Press Releases - Financial Services Commission

Press Releases

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Nov 26, 2019

FSC Chairman Speaks on Importance of Innovation in Movable Asset-based Financing

FSC Chairman Eun Sung-soo visited a peer-to-peer lending firm Popfunding on November 26, and held talks on promoting innovative financial solutions through movable asset-based financing.During the talks, Chairman Eun stated that the traditional lending practice centered on real estate has begun to change due to government efforts to facilitate the development of financial products which recognize movables as collateral. Merely two years ago, movable asset-based financing remained unfamiliar. However, banks have set up a movable collateral management system using Internet-of-Things (IoT) as they led innovative initiatives in this field.As a result, the amount of movable asset-based loans rapidly increased from KRW735.5 billion at the end of last year to more than KRW1.2 trillion at the end of September 2019.Moreover, Chairman Eun emphasized that due to innovative ideas in movable asset-based financing, new solutions have emerged which would have been unlikely in the past. For instance, inventory as collateral has received relatively low attention compared to machinery or intellectual property due to difficulties in assessment and management. However, with movable asset-based financing, Popfunding began to offer e-commerce firms not only business loans at low to medium interest rates but also systematic inventory management and warehouse services.Chairman Eun said that more innovative solutions should be introduced in the field of movable asset-based financing in order to facilitate start-ups and SMEs.The government has announced a revision to the Act on Security over Movable Assets and Receivables on November 5, and plans to set up an organization that supports redemption of movable collateral in the first half of 2020.* Please refer to the attached PDF for details.
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Nov 19, 2019

Financial Cooperation in ASEAN Region

BACKGROUNDASEAN is a large market which has achieved remarkable economic growth with its growing population. The population of the region is expected to rise to around 688 million by 2024. In the financial sector, Korea and ASEAN countries have made an effort to establish strategic partnership to promote economic and financial growth in ASEAN region.Korea has focused on enhancing financial cooperation with ASEAN by supporting Korean companies’ business operation in the region and promoting partnership in developing financial infrastructure.FEATURES OF FINANCIAL COOPERATION IN ASEAN REGION I. EXPECTATIONS OF HIGH PROFITSAs ASEAN has high growth potential, many companies and institutions in the financial sector are willing to expand their business in the region. In fact, as of June, 2019, the number of subsidiaries and branches opened by Korean financial firms reached 150 in ASEAN region, including Indonesia and Vietnam, rose 92% compared to the end of 2011. The asset of overseas subsidiaries and branches in ASEAN region accounts for 14% of the total asset; however, the profits account for 30% of the total profits.Subsidiaries and branches of Korean banks in ASEAN region have higher Return on Asset (ROA) compared to the banks in domestic market.II. DIVERSIFICATION OF OVERSEAS BUSINESS Korean financial firms diversify their overseas business by establishing non-bank financial institutions and investing in shares of non-banking financial firms in the region.For example, Shinhan bank started banking business in ASEAN region, and then it expanded their business into other financial services, including credit card, financial investment and consumer finance. This strategy helped the financial firm to advance into new markets by creating synergy effects among affiliates. III. LOCALIZATION Korean financial firms accelerate their expansion by establishing more subsidiaries than offices or branches. In the process of localization, Korean financial firms tend to consider the e
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Nov 14, 2019

Government to Increase International Cooperation on Insurance Supervision

The Financial Services Commission and the Financial Supervisory Service became signatories to the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU) on November 14.The IAIS MMoU was established in 2007 as a nonbinding agreement with the aim of ensuring stability in the insurance industry and protecting consumers through mutual cooperation on information sharing. As of November 2019, 71 regulatory agencies from 49 countries have become members.The FSC and the FSS submitted membership applications to the IAIS MMoU in November 2018, and the applications have been approved in July this year.The government expects that the membership status will enhance international cooperation of information sharing on insurance market activities and boost global awareness of Korea’s insurance industry.* Please refer to the attached PDF for details.
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Oct 31, 2019

Government Prepares to Launch Asia Region Funds Passport

The FSC’s proposal to revise the Financial Investment Services and Capital Markets Act for the implementation of the Asia Region Funds Passport was passed at the National Assembly on October 31.The ARFP is a multilateral framework to support the development of an Asian region funds management industry by introducing streamlined processes for registering passport funds in each others’ economies.In September 2010, Australia first suggested the idea of the ARFP, and the five economies signed a memorandum of cooperation in April 2016. Australia, Thailand and Japan launched the passport in February and New Zealand in July this year.Publicly offered local funds can apply to be registered as a passport fund in Korea, and they will be eligible to offer them in other member economies.Foreign passport funds, which will be subject to local laws and regulations, can apply to offer their funds in Korea after a simplified registration process.The revised law will improve market access for both domestic fund managers looking to offer passport funds offshore and foreign fund managers wanting to offer passport funds in Korea. The government expects that the ARFP will help diversify portfolios for investors and increase competitiveness for fund managers.The revision to implement the ARFP will take effect six months after public announcement.
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Oct 29, 2019

Government to Strengthen Financial Cooperation with ASEAN and India

FSC Vice Chairman Sohn Byungdoo met with envoys from the Association of Southeast Asian Nations member countries and India on October 28, and held talks on ways to further develop the financial industry in the region and increase cooperation.At the meeting, Vice Chairman Sohn Byungdoo said that the FSC will increase cooperation with financial authorities in the ASEAN countries, support establishment and operation of foreign financial firms in Korea, and work to boost cooperation on financial infrastructure development.Vice Chairman Sohn added that he hoped that Korea’s financial infrastructure and its advanced fintech industry will serve as a catalyst for improving financial inclusiveness and further integration of the ASEAN region.The meeting was held prior to the upcoming commemorative summit between Korea and ASEAN, which will be held on November 25-26 in Busan. The government expects that the next month’s special summit will serve as an opportunity to deepen relations between Korea and ASEAN, and pave the way for realizing President Moon Jae-in’s New Southern Policy.
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Jul 18, 2019

Special Judicial Police launched for Investigation of Unfair Trading Activities in Capital Markets

A special judicial police squad for investigation of unfair trading activities in capital markets was launched on July 18, 2019. The newly-created squad comprises 16 special judicial police officers - one FSC public official and 15 FSS employees, designated by the chief prosecutor of the Seoul Southern District Prosecutors Office on the recommendation by the FSC Chairman. The special judicial police will handle capital markets unfair trading cases under the command of Seoul Southern District Prosecutors Office, among those referred to the Prosecutors Office as fast-track cases designated by the Chairman of the Securities and Futures Commission (SFC). In order to ensure due process, the designated special judicial police officer should follow prosecutors directions in their overall duties including compulsory investigations. Upon the closure of an investigation, the Prosecutors Office will inform SFC Chairman of investigation results. * Please refer to the attached PDF for details.
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Jun 25, 2019

Government to Complete Privatization of Woori Financial Group by 2022

The FSC announced its plan to sell the remaining 18.3% stake in Woori Financial Group (WFG), owned by the Korea Deposit Insurance Corporation (KDIC), from 2020 to 2022.BACKGROUNDIn the aftermath of the Asian financial crisis in 1998, the government injected KRW12.8 trillion to bail out five financial institutions, which later turned into WFG. Since then, the government has redeemed KRW11.1 trillion, or 87.3% of the injected public funds.The government still remains as the largest shareholder of WFG with the remaining 18.3% stake owned by KDIC, prompting market uncertainty and concerns that the complete privatization of WFG might be delayed.Against the backdrop, the FSC intends to ease market uncertainty and concerns by presenting its roadmap for the sale of the remaining stake in WFG, which includes specific timelines and methods.ROADMAP FOR SALE OF REMAINING STAKE IN WFG1. TimelinesKDIC will sell its remaining stake in WFG through two or three rounds of sale over the next three years from 2020 to 2022.In principle, sale will be proceeding in one-year intervals over the next three years. The amount of shares put up for sale in each round will not exceed 10%, given market demand.The government aims to complete the sale of its remaining stake by 2022.2. MethodsFor each round of sale, maximum 10% of shares will be sold through competitive bidding first. If shares fail to be sold at auctions, then they will be sold through a bloc sale with a maximum 5% for each round of sale.
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Apr 24, 2019

Government Proposes Measures to Improve Corporate Practices of Annual General Meetings

The Financial Services Commission (FSC) and the Ministry of Justice (MOJ) jointly proposed comprehensive measures to improve corporate practices of annual general meetings (AGMs) in an attempt to encourage the participation and engagement of shareholders.BackgroundAGMs serve as a company’s highest decision-making body. However, the current practices in many companies – e.g. concentration of AGMs on specific dates1 and fast-paced proceedings2 – discourage shareholders’ participation, making AGMs a mere formality. Shareholders’ active participation in AGMs has become all the more important recently with the abolition of ‘shadow voting’ system3 and growing public attention to the role of institutional investors as shareholders.Against this backdrop, the proposed measures are intended to help companies boost participation of shareholders in AGMs and equip shareholders with more information to better exercise their voting rights.Measures proposed1. Companies to reach out to shareholders by e-mailWith shareholders’ home addresses alone, companies have difficulty in contacting shareholders to notify the convocation of AGMs and encourage participation. To enable companies to reach out to their shareholders by e-mail, the FSC will allow listed companies to receive their shareholders’ e-mail addresses from securities firms.2. Companies to be allowed to grant incentives to participantsUnder the Commercial Act,4 it is unclear whether companies are allowed to provide shareholders with a ‘small gift’ as an incentive for participation in AGMs. To clarifythis matter, the MOJ will provide an authoritative interpretation: For the purpose of increasing voting turnouts or securing quorums at AGMs, companies are allowed to grant participants a benefit at a level that does not breach social norms.3. Convenience of electronic voting to be enhancedThe current requirement of the accredited certificate of authentication causes inconvenience to shareholders in electronic
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Dec 19, 2018

Large Kospi-listed Companies to make Manatory Disclosure of Key Information About Corporate Governance From 2019

The FSC approved amendments to the KRX’s Kospi Market Disclosure Regulations. The amendments are intended to make it mandatory for Kospi-listed companies with total assets of more than KRW 2 trillion to disclose key information about their corporate governance from 2019.BackgroundGood corporate governance is essential for a company’s sustainable growth, enabling investors to have confidence in the company’s future and make long-term investments. With the introduction of stewardship code, the role and responsibility of institutional investors have become increasingly important. Accordingly, investors’ demand for corporate governance transparency is growing as well. Against this backdrop, the FSC and the KRX intend to progressively turn the disclosure of corporate governance, which has been on a voluntary basis since 20171, into a mandatory requirement for Kospi-listed companies from 2019.Key amendments1. Mandatory disclosure of corporate governance informationKospi-listed companies with total assets of more than KRW 2 trillion2 are required to disclose a corporate governance report no later than two months after the statutory deadline for submission of annual reports. In the corporate governance report, companies should disclose whether they comply with key principles3 of corporate governance and explain why if they do not comply. The KRX plans to provide guidelines on disclosure of corporate governance by March 2019, which specify information that companies should include in their corporate governance report.2. Disciplinary actions for violation of corporate governance disclosure rulesThe amendments laid the ground for disciplinary actions for violation of corporate governance disclosure rules. If a company fails to disclose its corporate governance report within the deadline or makes a false disclosure, the company will be designated as an unfaithful disclosure corporation by the KRX and levied with penalty points.4 When a company makes an error or omits ke
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Nov 14, 2018

SFC's Final Ruling on Samsung BioLogics

The Securities and Futures Commission (SFC) ruled that Samsung BioLogics intentionally violated accounting rules by changing the accounting treatment of its stake in Samsung Bioepis from book value to fair market value in 2015.The SFC decided to recommend dismissal of Samsung BioLogics’ chief executive; impose a fine of KRW 8 billion; and refer the case to prosecutors.Samjong KPMG, Samsung BioLogics’ auditor, will be imposed a fine of KRW 170 million and banned from auditing the company over the next five years for its gross negligence; and ordered to suspend duties of involved accountants. Deloitte Anjin will be barred from auditing Samsung BioLogics over the next three years for its negligence.The imposition of a fine exceeding KRW 500 million and suspension of duties will be finally determined by the Financial Services Commission (FSC) in accordance with the Financial Investment Services and Capital Markets Act and the Certified Public Accountant Act.Upon the SFC’s ruling, the Korea Exchange (KRX) will suspend trading of Samsung BioLogics’ stocks temporarily while it reviews whether the company is eligible to remain listed.* Please refer to the attached PDF for details.
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Jul 17, 2018

FSC Reshuffles Organizational Structure

The FSC plans a major organizational reshuffle to better protect financial consumers and proactively respond to financial innovation in the fourth industrial revolution era.FINANCIAL CONSUMER BUREAU TO BE CREATEDThe newly-created Financial Consumer Bureau will undertake overall responsibility for financial consumer protection, currently scattered around the sector-specific bureaus. The new bureau will also assume responsibility for household debt policy on top of microfinance policy for financially marginalized households.The current Capital Markets Bureau will be renamed as Capital Market Policy Bureau under the new Financial Consumer Bureau. The current Banking Insurance Bureau will be reorganized into Financial Industry Bureau.FINANCIAL INNOVATION BUREAU TO BE CREATEDThe new Financial Innovation Bureau will be tasked with policy initiatives for financial innovation – e.g. innovative financial services using fintech or big data and responses to new developments and challenges such as cryptocurrencies.* Please refer to the attached PDF for details.
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Jul 12, 2018

SFC's Ruling on Samsung BioLogics

The Securities and Futures Commission (SFC) on July 12, 2018 announced its ruling on Samsung BioLogics:▪ The SFC concluded that Samsung BioLogics had violated accounting standards by intentionally omitting information regarding its joint venture agreement with Biogen in its public disclosure; therefore, the SFC approved measures against Samsung BioLogics − request for dismissal of executives in charge; designation of external auditors for three years; and referral of the case to prosecutors.▪ The SFC also decided to restrict Samjong KPMG, Samsung BioLogics’ auditor, from auditing the company for four years; and report the accounting company and its accountants to prosecutors for violation of auditing standards.* Please refer to the attached PDF for details.
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Apr 04, 2018

Result of 2018 Annual General Meetings of Listed Companies

BackgroundThis year marked the first time that listed companies held Annual General Meetings (AGMs) of shareholders since the abolition of the so-called ‘shadow-voting’ practice at the end of last year. Under the shadow-voting system, companies were allowed to use shares registered with the Korea Securities Depository (KSD) to meet quorums to pass resolutions at AGMs. The abolition of such practice would pave the way for encouraging minority shareholders to participate in AGMs. At the same time, it could pose challenges for some companies to secure minimum quorums required to vote on resolutions at AGMs.Against this backdrop, the FSC has taken measures to boost participation of minority shareholders via electronic voting and enhance awareness of the importance of AGMs for both companies and shareholders. The FSC also launched a taskforce with securities-related institutions and business associations to provide companies with support for smooth operations of AGMs this year.Statistics of 2018 AGMsA total of 1,993 companies – 741 Kospi-listed and 1,192 Kosdaq-listed – held AGMs as of March 30. Out of which 76 companies – 5 Kospi-listed and 71 Kosdaq-listed – failed to meet quorums required to vote on resolutions at AGMs. The agenda items which fell short of minimum quorums for voting include appointment of auditor (56 companies); amendment to the articles of incorporation (8 companies); approval for financial statements (4 companies); approval for executive compensation plans (4 companies); and appointment of board directors (4 companies).Use of electronic votingThe number of companies using electronic voting decreased from 688 last year to 486 this year . Meanwhile, the number of shareholders who exercised their voting rights vial electronic voting rose to 36,000 this year, more than three times bigger than last year. The ratio of electronic votes has also more than doubled from 1.76% last year to 3.9% this year.Result of support for AGMsSecurities-related
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Mar 23, 2018

Mandatory Disclosure of Corporate Governance to be Phased in from 2019

The FSC and KRX plan to introduce mandatory disclosure of corporate governance into Kospi-listed companies with total asset value of more than KRW 2 trillion, starting from 2019, and phase it into all Kospi-listed companies over the next two years.BackgroundKorea introduced the “comply or explain” approach for corporate governance disclosure in March 2017, in which, on a voluntary basis, companies either comply with corporate governance principles, or explain publicly why if they do not comply.However, the voluntary disclosure has revealed some limitations including low participation of companies and poor quality of disclosed information, making it difficult to provide market participants with sufficient information about corporate governance such as a company’s decision-making structure and internal controls.Against this backdrop, the FSC came up with its plan to improve listed companies’ disclosure of corporate governance, based on discussions with relevant institutions including the KRX and the results of a survey conducted on listed companies.Key changes1. Mandatory disclosure of corporate governanceStarting from 2019, Kospi-listed companies with total asset value of more than KRW 2 trillion will be required to mandatorily disclose their corporate governance. The FSC considers expanding the mandatory disclosure to all Kospi-listed companies starting from 2021.※ The FSC is also considering introducing mandatory disclosure of corporate governance toKosdaq-listed companies. Details including the timing of introduction are left for further discussions.2. Guidelines on corporate governance disclosureTo improve the quality of disclosed information, guidelines will be provided to specify details of corporate governance principles that corporate governance reports must entail. That will enable investors to compare corporate governance information among listed companies and provide stakeholders with more useful information.※ The guidelines will be set out by
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Mar 15, 2018

Plan to Improve Corporate Governance of Financial Companies and Relevant Regulations

The FSC announced its plan to amend the Act on Corporate Governance of Financial Companies and its subordinate regulations, aimed to address problems found in the actual practice of implementing corporate governance rules by financial companies.BackgroundCorporate governance of financial companies calls for greater scrutiny than that of non-financial companies because financial companies run their businesses with the people’s money; and their management failures could impact the national economy as a whole.After the global financial crisis, international organizations including OECD, FSB and G20 have made proposals to improve corporate governance of financial companies.Korea has also made progress in financial companies’ corporate governance. In the wake of the Asian financial crisis in 1997, financial companies adopted outside directors and an audit committee within their board to keep the management in check. After the global financial crisis in 2008, best practice guidelines on outside directors and compensations schemes were established. All these efforts paved the way for the enactment of the Act on Corporate Governance of Financial Companies in July 2015, which came into force in August 2016.Despite these improvements, corporate governance of financial companies in practice still falls short of expectations of shareholders and financial consumers in ensuring transparency and accountability.The management often exerts undue influence on nomination of its chief executive officer (CEO) and outside directors, undermining independence and fairness in the nomination process. Such practice hinders outside directors from holding the management in check and making independent decisions.The current fit-and-proper test for majority shareholders also has more room to improve. The Act on Corporate Governance of Financial Companies introduced a periodic test into non-banking financial companies to assess their largest shareholders’ fitness and propriety; however, the
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Feb 01, 2018

Plan for Comprehensive Supervision of Financial Conglomerates

The FSC outlined its plan to introduce a comprehensive supervisory framework for financial conglomerate, one of the government’s financial reform agendas.The plan is to set out key policy tasks and principles for the supervision of financial conglomerates.ObjectivesThe comprehensive supervisory scheme is intended to capture and manage a full spectrum of their group-wide risks that conventional sectoral supervision cannot fully address. With the introduction of comprehensive supervisory framework, the FSC intends to close regulatory gaps between holding and non-holding types of financial groups by applying the same standards corresponding to their risks.The comprehensive supervisory scheme will also help prevent any possible contagion of group-wide risks into financial affiliates.Key Policy Tasks1. Comprehensive Supervisory Scheme► Scope of applicationAny group of companies with financial affiliates of KRW5 trillion or more in assets in at least two sectors of banking, insurance or securities will be subject to comprehensive supervisory rules.※ Financial holding companies, already regulated by the Financial Holding Company Act, and financial groups whose other financial business besides their main financial business is below a certain threshold (e.g. 5%) of assets or equity capital of the group or of the sector’s market share will be excluded.► Realignment of supervisory frameworkA consultative body, which consists of a group-level supervisory department and sectoral supervisory departments in the group’s financial affiliates, will be created to clarify responsibilities and facilitate coordination in group-wide supervision.► Reporting and disclosure requirementsA financial conglomerate under comprehensive supervision will be required to report its group-wide capital adequacy and aggregate risk management to the supervisory authorities on a regular basis and disclose the information to the public.2. Comprehensive Risk Management Scheme► Comprehensive r
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Nov 21, 2017

The 4th UK-Korea Financial Cooperation Forum Held in Seoul

The Korean Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) hosted the fourth UK-Korea Financial Forum in Seoul today with the UK Treasury, the Financial Conduct Agency (FCA) and the British Embassy. The annual event, which took place alternately in London and Seoul since 2014, has served as an occasion to deepen cooperation between the UK and Korean financial regulators and expand business opportunities for both countries’ financial companies.This year’s forum focused on new challenges facing financial services sectors in both countries: falling fertility rates, ageing population and evolving technology. These changes will bring opportunities as well as threats to the financial sector. In this context, topics of this year’s forum included “the Future of the Insurance and Pension Industries” and “How to Promote Innovation in Financial Services.” The forum was attended by Korean and UK officials, financial companies and fintech businesses.In his opening speech, Choi JongKu, Chairman of the FSC said, “The UK has traditionally been a leader in finance and continues to lead in recent trends including fintech, which provides useful policy implications for Korea.” He also stressed the importance of continued cooperation in dealing with new risks that might come from the development of digital finance.In the following session, Andrew Bailey, Chief Executive Officer of the FCA delivered a speech titled “Public Policy Challenges for Consumer Protection Regulators.” In his speech, Mr. Bailey shared the findings and policy implications from the Ageing Population Project, which the FCA launched in February in 2016 to explore how the ageing population would impact the financial services industry. He emphasized the role of financial regulators needs to evolve, corresponding to changes in financial services with ageing population.On the sidelines of the forum, FSC Chairman Choi JongKu held a meeting with UK officials including K
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Apr 13, 2017

New Approach to Corporate Restructuring

FSC Chairman had a meeting with CEOs of commercial banks on April 13 to set out a new approach to corporate restructuring. The new approach was outlined to complement the existing framework of corporate restructuring; and to shift its focus to more market-based restructuring schemes, in which capital market players including private equity funds (PEFs) play a bigger role in corporate restructuring.I. BACKGROUNDThe existing system led by creditor banks has limits as companies today, which used to heavily rely on bank loans, are increasingly using capital markets for fundraising via issuance of corporate bonds or commercial papers (CPs). Such a change made the process of adjusting the interests of creditors more complex and difficult. Against this backdrop, the FSC outlined a new approach to corporate restructuring aimed at improving the current restructuring system led by creditor banks and stimulating capital market-based restructuring schemes through PEFs.II. NEW APPROACH TO CORPORATE RESTRUCTURING1. Credit Risk Evaluation System To Be Improved▪ Banks will be required to revise their credit risk evaluation models and procedures withinthe second half of this year to make more accurate and rational evaluations so that they could sort out troubled companies to be put under restructuring in a timely manner.▪ For companies under a workout program led by creditor banks, banks will have to adoptstricter evaluation standards to decide whether to continue the workout program or not. If the workout program proved inefficient, the company undergoing the workout would swiftly turn to alternative schemes such as a buyout plan led by PEFs or court receivership including the newly-introduced ‘Pre-packaged Plan’ (or ‘P-Plan’).▪ For those who have been under workout program for more than three years, an extensionof the workout period will be permitted only in exceptional circumstances after a thorough evaluation by an external auditor.2. Market-based Restructuring Sch
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Nov 13, 2016

Seven Investors Were Picked to Buy Government's Stake in Woori Bank

*Please read the attached file for details.The government decided to sell its 29.7% stake in Woori Bank to seven investors on its fifth attempt to privatize Woori Bank since 2010. The seven final winning bidders and amount of shares auctioned to each bidder are as follows: Investors % of auctioned shares1 Eugene Asset Management 4.0%2 Hanwha Life Insurance Co., Ltd. 4.0%3 IMM Private Equity, Inc. 6.0%4 Kiwoom Securities Co., Ltd. 4.0%5 Korea Investment Securities Co., Ltd. 4.0%6 Mirae Asset Global Investments Co., Ltd. 3.7%7 Tongyang Life Insurance Co., Ltd. 4.0%The government would recoup KRW 2.4 trillion from this sale, recovering a total of KRW 10.6 trillion out of KRW 12.8 trillion, which is 83.4% of the public funds injected into Woori Bank. We will continue our effort to sell the remaining 21.4% in Woori Bank for a full recovery of the public funds. The sale will be closed in mid-December this year. The Korea Deposit Insurance Corporation (KDIC) will terminate its MOU with Woori, signed for helping normalizing the bank’s business operation, as soon as the sale is closed, to guarantee the new shareholders autonomy in the bank’s management.
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Sep 26, 2016

Preliminary Bidding Result for Sale of Woori Bank

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.
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