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South Korea: Privatization efforts receive first bids for Woori regional banks

 |  September 23, 2013

In efforts to privatize Woori Finance Holdings, the nation’s largest financial conglomerate, reports say South Korea has received the first round of bids to acquire 57 percent stakes in two regional Woori banks.

Korea Deposit Insurance Corp. released an emailed statement Monday to announce seven bids for the Kwangju Bank and four for the Kyongnam Bank, though the bidders were not revealed.

South Korea had been trying to sell a 57 percent stake in Woori since 2010, but announced last June it would instead sell assets separately to take the company private. The government reportedly used up taxpayer funds to bailout struggling banks more than a decade ago.

Full Content: Bloomberg

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