Diaspora Buy-in
It has been found that BBCN Bank, the largest Korean-American bank in the United States, recently asked the Financial Services Commission for information about whether it is allowed to acquire Woori Bank shares. According to industry sources, BBCN is planning to buy 4 percent of the shares of the bank, which is scheduled to be privatized, by setting up an investment fund.
Headquartered in LA, BBCN Bank has a total asset of US$7.58 billion and most of its shareholders are Koreans. It opened an office in Seoul last year and is looking to set up a branch in Seoul in the near future. The Financial Services Commission has not yet mentioned anything in particular related to the matter.
The Public Fund Oversight Committee and the Korean financial authorities have gone after the privatization of Woori Bank since July in their fifth attempt. Their plan is to sell at least 30 percent of the shares to a single entity or 30 percent to 40 percent shares to multiple entities.