Reuters logo
Shinhan, IBK among final bidders for Woori's regional bank units -sources
December 23, 2013 / 8:31 AM / 4 years ago

Shinhan, IBK among final bidders for Woori's regional bank units -sources

SEOUL, Dec 23 (Reuters) - South Korea’s Shinhan Financial Group Co Ltd, BS Financial Group Inc, Industrial Bank of Korea and a consortium joined by private equity firm MBK Partners were among final bidders for Woori Finance Holdings Co Ltd’s two regional banking units, officials at the bidding parties said on Monday.

Three bids were submitted for Kyongnam Bank and at least three bids were submitted for Kwangju Bank, officials said.

The 57 percent stakes in the two banks are being sold separately but are together expected to fetch 1.3 trillion to 1.8 trillion won ($1.23 billion to $1.7 billion), the Korea Economic Daily reported on Monday.

State-run Korea Deposit Insurance Corp (KDIC) is selling the stakes as part of the government’s attempt to sell its entire holding in South Korea’s largest banking group, Woori Finance, to recoup more than $11 billion of bailouts since the Asian financial crisis in the late 1990s.

KDIC officials could not be reached for immediate comment. ($1 = 1061.2000 Korean won) (Reporting by Joyce Lee; Editing by Christopher Cushing)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below