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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KB Financial Group will not participate in the looming auction of the government-held stake in Woori Finance Holdings Co., its CEO said Monday, the Korea Herald reported. “KB, currently making losses, has no capacity for acquiring another company. We will consider (mergers and acquisitions) only after we get healthier,” Euh Yoon-dae, KB Financial’s chairman...
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The Korean government released the plan for the privatization of Woori Financial Group, earlier today. A press release on the Financial Services Commission website states - The Public Funds Oversight Committee has held the 22nd Meeting today to finalize its plans to sell the remaining shares of Woori Financial Group (WFG) held by the...
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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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South Korean Hana Financial confirmed that it could internally raise a total cash reserve of KRW 2tn (USD 1.65bn) which can be used for potential M&A, reported E-Today. The report, which cited CEO Kim Jong-ryul who said during a press conference yesterday that Hana is expecting to raise KRW 2tn in preparation for potential...
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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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