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Consortium including MBK eyes $283m Woori Finance bad loan unit buyout

2 Dec 2013

Korea flagKorean private equity major MBK Partners is reportedly among a consortium interested in buying the bad loan unit of Woori Finance for about KRW300bn ($283m).

Reuters reported the news, citing two sources with knowledge of the matter.

It said the Korean government was attempting to sell its entire 57 per cent stake in Woori to recoup some of the $11bn of bailouts it has made since the Asian financial crisis in the late 1990s.

Last year Korean asset manager Woori partnered with domestic steelmaker Posco and US-based EIG Global Energy Partners to launch its own private equity fund focused on natural resources.

Woori Asset Management established the Posco Woori EIG Global Fund with KRW560bn ($495m) of assets according to a filing at the time with the US Securities & Exchange Commission.

The vehicle received commitments from LPs including NPS, South Korea’s $320bn state pension fund.

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