Eighteen investors submitted letters of intent (LOI) to buy the government’s 30% minority stakes in Woori Bank in a preliminary bidding. The amount of stakes for which the investors bid adds up to 82 to 119 percent shares of Woori Bank.

* The name of individual investors and amount of the bid each investor made cannot be disclosed upon their request.

The investors who submitted LOIs will be given opportunity to conduct due diligence in end-September. Shortlisted bidders will submit final offers in mid-November to close the sale by the end of the year.

Schedule

- Sending Information Memorandums(IM) and conducting due diligence (Sept.30~)
- Deadline for submission of final offers (5:00 p.m., Nov.11)
- Announcement of winning bidder (Nov.14)
- Signing of contract and payment (Nov. 28)

* The schedule may be subject to change depending on progress in the sale process.

 *Please read the attached file for details.