Woori Financial sale falls though

Plans to privitize Woori Finance fell through as no one applied for the preliminary bids for the 57 percent government stake.

KB Financial Group decided not to make a bid two days ahead of the deadline for preliminary bidding, and so did Kyobo Life Insurance, the Korean Federation of Community Credit Cooperatives, which had considered forming consortia for the bid, and MBK Partners, a private equity fund.

Under the law on state contracts, for the sale of a government-owned stake in a company, at least two entities must take part in the bid for open competition.

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