Local Financial Groups Likely to Bid for Woori: FSC head

South Korean financial holding companies are expected to bid for a controlling stake in Woori Finance Holdings Co., the top financial regulator said Wednesday, dismissing concerns that the much-awaited sale of the group will flop due to an absence of bidders, Yonhap news agancy reported.

The government is pushing to privatize the country‘s No. 2 banking group after it suspended the deal worth around $6 billion to sell its 56.96 percent last December due to a lack of investor interest.

Last week, FSC said that it will not allow KDB to bid for the bank stake, prompting many guesses to rais about its destiny for privatization.

“A valid competition is feasible,” Kim told reporters at a local seminar, stressing that local banking groups will likely bid for the majority stake in Woori Finance, Yonhap said.

Kim also reaffirmed the regulator‘s plan to privatize the No. 2 banking group is unchanged. So far, no domestic and internaional financial companies are expressing their intention for bidding.

(아주경제 송지영 기자)

AJP