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South Korea's financial watchdog plans to announce its road map to resume the sale of a major stake in state-owned Woori Finance Holdings Co. by the second quarter of this year, its chief said Wednesday.
The Financial Services Commission (FSC) put the 56.97 percent government stake in the second-largest banking group up for sale in November last year but suspended the sale process in December after two prospective buyers withdrew bids due to expensive premium costs required to take over the controlling share.
"The watchdog may release the plan to restart the privatization of Woori Finance by June," FSC Chairman Kim Seok-dong told reporters before attending a policy coordination meeting.
The government gained control of Woori Finance by bailing out a handful of financial firms that were later consolidated as one financial group in the aftermath of the 1997-98 Asian financial crisis
The Lee Myung-bak administration has pursued privatization of a handful of state-controlled firms bailed out with taxpayers' money as part of his political campaign.
