Eugene Private Equity will take over the government's four-percent stake in Woori Financial Holdings.

The Financial Services Commission said Monday that Eugene PE and four others, including KTB Asset Management and Align Partners consortium, have been selected to buy a combined nine-point-three percent state-held stake from Woori Financial Holdings.

The five had all proposed bidding prices of over 13-thousand won per share which FSC noted was a considerably high sale price.

With the takeover, the government is expected to recoup over 897 billion won in public funds. When completed, it will have retrieved 96-point-six percent of the 12-point-eight trillion won injected into the holding company to keep it afloat in the aftermath of the Asian financial crisis in the late 1990s.