April 20, 2024

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[THE INVESTOR] Woori Bank, South Korea’s No. 2 lender by assets, will be privatized this week as the state deposit insurer receives the final payment for its sale of a major stake.

The Korea Deposit Insurance Corp. signed a 2.4 trillion won (US$2.06 billion) deal with seven institutional investors for the sale of its 29.7 percent stake in Woori Bank.

The deal calls for IMM Private Equity and Mirae Asset Global Investments to acquire 6 percent and 3.7 percent each. Hanwha Life Insurance, Tongyang Life Insurance, Eugene Asset Management, Korea Investment & Securities and Kiwoom Securities were also allowed to buy a 4-percent stake.

Six purchasers have already paid, while IMM Private Equity was to pay for a 4 percent interest in Woori Bank to the KDIC on Dec. 13 with the money for the remaining 2 percent to be paid later.

Once IMM Private Equity makes the payment on Dec. 14, the combined 27.7 percent stake of the seven investors will exceed KDIC’s 23.4 percent, meaning the complete privatization of Woori Bank.

The Financial Services Commission has said it will make further efforts to sell the remaining share in Woori Bank as soon as possible.

(theinvestor@heraldcorp.com)