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Report: Auction for Woori Bank stake draws more than 10 bidders

More than 10 companies, including andKorea Investment & SecuritiesCo. Ltd., submitted preliminary bids to acquire a stake in , The Korea Economic Daily reported Sept. 23, citing financialindustry sources.

South Korean private equity funds and IMM Private Equityplaced bids to acquire a stake in the bank, while DaouKiwoom Group, theultimate parent company of KIWOOM Securities Co. Ltd., also participated in theauction.

Hanwha Life and Korea Investment & Securities said Sept.22 and Sept. 23, respectively, in regulatory filings that they also submittedbids to buy a stake.

South Korea's Public Fund Oversight Committee and FinancialServices Commission are looking to sell 30% of a 51.06% stake in Woori Bankheld by Korea Deposit Insurance Corp. to recoup public tax injected into thebank.

Bidders can buy a minimum stake of 4%, which could includeany current shareholding in the bank, up to a maximum stake of 8%, excludingany current shareholding.