South Korea’s KDB Financial Group is planning to bid for government’s majority stake in Woori Finance Holdings, The Wall Street Journal reports. The stake is currently valued at around $6.11 billion. State-owned KDB has submitted its plan for the acquisition to the Financial Services Commission. The South Korean government is seeking to set up a new plan for divesting from Woori Finance after failing to sell a controlling stake in the lender last year.
Click here for the story from The Wall Street Journal.
Click here for additional coverage from Reuters.