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-Woori Bank to seek investors for Woori Finance privatisation.

Global Banking News-November 3, 2010--Woori Bank to seek investors for Woori Finance privatisation(C)2010 ENPublishing -

Global Banking News - 03 November 2010(c)2005 - Electronic News Publishing -

Woori Bank is looking to set up a consortium of investors to buy a majority stake in its parent company, Woori Finance Holdings Company (NYSE:WF) (053000.SE), which has been put up for sale, Dow Jones has reported, citing the bank's chief executive Lee Chong-hwi.

The statement came after the South Korean government launched the sale of its 57 percent stake in Woori Finance, the country's largest financial holding company by assets, currently valued at KRW6.59tn (USD5.9bn).

No specific names on any potential investors have been disclosed. The deadline for letters of intent for the Woori Finance stake is November 26, and the government is expected to hire a preferred bidder for Woori Finance by March 2011.

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Date:Nov 3, 2010
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