SEOUL, Sept. 18 (Korea Bizwire) – The government will decide soon whether to sell its remaining stake in Woori Bank, the nation’s top financial regulator said Monday.
As part of a plan to privatize Woori Bank, the government sold a 28 percent stake to seven institutional investors last year but still holds an 18 percent stake in the nation’s No. 3 bank. IMM Private Equity, Mirae Asset Global Investments Co. and other institutional investors were among the buyers.
Choi Jong-ku, chairman of the Financial Services Commission, told lawmakers that a decision on the government’s remaining stake in Woori Bank will soon be made, “taking into consideration the interests of oligopolistic shareholders and the market situation.”
The government will start discussions with the Public Fund Oversight Committee, a government body in charge of managing financial institutions and companies saved by taxpayers’ money, over the issue, Choi said.
The government poured 12.8 trillion won (US$11.3 billion) into Woori Bank to keep it afloat in the wake of the 1997 Asian financial crisis.