As per the government’s latest plan, nearly 57% stake of Woori’s regional affiliates Kyongnam Bank and Kwangju Bank will be put for sale in July, which will be carried out through Korea Deposit Insurance Corp.
The transaction is likely to conclude in the first half of 2014.
During the second phase, the sale proceedings of Woori Investment & Securities which includes brokerage, asset management and savings bank businesses as well as five other units, including an insurance joint venture with Aviva, will be launched in August.
In the last and final phase, the government will divest Woori Bank, together with the credit card and other businesses.
Due to lack of interest from acquirers, previous attempts by the government to divest its entire 57%, which is valued at nearly $3.9bn, could not finalize.
The privatization of Woori Finance, which was formed in 2001 as a holding company for lenders rescued by the government after the Asian financial crisis in 1997-1998, will boost its competitiveness.
