Korea Deposit Insurance sells 2.33% stake in Woori Financial

Korea Deposit Insurance Corp. sold a 2.33% stake, or 17 million shares, in Woori Financial Group Inc. via a block deal before the market opened May 18.

The move reduced Korea Deposit Insurance's stake in the South Korean banking group to 1.29%, with further share sales planned.

The latest sale was approved by the Public Fund Oversight Committee under the Financial Services Commission.

Korea Deposit Insurance has so far recovered more than 12.87 trillion South Korean won in public funds it injected into Woori Financial.

In 2021, Korea Deposit Insurance sold a 9.3% stake in Woori Financial in a de-facto privatization deal, after which it discontinued being the financial group's largest shareholder.

As of May 19, US$1 was equivalent to 1,266.84 South Korean won.