Eight investors have participated in the bidding for a 30% stake in Woori Bank Co., Ltd. (KOSE:A000030), heralding that the government's long-stalled plan to sell the bank could be nearing success. According to the Financial Services Commission (FSC), the eight offered prices higher than that set by the FSC's Public Fund Oversight Committee in the bidding, which closed on November 11, 2016. The combined bids were oversubscribed reaching 33.68%.

To date, four investors have been disclosed are Kiwoom Securities Co., Ltd. (KOSE:A039490), Korea Investment Holdings Co., Ltd. (KOSE:A071050), Hanwha Life Insurance Co., Ltd. (KOSE:A088350) and Tong Yang Life Insurance Co., Ltd. (KOSE:A082640), which announced their participation through regulatory filings. The privatization of Woori Bank will be continued through December 30, 2016, when new outside directors, recommended by the new shareholders, are appointed at a board meeting.