Gov ' t to sell stake in Woori Bank after bank sets up holding firm SEOUL , May 21 ( Yonhap ) -- The government will sell its stake in Woori Bank after the bank transforms itself into a holding company by early next year , the nation ' s top financial regulator said Monday . In a regulatory filing earlier in the day , Woori Bank , which is 18 . 5 percent owned by the government , said it aims to set up a holding company by early 2019 . As part of a plan to privatize Woori Bank , the government sold a 28 percent stake to seven institutional investors in 2016 , but still holds the remaining stake in the nation ' s No . 3 retail bank . Choi Jong - ku , chairman of the Financial Services Commission , told reporters that the government will " swiftly " pursue the stake sale once the bank makes the switch to a holding company structure . It may take six or seven months for Woori Bank to set up a holding company , Choi said . The government poured a total of 12 . 8 trillion won ( US $ 11 . 9 billion ) into Woori Bank to keep it afloat in the wake of the 1997 Asian financial crisis . kdh @ yna . co . kr ( END )