[THE INVESTOR] The government plans to make its fifth attempt to sell Woori Bank in August at the earliest, a key official overseeing the sale process said on June 17.
“The success of Woori Bank sale can’t be guaranteed as market sentiment can shrink due to variables like Brexit but we are considering giving a public notice of the disposal between August and September,” said Yoon Chang-hyun, chairman of Public Fund Management Committee of Financial Services Commission.
Woori Bank, the country’s second-largest lender by assets, is 51 percent owned by the government as a result of a nearly $12 billion state bailout of the bank in the aftermath of the Asian financial crisis in the late 1990s.
The government has sought to divest four times before, but failed each time.
On June 13, FSC chairman Yim Jong-yong made upbeat comments on the prospects of the Woori Bank sale, saying “conditions are turning favorable.”
The bank’s stock price and earnings have improved.
Shares in Woori Bank closed at 9,880 won ($8.40) on June 17, up 20.3 percent from 8,140 won on Jan. 20. The bank beat analyst estimate comfortably to posted 443.3 billion won in net profits in the first quarter.
By Park Han-na (
hnpark@heraldcorp.com)
