Woori Bank seeks a consortium of investors

Woori wants non-financial firms to divide the 57% stake, worth around $6bln.

South Korea's largest banking group Woori Finance Holdings needs a consortium of investors to establish a stable and independent governance structure, the head of its bank unit said Monday.

The state-run Public Fund Oversight Committee, which oversees government-held stakes, began accepting bids over the weekend for a 57 percent share, worth about six billion dollars, in Woori Finance.

The agency aims to pick a preferred bidder in the first quarter of 2011 and complete the sale within the first half of next year.

Woori Bank president Lee Chong-Hwi said it would "actively" seek to establish a consortium of investors to buy the stake in its parent.

"A consortium involving foreign and domestic investors, Woori employees and customers should be formed for independent privatisation," he said in a message to staff.

The government took control of Woori when the Asian financial crisis in 1997 forced South Korea to bail out troubled banks with massive sums.

View the full story in Google News.

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