Angbang interested in Woori Bank shares

With the government pushing to sell off its controlling stake in Woori Bank, Anbang Insurance Group is reportedly showing interest, according to sources.

After the USD3 million acquisition of Allianz Life Insurance Korea, the Chinese insurance group has emerged as a player in the domestic mergers and acquisitions (M&A) market.

Anbang is interested in buying about 10 percent of Woori, said a report by Reuters, quoting a source familiar with the issue. It said several other parties have shown interest in smaller stakes.

The Korea Deposit Insurance Corp (KDIC) has a 51.06 percent stake in Woori Bank and the Financial Services Commission (FSC), which oversees the KDIC, has been trying to sell it since 2010.

Anbang refused to comment on the matter.

As the Woori speculation swirls, Anbang has been on an overseas acquisitions frenzy, including the $2 billion purchase of New York’s Waldorf Astoria Hotel and several other world-renowned resorts. In Korea, Anbang acquired Tongyang Life Insurance last September and inked the deal to buy Allianz Korea in April.

In 2014, Anbang extended its bid to buy a controlling stake in the bank but was forced to withdraw due to lack of bidders.