April 21, 2024

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[THE INVESTOR] Korea Investment Holdings, South Korea’s sole non-banking holding firm, is considering to bid for a stake in Woori Bank which the government seeks to privatize in its fifth attempt this year.

“We are reviewing the stake purchase,” the company’s official said on Sept. 12.

The holding company of Korea Investment & Securities and Korea Investment Trust Management plans to diversify its business portfolio g by acquiring a stake in the state-owned bank. 

Acquiring Woori Bank’s stake is expected to accelerate Korea Investment Holdings’ move to transform itself into a bank holding company.

As part of such efforts, Korea Investment Holdings took a majority stake in the country’s first Internet-only bank Korea KaKao Bank to be launched next year.

Currently, the government owns a 51-percent stake in the bank through the state-run Korea Deposit Insurance Corp, a legacy of the Asian Financial crisis in the late nineties.

The government is seeking to sell off 30 percent, which will be divided into 4-8 percent stakes to be sold to multiple investors. 

By Park Han-na (hnpark@heraldcorp.com)