In today’s JoongAng Daily So-young Moon reported on Korea’s Financial Services Commission’s 2010 privatisation plans -
In summary -
The Financial Services Commission (FSC), Korea’s financial regulator, announced yesterday that they are looking to speed-up the privatization of Woori Financial Group.
State-run Korea Deposit Insurance Corp. (KDIC), which owns 66 percent of Woori, will unload 16 percent in block sales next year and but is yet to decide how to sell the controlling 50 percent stake.
The FSC said that it would consider a few options, including selling the whole 50 percent to another financial company or dividing it into several stakes for different investors.
Analysts say that the 50 percent stake will not be an easy sell as price could reach KRW 8 trillion ($6.9 billion), including a premium for management rights.
The JoongAng Daily provided this table with the article -
Lone Star Funds, the biggest shareholder of Korea Exchange Bank (KEB) , have stated they want to sell KEB in the next 6 to 12 months, whilst BC Card, Green Cross Life Insurance, and Prudential’s brokerage and asset management units are already up for sale.
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