The nominee for president of KB Financial would consider buying only the non-banking unit of Woori Finance, not the whole group, reported the Seoul Economic Daily.
The report cited the nominee Euh Yoon-dae as saying that his willingness to acquire Woori Finance is aiming at diversifying, not at making a mega bank via a merger with Woori Bank.
Euh told the paper that if subsidiaries of Woori Finance such as Woori Investment & Securities are sold separately from Woori Bank, the banking unit of Woori Finance, KB Financial would be interested in buying them.
Euh earlier said that he would consider acquiring Woori Finance after his assignment to the top management position of KB Financial, the listed South Korean financial firm.
Woori Finance is a listed South Korean financial holding company that has several financial subsidiaries under its wing.
The state-run Korea Deposit Insurance Corporation is preparing to privatize a controlling stake in Woori Finance.
See ‘Korean mega-bank debate reopens‘ for more information. Or here for all posts on the privatization of WooriFinance.
Source: Seoul Economic Daily (translated)
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