Woori Bank seeks a consortium of investors

Woori wants non-financial firms to divide the 57% stake, worth around $6bln.

South Korea's largest banking group Woori Finance Holdings needs a consortium of investors to establish a stable and independent governance structure, the head of its bank unit said Monday.

The state-run Public Fund Oversight Committee, which oversees government-held stakes, began accepting bids over the weekend for a 57 percent share, worth about six billion dollars, in Woori Finance.

The agency aims to pick a preferred bidder in the first quarter of 2011 and complete the sale within the first half of next year.

Woori Bank president Lee Chong-Hwi said it would "actively" seek to establish a consortium of investors to buy the stake in its parent.

"A consortium involving foreign and domestic investors, Woori employees and customers should be formed for independent privatisation," he said in a message to staff.

The government took control of Woori when the Asian financial crisis in 1997 forced South Korea to bail out troubled banks with massive sums.

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