KDIC sells 5% of Woori Finance

The long-awaited transaction is expected to be priced at the top of the range for a total deal size of $990 million.

Korea Deposit Insurance Corporation, or KDIC, last night finally offloaded another 5% of its shareholding in Woori Finance Holdings, taking advantage of a strong day in the market for Korean financial stocks.

Woori, which has hovered in a range between W21,700 and W24,000 per share over the past 3.5 months, jumped 4.8% to W23,000, while Shinhan Group added 4.4% and Kookmin Bank was up 3.9%. The sector gained partly on news that the financial regulator is planning to issue...

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