ID :
188335
Tue, 06/14/2011 - 06:55
Auther :
Shortlink :
https://oananews.org//node/188335
The shortlink copeid
KDB's participation in bid for Woori undesirable: regulator
SEOUL, June 14 (Yonhap) -- South Korea's top financial regulator said Tuesday it is not desirable for KDB Financial Group Inc. to bid for state-run Woori Finance Holdings Co., raising the chances that the much-awaited sale of the group will hit a snag.
South Korea announced a road map for the sale of state-run Woori Finance, the country's No. 2 banking group, on May 17, after it suspended the sale of its 56.97 percent stake in the group last December due to a lack of investor interest.
"As there has been not enough public consensus about KDB Financial Group's purchase of Woori, the financial watchdog has come to the conclusion that it is not desirable for KDB Financial to bid for a stake in Woori Finance," Kim Seok-dong, chairman of the Financial Services Commission (FSC), told lawmakers.
KDB Financial Group, which the government is also seeking to privatize, has emerged as a potential buyer for Woori Finance as its head, Kang Man-soo, a former finance minister, openly expressed the group's interest.
But speculation has been rising that the government intends to sell Woori Finance to KDB Financial as it has relaxed bidding conditions and seeks to revise related laws to make it easier for financial holding firms to buy a controlled stake in Woori.
sooyeon@yna.co.kr
(END)
South Korea announced a road map for the sale of state-run Woori Finance, the country's No. 2 banking group, on May 17, after it suspended the sale of its 56.97 percent stake in the group last December due to a lack of investor interest.
"As there has been not enough public consensus about KDB Financial Group's purchase of Woori, the financial watchdog has come to the conclusion that it is not desirable for KDB Financial to bid for a stake in Woori Finance," Kim Seok-dong, chairman of the Financial Services Commission (FSC), told lawmakers.
KDB Financial Group, which the government is also seeking to privatize, has emerged as a potential buyer for Woori Finance as its head, Kang Man-soo, a former finance minister, openly expressed the group's interest.
But speculation has been rising that the government intends to sell Woori Finance to KDB Financial as it has relaxed bidding conditions and seeks to revise related laws to make it easier for financial holding firms to buy a controlled stake in Woori.
sooyeon@yna.co.kr
(END)
