Woori set to be privatised in 2010

Government intends to complete lender's privatisation to maximise company value amid above 300% profit growth performance.

Woori Bank is facing a big change as the government plans to privatise the state-run lender this year. Still, the bank is eager to continue its 111-year history under the leadership of chief executive Lee Chong-hwi.

Woori surprised investors, customers, and even employees of the lender with incredible gains last year. It marked a net profit of 953.8 billion won ($834.43 million) in 2009, more than three times that of the previous year, when it reached 234.0 billion won ($204.71 million).

Yet regulators pointed out that Woori's privatisation is one of the main objectives for the year.

View the full story in Korean Times.