S.Korea recoups $2.1 bln by selling 30 pct of Woori Bank

Hanwha Life Insurance

13/11/2016 07:00

SEOUL, Nov 13 (Reuters) - South Korea said on Sunday it 
picked seven domestic financial institutions to buy a combined 
29.7 percent stake in Woori Bank  000030.KS , recovering 2.4 
trillion won ($2.06 billion) of taxpayer money spent bailing out 
the bank nearly two decades ago. 
    The Financial Services Commission (FSC), South Korea's 
financial regulator, said in a statement that Hanwha Life 
Insurance Co Ltd  088350.KS , Tongyang Life Insurance Co Ltd 
 082640.KS , Seoul-based private equity firm IMM and four other 
local financial institutions were picked to buy between 3.7-6 
percent stakes in Woori each.  
    The government, which would see its stake in Woori cut from 
about 51 percent to 21 percent when the sale is finalised, 
announced the auction earlier this year to recoup some of the 
12.8 trillion won it spent to bail out Woori and its former 
affiliates in the aftermath of the 1997-1998 Asian financial 
crisis.  urn:newsml:reuters.com:*:nS6N17L01R 
    With this sale, which will be finalised in December, South 
Korea has recouped 10.6 trillion won thus far, the FSC said in a 
statement.  
     
($1 = 1,164.5700 won) 
 
 (Reporting by Joyce ; Editing by Michael Perry) 
 ((jungyoon.lee@thomsonreuters.com; +82 2 3704 5609; Reuters 
Messaging: jungyoon.lee.thomsonreuters.com@reuters.net)) 
 
Keywords: SOUTHKOREA WOORI BANK/