Seoul Guarantee Insurance privatization put on hold

[THE INVESTOR]  The plans for privatizing Seoul Guarantee Insurance have been put on hold, Korea Deposit Insurance Corporation Chairman Gwak Bum-gook revealed on Oct. 13.

Speaking at the parliamentary audit, Gwak said that the financial authorities have approved putting the plans on hold. Seoul Guarantee is 94 percent held by the Korea Deposit Insurance Corporation.

“Seoul Guarantee Insurance is playing an important role in propagating mid-range interest loans,” Gwak said. 

“A policy decision on whether the guarantee insurance market will be opened (to the private sector) must come first, (but) discussions and reviews on privatization of Seoul Guarantee Insurance will continue.”

By Choi He-suk (cheesuk@heraldcorp.com)