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.