KIS to bid for stake in Woori Bank

[THE INVESTOR]  Korea Investment & Securities expressed its intention to bid a stake in state-owned Woori Bank, the brokerage firm’s parent Korea Investment Holdings said in a regulatory filing on Sept. 23.

KIS submitted its letter of intent to participate in bidding round to acquire 4 to 8 percent stake in the bank, which the government seeks to privatize again after several failed attempts.

The company expects that it will benefit from Woori Bank’s high divided return and improvement in profitability after privatization if it buys the minority stake.

By Park Han-na (hnpark@heraldcorp.com)