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The won recovered from near a two- month low after the government said it has several market- stabilizing measures ready to protect against external shocks.
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South Korea’s government aims to sell Woori Finance Holdings Co.’s main banking unit by the end of 2014 after it failed three times to offload its 57 percent stake in the country’s biggest financial group by assets.
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Citigroup Inc. won dismissal of a lawsuit by South Korea’s Woori Bank Co., which sought to recover $95 million in losses from collateralized debt obligations.
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The won fell the most in a week and government bonds declined after the central bank governor flagged the possibility of the U.S. scaling back its debt-buying program that has fueled demand for emerging-market assets.
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Asian currencies completed the first weekly loss in more than a month on speculation the yen’s slide to beyond 101 per dollar will prompt some regional policy makers to weaken their exchange rates to protect exports.
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The won dropped the most in three months on speculation South Korean authorities will favor depreciation to support exporters as the yen’s decline makes Japanese rivals more competitive. Government bonds declined.
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Police raided Woori Bank , the lending unit of South Korea’s third-largest financial company, to investigate the role of employees in construction loans that may turn sour.
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Woori Finance Holdings Co., owner of the only South Korean bank with a branch in the North, said it expects its outlet at Gaeseong industrial complex to run out of cash “soon” amid rising military tensions.
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Royal Bank of Scotland Group Plc won dismissal of a lawsuit filed by Seoul-based Woori Bank over losses from investments in collateralized debt obligations tied to the housing market.
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Bank of America Corp.’s Merrill Lynch unit won dismissal of a lawsuit by Woori Bank over losses on $143 million of collateralized debt obligations because the South Korean company filed too late.
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