S. Korea to sell stake in Woori Bank

SEOUL: South Korea will attempt to sell a 30% stake in Woori Bank by the end of this year in a move that could recoup nearly US$2bil of taxpayer money spent bailing out the bank nearly two decades ago, having tried and failed to sell a majority stake four times since 2010.

In a statement, country’s financial regulator, the Financial Services Commission (FSC), said it plans to sell 30% of Woori Bank – owned by state-run Korea Deposit Insurance Corp - to multiple suitors, both South Korean and international. The FSC said it wants to auction off a series of stakes in Woori ranging in size from 4% to 8%.