KB Financial Group, NH Financial Group, and Pine Street Private Equity submitted final bids for Woori Investment & Securities on Monday, December 16. The three companies have already submitted preliminary bids for the package of assets in October. The government is trying to sell its 37.9% stake in Woori Financial Group valued at $717 million.
Successful privatization of Woori Financial group is expected to add momentum to the government’s efforts to strengthen the securities industry’s competitiveness by encouraging M&A’s among securities firms and giving incentives to those pursuing M&A.
Click the links below to read related news articles.
“Woori Sale may Spur Takeovers as Korea Build Own Goldman Sachs – Bloomberg”
“Buyers Make Final Bids for Woori Unit – WSJ”