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South Korea closes sale of stake in Woori Bank

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South Korea closes sale of stake in Woori Bank

The South Korean government closed the sale of a 29.7% stake in Woori Bank after receiving payment from IMM Private Equity for an additional 2% stake in the bank.

State-owned Korea Deposit Insurance Corp. completed the sale of a 27.7% stake in Woori Bank to seven investors, including IMM Private Equity, in December 2016. IMM Private Equity had purchased a 4% stake in the first round but was required to get approval from South Korea's Financial Services Commission for the additional 2% stake. The company received approval from the FSC on Jan. 18 and made the payment Jan. 31.

In addition to IMM Private Equity, the buyers of Woori Bank's stakes include Hanwha Life Insurance Co. Ltd. and Mirae Asset Global Investments Co. Ltd.