Woori Finance, the listed South Korean financial holding company, has approached POSCO and KT, to offer part of Korea Deposit Insurance Corporation’s (KDIC) 57% stake in the company, reported the Korea Economic Daily.
The report cited financial sector sources as saying that Woori also approached the National Pension Service, the South Korean pension fund, and private equity player Vogofund, to weigh their interest in the sale.
According to the report, Woori Finance expects potential suitors to buy 4%-9% stakes from KDIC, each, and plans to sell about a combined 30% holding to five or six buyers.
The report added that Hana Financial, a merger candidate of Woori, also prefers to merge with Woori after KDIC sells part of its 57% stake.
After much speculation, the government announced their plan for the privatization of Woori Finance, on July 30.
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