Recovery of Public Fund I*
During the period from November 1997 to September 2014, the government provided public fund worth total KRW 168.7trillion from which KRW 107.5trn (63.7%) have been recouped so far.
Recovery rate(%): 57.0(end-2009), 59.9(end-2010), 60.9(end-2011), 62.5(end-2012), 63.4(end-2013), 63.7(Sep. 2014)
Recovery of Public Fund II**
Total KRW 6.1693trillion was provided during the period from June 2009 to September 2014. 88.2% or KRW 5.4436trn has been recouped so far.
*Public fund raised during the 1997 Asian economic crisis to finance liquidation of insolvent financial institutions.
**Public fund created in response to the 2008 global financial crisis to resolve financial market instability.
The Public Funds Oversight Committee resolved that public announcement on the sale of Woori Bank’s controlling stake be made on September 30. Public announcement on the sale of the minority shares will be made in late October. Bidding for both the controlling and minority stakes will be closed on November 28.
The Public Fund Oversight Committee approved the privatization plan for Woori Bank on Monday, June 23.
Woori Financial Holdings will be merged to Woori Bank. The controlling 30% of KDIC’s 56.97% stake in Woori Bank will be put up for public bidding. The remaining 26.97% of Woori Bank’s shares will be put up for competitive bidding for individual investors seeking investment profits. Bidders are allowed to make bids for minority shares of between 0.5% and 10%. As an incentive to draw more tenders, successful bidders will be given call options to 0.5 shares per share.
Sale of controlling stake and minority shares will be proceeded simultaneously. Public announcement on the sale will be made in September and the bid will be closed at the end of November. Final bidders for controlling stake and successful bids for minority shares will be decided by the end of 2014.
Please read the press release for further details -> http://www.fsc.go.kr/downManager?bbsid=BBS0048&no=91015