REFILE-KB Financial, NongHyup among bidders for Woori's brokerage unit

Mon Dec 16, 2013 3:44am EST

(Refiles to remove extraneous text from the headline.)

SEOUL Dec 16 (Reuters) - KB Financial Group was among three suitors to place final bids for a controlling stake in the brokerage unit of Woori Finance Holdings, the company said on Monday, in a deal seen to be worth around 1 trillion won ($949.94 million).

The other two bidders were NongHyup Financial Group Inc and Seoul-based private equity firm PineStreet Group, officials at the respective firms confirmed on Monday.

The sale of a 37.9 percent stake in Woori Investment & Securities Co Ltd is part of the government's attempt to sell its entire 57 percent stake in Woori Finance to recoup more than $11 billion of bailouts since the Asian financial crisis in the late 1990s.

Woori Finance and KB Financial declined to comment. PineStreet confirmed the bid but declined to comment on what investors it had partnered with. ($1 = 1052.7000 Korean won) (Reporting by Joyce Lee; Editing by Christopher Cushing)

Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.