South Korea's Shinhan Financial Group, BS Financial Group, Industrial Bank of Korea and a consortium joined by private equity firm MBK Partners were among final bidders for Woori Finance Holdings' two regional banking units, officials at the bidding parties said on Monday.
Three bids were submitted for Kyongnam Bank and at least three bids were submitted for Kwangju Bank, officials said. The 57 per cent stakes in the two banks are being sold separately but are together expected to fetch 1.3 trillion to 1.8 trillion won, the Korea Economic Daily reported on Monday.
Korea Deposit Insurance Corp is selling the stakes as part of the government's attempt to sell its entire holding in South Korea's largest banking group, Woori Finance, to recoup more than $11 billion of bailouts since the Asian financial crisis in the late 1990s. KDIC officials could not be reached for immediate comment.
