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South Korean government set to close sale of Woori Bank stake by Nov. 28

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South Korean government set to close sale of Woori Bank stake by Nov. 28

The South Korean government is seeking to close the sale ofa 30% stake in WooriBank by Nov. 28, according to the committee supervising the auction.

The Public Fund Oversight Committee updated the timeline forthe auction at its Sept. 26 meeting.

The announcement came days after the Financial ServicesCommission said 18 firms placed preliminary bids to acquire a stake in thelender. The bidders included Hanwha Life Insurance Co. Ltd. and unit Korea Investment &Securities Co. Ltd.

The 18 bidders will start first due diligence Sept. 30, withfinal bids due by 5 p.m. on Nov. 11, according to the updated schedule. Thegovernment plans to announce the names of the winning bidders on Nov. 14.

The auction will close by Nov. 28, except for transactions,which are subject to regulatory approval.

Meanwhile, Mirae Asset Global Investments Co. Ltd., a unit ofMirae Asset FinancialGroup, is one of the bidders seeking to buy a stake in Woori Bank,News1 Korea reported Sept. 26, citing an official at Mirae Asset GlobalInvestments. The asset manager is looking to buy a 4% stake in the bank.