Woori Finance Holdings Co. agreed to sell stakes in its brokerage unit and two other assets to NH Financial Group Inc. for 1.04 trillion won ($1 billion) as part of the privatization of South Korea’s biggest banking group.
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.
South Korea named BS Financial Group Inc. and JB Financial Group Co. preferred bidders for two regional banks as the government sells units of Woori Finance Holdings Co., the country’s largest financial group by assets.
South Korea received a first round of offers to buy Woori Finance Holdings Co.’s two regional banks as part of the government’s latest attempt to privatize the nation’s biggest financial group by assets.
KB Financial Group Inc. was among firms that made initial bids for Woori Finance Holdings Co.’s brokerage unit and five other divisions, as South Korea attempts to privatize the nation’s biggest financial group by assets.
The sale of Woori Investment & Securities Co. in the biggest takeover of a South Korean broker may spark consolidation among local securities firms, furthering the government’s goal of creating a national champion.
South Korea will begin accepting fresh bids for Woori Finance Holdings Co. tomorrow as the government tries to revive the sale of its 57 percent stake in the country’s largest financial company by assets.