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S Korea rules out KDB Financial's bid for Woori Finance

06-14-2011 14:50 BJT

SEOUL, June 14 (Xinhua) -- South Korea's financial watchdog said Tuesday it will rule out state-run KDB Financial Group's bid for a stake in state-owned Woori Finance Holdings, the country's second-largest banking group.

"It is not desirable for KDB Financial to bid for a 56.97 percent stake in Woori Finance given a lack of public support for the deal," the Financial Services Commission said in a report submitted to parliament.

The government unveiled its plan for the sale of Woori finance on May 17 after suspending an attempt to privatize the company last December amid lack of investor interest.

Under the newly announced plan, the government is set to accept letters of intent (LOI) by June 29 before picking a preferred bidder by September.

South Korea will "guarantee equal opportunities for investors both at home and abroad" in bidding for a stake in Woori Finance, according to the report.

The FSC has been pushing to revise the financial holding company law which requires a financial holding firm to purchase the entire stake when the holding firm seeks to acquire another banking holding company. The revised law will allow a holding company to purchase only a 50 percent stake in another financial holding firm.

Editor:Zheng Limin |Source: Xinhua

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