[THE INVESTOR] Foreign financial investors have expressed interest in acquiring state-run Woori Bank, due to the lender’s attractive valuation, according to local news on Aug. 22. 

Woori Bank, for which the government has sought a privatization deal, drew attention from some institutional investors during investor relations meetings hosted by the bank’s president and CEO Lee Kwang-goo in the US, Japan and European countries earlier this year. 

The bank’s relatively low price-to-book value ratio, standing between 0.3 and 0.4 and lower than peers such as KB Financial Group and Shinhan Financial Group, may increase investors’ appetite.

The growing foreign investors’ ownership of Woori Bank stock also shows their interest in the firm. Foreign ownership of the stocks grew to 25 percent as of Aug. 22, from 20 percent earlier this year.

Meanwhile, South Korea’s top financial regulator said on Aug. 22 it will divide a 30 percent stake in Woori Bank to sell to multiple investors after its block sale attempts have fallen through several times.

The Financial Services Commission which is in charge of privatizing, decided to sell a total of 30 percent out of the 48.09 percent stake held by the Korea Deposit Insurance Corporation to multiple suitors, both Korean and international.

By Park Han-na (hnpark@heraldcorp.com)