In an interview with Maeil Business Newspaper, Financial Services Commission (FSC) Chairman Chin Dong-soo, talked about ways to improve the global competitiveness of  South Korean financial institutions and the privatization plans Woori Bank. Regarding Competitiveness & Globalization: The FSC Chairman said that Korean financial institutions must focus their capabilities in developing their distinct characters....
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Kyongnam Bank and Kwangju Bank, the unlisted subsidiaries of Woori Financial, may be put up for sale during the privatization process, reported the Korea Economic Daily. The unsourced report claimed that it is expected that the government may sell the two South Korean lenders before it initiates the plan to merge Woori Finance with...
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South Korean KB Financial was mentioned as a merger candidate for the privatisation of peer Woori Finance, reported the Korea Economic Daily here (Korean). The report, which cited industry sources, claimed the possibility and said that the to-be merged entity would be 50th large bank in terms of its asset. See ‘Korean Gov. committed...
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The Korean government will continue to deregulate the financial sector to promote growth, despite the recent U.S. move to tighten banking rules, according to top Korean government officials.     The government reaffirmed their deregulation stance, at a forum in Seoul where government officials, private economists and CEOs discussed future strategies for the nation’s financial industry, according to this Korean article...
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Major M&A deals carried over to 2010 Over the weekend the Korea Herald summarized some of the major M&A deals due to be completed in 2010. Hynix Semiconductor Shareholders have restarted the sale process, and will receive LOI up to the end of January. Hyosung, the the sole bidder pulled out of the process earlier this month. Experts put...
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KDB preparing ‘plan B’ if Daewoo E&C sale fails The JoongAng Daily reported on Friday (Dec. 18) - “Although we expect the sale of Daewoo Engineering to go smoothly, KDB, as a main creditor bank, is mulling a ‘plan B’ to prepare for the possible failure of the sale,” KDB Financial Group Chairman Euoo-Sung...
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In today’s JoongAng Daily So-young Moon reported on Korea’s Financial Services Commission’s 2010 privatisation plans - ‘Woori leads big M&A year‘ In summary - The Financial Services Commission (FSC), Korea’s financial regulator,  announced yesterday that they are looking to speed-up the privatization of Woori Financial Group. State-run Korea Deposit Insurance Corp. (KDIC),  which owns 66 percent of Woori,...
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