South Korea’s KDIC sells stake at Woori Financial for $765m

The 67.9 million shares were sold to five investors, including Eugene PE.

State-run Korea Depository Insurance Corp. (KDIC) has completed the sale of a 9.33% stake in Woori Financial, reports Yonhap, based on an announcement by the deposit insurer.

Around 67.94 million shares were sold to five previously-chosen investors for $765m (KRW897.7b).

Last month, the KDIC selected the five investors, including private equity firm Eugene PE, for those shares put on sale as part of efforts to privatize Woori Financial.

KDIC's stake in Woori Financial is now only at 5.8%.