The South Korean government plans to sell 30 percent of its stake in Woori Bank to multiple buyers by splitting its holding into portions of four to eight percent.
 
The Financial Services Commission(FSC) on Monday approved the plan provided by the Korea Deposit Insurance Corporation(KDIC).
 
Of the 48-point-09 percent stake held by the state-run KDIC, the FSC plans to auction off a total of 30 percent to multiple bidders, domestic and foreign, in splinters of four to eight percent.
 
The FSC plans to receive letters of intent by around September 23rd with an aim to announce winning bidders by the end of the year.
 
The government infused around 12-point-eight trillion won of public funds into Woori Bank during the Asian financial crisis in 1998. So far, it has recovered eight-point-two trillion won of funds. The government has attempted to privatize the bank four times since 2010, but failed to seek interested investors. It decided in July 2015 to attempt a multi-buyer deal.