The South Korean government will likely sell Kyongnam Bank and Kwangju Bank, the unlisted subsidiaries of Woori Finance, in separate bidding processes, reported the Hankook Ilbo.
The item cited an unspecified insider at Public Fund Oversight Committee as saying that the committee is discussing details as to the privatization of Woori Finance and decided to sell the subsidiaries separately.
Meanwhile, it has yet to be decided whether to sell another subsidiary, Woori Investment & Securities, in a separate bidding process, the item added, citing the source.
According to an earlier report, Kyongnam Bank has equity capital of KRW 1.5tn (USD 1.29bn).
See here for all the posts covering the privatization of Woori Finance.
Source: Hankook Ilbo (translated)
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