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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.