KDB Financial May Not Bid for Woori Finance, Maeil Business Says

KDB Financial Group Inc., South Korea’s largest state-owned banking group, may not bid for a stake in Woori Finance Holdings Co., the Maeil Business Newspaper reported, without citing anyone.

KDB will follow the government’s decision on whether to bid for Woori Finance, Park Chan Ho, a spokesman at KDB, said by phone, declining to comment on the report. Financial Services Commission spokesman Ernst Lee declined to comment via phone. Woori is South Korea’s third-largest financial company.

KDB said last month it was undecided on whether to bid for a stake in Woori Finance.

To contact the reporter on this story: Seonjin Cha in Seoul at scha2@bloomberg.net; Sungwoo Park in Seoul at spark47@bloomberg.net.

To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net; James Poole at jpoole4@bloomberg.net

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