The South Korean government is seeking to raise around $867 million by selling a 8.4% stake in Industrial Bank of Korea, The Wall Street Journal reports. The state intends to unload nearly 45.8 million shares. The government presently holds almost a 69% stake in the bank. JP Morgan Chase, Bank of America Merrill Lynch, and Korea Investment & Securities are managing the deal. The country is seeking to lower its ownership in the finance industry, which it hopes will lead to greater autonomy in the sector and help development.
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