The company holds a 37.85% stake in Woori Investment & Securities.
In order to embark the privatization of Woori and get back the funds it infused during the financial crisis of 2008, the government is set to divest Woori brokerage unit and five other affiliates, as reported by the yonhapnews.co.kr.
Under the plans, Woori Investment & Securities Co and three other operations, including WooriAviva Life Insurance Co, Woori Asset Management Co and Woori FG Savings Bank Co will be disposed of in a package.
Additionally, Woori Financial Co and Woori F&I Co will be sold separately. The company has invited bids from the interested parties.
The government, which owns 56.97% stake in Woori Finance, is planning to divest regional banks, banking and brokerage units by the end of 2014, while its three previous attempts to sell the operation failed to yield desired result.
KB Financial Group and its competitor NongHyup Financial Group expected to emerge as the bidders for Woori Investment & Securities.
Set up in 2001 after the integration of four troubled banks including Hanvit, Peace, Kwangju and Kyongnam, Woori Finance offers an array of financial products and services to its customers in the country.
