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Report: South Korea to auction Woori Bank stake in Q3 after 4 failed attempts

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Report: South Korea to auction Woori Bank stake in Q3 after 4 failed attempts

South Korea plans to start a process to sell a stake inWoori Bank in thethird quarter, which would be the country's fifth since 2010 to privatize thecompany, Yonhap News Agency reported July 11, citing "people familiar withthe matter."

The government aims to start accepting bids in July orAugust and select a preferred bidder by the end of 2016, one of the people said.

State-run Korea Deposit Insurance Corp. owns 51.06% of WooriBank. It plans to sell a 31.06% stake and keep the remaining 20%, a KDICofficial told the news agency. The buyer can take over management rights if itwants to.

The South Korean government has unsuccessfully sought toprivatize Woori Bank to recoup public funds spent to bail out the company. KDICand the Financial Services Commission have yet to finalize plans for theirlatest sale attempt, according to the Yonhap report.

China's Anbang Insurance Group and other parties have showninterest in buying aWoori Bank stake of about 10% or less, Reuters reported June 22.

JPMorgan, Samsung Securities Co. and Mirae Asset Daewoo areadvising KDIC.