Korea Deposit Insurance sells 7% of Woori stake

The goal of privatising Woori pushed KDIC to a $751.4 million stake sale on Tuesday.

The 56.42 million shares were priced at 15,350 won each, a 4.4 percent discount to Woori's closing price Monday of 16,050 won, KDIC said in a statement.

Citigroup Inc., UBS AG, Samsung Securities Co. and a Woori unit were joint bookrunners of the deal, according to a report in the Wall Street Journal.

"The block deal shows our conviction to pursue privatisation of Woori Finance Holdings, and to maximise the value of the remaining stake we hold by increasing the share float," KDIC said.

KDIC plans to eventually cut its shareholding to 50 percent plus one share and sell the controlling stake for a premium.

KDIC said it now holds 66 percent of Woori Finance following the block deal and hasn't decided the schedule for the next share sale.