KT, the listed South Korean telco, has no plan to acquire a stake in Woori Finance, the listed South Korean financial firm, Edaily reported, citing vice president Kim Il-young. Kim told the paper in an interview yesterday that KT has not received any official request to buy a stake in Woori and also has...
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Woori Finance, the listed South Korean financial holding company, has approached POSCO and KT, to offer part of Korea Deposit Insurance Corporation’s (KDIC) 57% stake in the company, reported the Korea Economic Daily. The report cited financial sector sources as saying that Woori also approached the National Pension Service, the South Korean pension fund,...
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The South Korean government will likely sell Kyongnam Bank and Kwangju Bank, the unlisted subsidiaries of Woori Finance, in separate bidding processes, reported the Hankook Ilbo. The item cited an unspecified insider at Public Fund Oversight Committee as saying that the committee is discussing details as to the privatization of Woori Finance and decided...
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The board of directors of Woori Finance is likely to oppose the idea to sell Woori Investment & Securities in a separate bidding process, reported the Asia Economy. The report, which did not cite a source, said the listed financial holding company is opposed to the idea to sell Woori Investment & Securities in...
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The South Korean government has confirmed that it has delayed the sale announcement for Woori Finance, the listed South Korean financial firm, until after mid-July, E-Daily reported on Thursday. The South Korean local newspaper cited Chin Dong-soo, president of the Financial Services Commission, who said in a press meeting that the state-run financial firm...
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The president of state-run Korea Development Bank (KDB), which is seeking to privatize a controlling stake in Woori Finance, is not in favor of mergers between local banks, reported Money Today. The report cited president Min Yoo-sung, who said in an interview with the paper that he believes South Korean banks, which have 96%...
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South Korean Hana Financial has raised a total cash reserve of KRW 2tn (USD 1.64bn) which can be used for potential M&A, reported Asia Today. The report, which cited industry sources, claimed that Hana recently raised KRW 2tn in preparation for the anticipated M&As in the South Korean financial industry. According to the report,...
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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...
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The soon to be appointed new head of KB Financial, has reignited speculation on the government’s plan to create a Korean ‘mega-bank’, at a time when other global leaders are seeking to limit future “too big to fail” scenarios. Talks of a Korean mega-bank, able to compete with global giants, have been going on...
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Woori Investment & Securities (I&S) is unlikely to be sold separately in the privatization process of Woori Finance, reported Maeil Business. This is in response to last week’s Edaily report that Woori I&S may be sold separately. Woori I&S is the listed South Korean brokerage unit of Woori Finance, the listed South Korean financial holding...
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