The government of South Korea has agreed to sell its 29.7% stake in local lender Woori Bank to multiple investors.
The seven investors include Eugene Asset Management, Hanwha Life Insurance, Kiwoom Securities, Korea Investment & Securities, and Tongyang Life Insurance, each of whom will acquire 4% stake in the bank, along with Mirae Asset Global Investments who will acquire a 3.7% stake and IMM Private Equity who will take a 6% stake.
The sale would help the government recover KRW2.4 trillion ($2.04bn) and a total of KRW10.6 trillion out of KRW 12.8 trillion that it spent to bail out the lender about two decades back, the country’s financial regulator Financial Services Commission (FSC) said in a statement.
After the latest stake sale, state-run Korea Deposit Insurance Corporation will hold a stake of 21.4% in Woori, which is expected to be offloaded later for full recovery of the public funds.
The deal is expected to be wrapped up in the middle of December 2016.
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