SEOUL, KOREA - Evergreen Savings Bank, a savings bank under the umbrella of Woongjin Group, will be sold in public.

According to investment banking sources on May 2, the creditors of the savings bank has selected Deloitte Anjin LLC as the principal underwriter for the deal. Currently a few potential buyers including a domestic private equity fund and a foreign investor are showing interest in the acquisition of the savings bank.

 

An investment banker said, "Right now, two or three buyers are conducting due diligence on Evergreen. The creditors are discussing whether they will sell the bank through a public bidding or a free contract following due diligence."

 

Acquired in 2010 by Woongjin Group, Evergreen Savings Bank is currently controlled by Woongjin Capital, whose 93-percent shares are in turn owned by Yoon Seok-keum, the Woongjin Group founder and chairman.