Woori expected to be privatized this month

Public Fund Oversight Committee seen to outline a strategy after postponement due to European debt crisis.

A long-awaited plan to privatize Woori Financial Group, Korea’s second-biggest financial group in terms of assets, will be finalized within the next two weeks, the Public Fund Oversight Committee announced Friday.

The committee, which operates under the Financial Services Commission, initially intended to unveil a strategy to sell the government’s 57 percent stake in Woori in the first half of the year.

But it postponed the decision because of the fiscal debt crisis in southern Europe.

Members of the committee have reportedly agreed to spin off Kyongnam Bank and Kwangju Bank from Woori before the group is privatized.

However, they apparently have not yet decided whether Woori will be sold as a whole or in pieces or merged with another entity.

“The method of privatization will be left up to the market, and now we are in talks about how to maximize the collection of public funds used to bail out Woori,” said an official at the FSC.

View the full story in JoongAng Daily.

Also Read

ING names Uday Sareen as APAC chief exec and head of wholesale banking

Banks must expand net zero targets, set clearer O&G goals: org

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit