives for bidders based on their bidding volume to encourage them to bid for a larger amount of shares.