Three bidders show interest in Woori Finance

SEOUL, June 29 (Yonhap) -- Three prospective bidders expressed interest in buying a controlling stake in Woori Finance Holdings Co., a government agency said Wednesday, raising hopes the stalled privatization of the state-owned banking group may resume.
The government had invited potential buyers to submit their letters of intent for the 56.97 percent stake in the country's No. 2 banking group, as part of its efforts to privatize companies that were bailed out with taxpayer money in the aftermath of the 1997-98 Asian financial crisis.
The Korea Deposit Insurance Corp., which manages the stake sale, said three institutions submitted their letters of intent, but declined to identify them.
Major banking groups, however, did not submit letters of intent for the Woori stake, it said.
The Financial Services Commission (FSC) recently scrapped its plan to sell the No. 2 banking group to state-owned KDB Financial Group Inc. due to strong public criticism.
The FSC's 2010 efforts to find a private owner for Woori Finance also fell through due to lukewarm interest from investors.
The financial watchdog earlier said it plans to pick a preferred bidder by September.
mil@yna.co.kr