Local news media JoongAng Daily has reported that S. Korean financial authorities suspended their sale of Woori Finance Holdings on August 19 due to what the Public Fund Oversight Committee called a lack of “valid competition.”
By the bidding deadline on August 17, the sale had only received a single bid, which came from a consortium led by MBK Partners and included Goldman Sachs and a Canadian pension fund.
This is the second failed attempt to privatize the country’s biggest banking group by assets. The sale of Woori Finance has been one of Lee Myung-bak administration’s top priorities, and part of its broader plan to privatize financial institutions to raise competitiveness in the financial sector.
Please look here for a chronology on the privatization of Woori Finance.
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