The sales process for minority shares in Woori Bank has started with a public announcement made on October 27, 2014.

The Korea Deposit Insurance Corporation put its 18% stake in Woori Bank for auction.

Bidders are allowed to make bids for minority shares of between 0.4% and 10%.

As an incentive to draw more tenders, winning bidders will be given call options of 0.5 shares per share. The KDIC will keep possession of approximately 9% of its share to pay out the call options. Investors can exercise their call options anytime within three years after one year since the issuance.

With public announcement on the sale on October 27, the bid will be closed on November 28.

Successful bidders will be selected and announced within December.

*Please refer to the attached PDF for details.