Fourth attempt at Woori Bank sale attracts only one bidder

The government has announced that it was unsuccessful in its fourth attempt to sell its management stake in Woori Bank.

The Public Fund Oversight Committee under the Financial Services Commission announced Friday that only one company participated in the auction, failing to satisfy the workable competition policy that requires at least two bidders.

The committee opened the preliminary bidding in September to sell the 30 percent managerial stake in Woori Bank to privatize the bank.

When the bidding closed at 5 p.m. on Friday, however, China’s Anbang Property and Casualty Insurance was the only bidder.

Kyobo Life, which had been interested in bidding, decided against participating due to several concerns.

It was particularly hesitant because its Chief Executive Officer Shin Chang-jae owns about 34 percent of Woori’s stock.