| Less than one-third of the Korean government’s shares in Woori Bank are predicted to be purchased by multiple Middle East sovereign wealth funds early next year. At present, the Korean government has a 48.07 percent share in the bank, along with 2.97 percent for providing against a call option exercise.
According to industry sources, the Financial Services Commission starts negotiations with Abu Dhabi Investment Company (ADIC) next month in order to draw up an investment letter of commitment. The ADIC recently submitted a letter of intent to acquire a 10 percent share. The Korean government is planning to wrap up its contract with ADIC before the end of this year. The sovereign wealth fund of Saudi Arabia also expressed its will to buy a 4 percent share...............................................Full Article: Source
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