October 21, 2011 / 8:01 AM / 8 years ago

S.Korea's Shinhan, Woori bid for Tomato Savings Bank -sources

SEOUL, Oct 21 (Reuters) - South Korea’s Shinhan Financial Group and Woori Finance Holdings have joined preliminary bidding for Tomato Savings Bank, sources with knowledge of the matter said.

The auction is part of the government’s sale of savings banks suspended after they were hit by mounting debt due to bad property loans.

State-run Korea Deposit Insurance Corp said in a statement that two Korean financial holding firms had submitted letters of intent for Tomato Savings Bank, but did not name the firms or give further details. (Reporting by Ju-min Park; Editing by Jonathan Hopfner)

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