Was passing by this on the way to work this morning and remembered that this is a big week for Woori Bank and indeed the South Korean government. Way over a decade since the government had to bail out Woori in the aftermath of the Asian Financial Crisis, it is trying to divest it’s stake in the bank and recover tax-payer money that was spent. Many troubled and poorly-managed banks were recapitalized by governments across East and South East Asia following the unraveling of their fundamental weaknesses during the crisis of 97.
I’m told that this is the ROK government’s fourth attempt at attracting private investment to take over its stake. Hopefully fourth time lucky!