Details on Woori Finance sale plan due this month

SEOUL, June 13 (Yonhap) -- South Korea plans to unveil a road map to resume the sale of Woori Finance Holdings Co. in late June, including separate sales of the group's several affiliates, the top financial regulator said Thursday.

Shin Je-yoon, the chairman of the Financial Services Commission (FSC), said that the government plans to lay out details about the privatization of the state-invested Woori Finance on June 26.

"The government is seeking to sell the group's smaller banks or securities unit first (when it privatizes the group)," Shin said.

The chairman told lawmakers on Wednesday that the financial watchdog is considering first selling the group's two smaller banks -- Kwangju and Kyongnam -- and then selling a slimmed-down holding company, along with the main banking unit Woori Bank.

The government currently holds a 56.97 percent stake in Woori Finance after it injected 12.8 trillion won (US$11.32 billion) to save the group from near bankruptcy in the aftermath of the 1997-98 Asian financial crisis.

The sale of Woori Finance was pushed by the government of former President Lee Myung-bak, but the privatization move fell through in 2010 and 2011 due to a lack of proper buyers.

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