Woori Chairman Lee Pal-sung |
By Kim Tae-gyu
Staff Reporter
The landscape of the domestic banking industry is getting more complicated as Woori Financial Group, the holding company of the nation's second-biggest lender, Woori Bank, is resisting being acquired by other banks.
Woori Chairman Lee Pal-sung made the point in an e-mail to Woori employees sent Friday. Woori Bank is currently owned by the state-backed Korea Deposit Insurance Corp (KDIC).
Woori's competitors, particularly Hana Bank, the fourth-largest lender, are said to want to snap up the Seoul-headquartered bank, which the KDIC is expected to dispose of in the not-too-distant future. In a possible move to achieve the goal, Hana is thinking of increasing its capital next year.
``The country's financial industry will face a major shake-up because of a host of big events envisioned, including the privatization of Woori,'' Lee said in the e-mail.
``No matter how the reshuffle of the local financial industry evolves, Woori will play a key role. And we will make efforts to catapult Woori to become a leading financial group in Korea.''
Market watchers point out that the remarks amply demonstrate Lee's determination not to be merged with another bank. Instead, they say Lee appears to be hoping that a non-banking outfit will lock up the lender.
When contacted, a Woori spokesman admitted the watchers were right.
If so, sales of Woori are projected to hit a snag as most of the potential buyers are banks.
``Excluding banks, who can buy a bank whose market capitalization is bigger than 13 trillion won? In addition, non-financial firms cannot buy banks under the current regulations,'' said a Seoul analyst who declined to be named.
``Woori is too big for private equity funds to purchase. Excluding large-sized banks, there won't be any buyers. Accordingly, it will be difficult for Woori to find a new owner outside the banking industry, in my view.''
When contacted, the Financial Services Commission (FSC) did not put much weight on Lee's remarks.
``There are so many rumors involving Woori. Hence, Chairman Lee might worry that the rumors will stir its employees. He seems to be trying to prevent any restlessness by sending the e-mail message,'' FSC Standing Commissioner Yi Jong-goo said.
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