The South Korean government is reportedly planning to identify which subsidiaries it will sell separately from its stake in Woori Finance and which will be included in the privatization.
A report carried by Edaily cited an unspecified insider at the state-run Financial Services Commission (FSC) as saying the government may sell subsidiaries, such as Woori Investment & Securities or regional banks held by Woori Finance, to a different buyer than the one for the Woori Finance stake.
According to a related item in the Korea Herald, the government is expected to speed up the privatization process which was slowed due to elections that held on 2 June.
The Korea Herald report also provided some back story -
The state-run Korea Deposit Insurance Corp. currently owns 57 percent of Woori. The KDIC has reduced its 100 percent stake in the financial group through five rounds of block deals since 2002. It most recently offloaded 9 percent on April 8 and plans to hand over more than 50 percent this year or next.
The unsourced report said that the government is planning to push forward in-depth plans for the sale of its 57% stake in Woori Finance.
Previously, on May 28 it was reported that the Korean government was considering splitting Woori Finance stake, and further back on April 29, it was reported that the privatization of Woori Finance could be delayed until next year.
Source: Edaily (translated)
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