KDIC sells 7% of Woori after placement is upsized

The state agency, which holds Woori shares on behalf of the government, raises $745 million from the sale.

The Korean government has sold a 7% stake in Woori Finance Holdings after a share placement last night was increased beyond what was initially indicated to W863.3 billion $745 million. Woori Finance is the largest financial holding company in Korea and the owner of Woori Bank.

According to a term sheet, Korea Deposit Insurance Corp KDIC, which prior to this sale held a 73% stake in Woori on behalf of the government, offered to sell approximately 32.24 million...

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