Woori Financial Co.,Ltd. (KOSE:A021960) will convene a Board of Directors' meeting to support the plan to sell 38.85% stake in Woori Investment & Securities Co. Ltd. (KOSE:A005940). Woori Financial is scheduled to make an official announcement in August 2013 about the deal.

Samil PricewaterhouseCoopers and Citi Global Market Securities will act as the sale brokers, Samil will provide accounting advisory services while Lee & Ko will provide legal services for Woori Investment. KB Financial Group, Inc. (KOSE:A105560) and NongHyup Financial Group Inc. have expressed interest in Woori Investment. HMC HMC Investment Securities Co., Ltd. (KOSE:A001500) is rumored to be participate in the bid for the company.

The spokesman of Hyundai Motor Company (KOSE:A005380) said that Hyundai Motor “was not considering bids for Woori Investment.”