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18 bidders place offers to buy stake in Woori Bank

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18 bidders place offers to buy stake in Woori Bank

South Korea's Financial Services Commission said that 18companies participated in the auction for the government's 30% stake inWoori Bank.

The preliminary bidding to acquire a stake in Woori Bankclosed Sept. 23, the regulator said the same day.

The South Korean government is looking to the 30% stake in separate bundlesof a minimum stake of 4%, which could include any current shareholding in thebank, up to a maximum stake of 8%, excluding any current shareholding.

The FSC did not disclose the list of bidders or the size ofthe stakes they were looking to acquire, in accordance with confidentialityagreements.

The Korea EconomicDaily previously reported that Hanwha Life Insurance Co. Ltd. and , a unit of KoreaInvestment Holdings Co. Ltd., were among the companies that placedpreliminary bids to acquire part of the 30% stake.

The bidders will start due diligence at the end of Septemberand selections for a shortlist of bidders will be made in mid-November.