South Korea’s MA market, after a sluggish year, is generating plenty of work for investment banks as the government seeks to privatise Woori Finance Holdings in stages.
This represents the fourth attempt by Seoul in as many years to sell its 57% stake. Instead of trying to sell it as a whole, it will sell its two regional banks first, followed by its brokerage and asset-management affiliates. Assuming the process goes well, this will be followed by selling Woori Bank and its holding company next year.
Last month, the government sent out invitations to potential bidders for Kwangju Bank and Kyongnam Bank the regional banks. JP...
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