S.Korea to exit Woori Financial Group by 2022

Woori Financial

25/06/2019 02:30

SEOUL, June 25 (Reuters) - South Korea said on Tuesday it
would sell its entire stake in Woori Financial Group Inc
 316140.KS  within three years, in a move to recoup taxpayers'
money spent to bail out the company two decades ago. 
    The Financial Services Commission (FSC) said in a statement
that it had decided to sell the 18.3% stake owned by the
state-funded Korea Deposit Insurance Corp from 2020 to 2022.
    In the aftermath of the 1997-1998 Asian financial crisis,
the government spent 12.8 trillion won ($11.10 billion) to bail
out the bank and has since then gradually sold stakes to recoup
the public funds. 
    
($1 = 1,153.4100 won)

 (Reporting by Hayoung Choi; Editing by Subhranshu Sahu)
 ((hayoung.choi@thomsonreuters.com; +82 2 3704 5643; Reuters
Messaging: hayoung.choi.thomsonreuters.com@reuters.net))