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Woori Bank sale plan to be set by end-June: regulator

SEOUL, April 9 (Yonhap) -- South Korea's chief financial regulator said Wednesday the sale plan for Woori Bank, a unit of the country's largest banking firm, will be announced by the end of June, a final step in the long-pending privatization of the state-run Woori Finance Holdings Co. "Procedures for selling the securities units of Woori Finance Holdings Co. are already completed, and the sale of its regional bank units is now under price negotiations," said Shin Je-yoon, chairman of the Financial Services Commission (FSS), at a parliamentary session.

Woori Finance's 2013 net tumbles 82.3 pct

SEOUL, Feb. 6 (Yonhap) -- Woori Finance Holdings Co., South Korea's top banking group, said Thursday its earnings for 2013 tumbled 82.3 percent from a year earlier on loss generated from the sale of its brokerage units and higher loan-loss reserves. Net income amounted to 289.2 billion won (US$268.4 million) last year, compared with 1.63 trillion won the previous year, the group said in a regulatory filing. The group posted a net loss of 118.7 billion won in the fourth quarter, compared with a net profit of 49.5 billion won three months earlier.

Woori picks preferred bidders for regional banks

SEOUL, Dec. 31 (Yonhap) -- Two provincial banking firms won the bid Tuesday to each buy a regional bank unit of Woori Finance Holdings Co., giving a hand to the government's long-pending sale of South Korea's largest banking group, bank and regulatory sources said. The state-run Korea Deposit Insurance Corp. (KDIC), the controlling shareholder of Woori Finance, picked Busan-based BS Financial Group Inc. as the preferred bidder for Kyongnam Bank, and JB Financial Group Co., based in the southern city of Gwangju, for Kwangju Bank.

Major banks place bids for Woori's 2 bank units

SEOUL, Dec. 23 (Yonhap) -- Shinhan Financial Group Inc., the country's top lender by market cap, and other banking firms placed their bids on Monday to take over two banking units of Woori Finance Holdings Co., bank officials familiar with the matter said. Shinhan Financial, JB Financial Group Co. and BS Financial Group made their bids to buy Kwangju Bank, a bank under the wing of Woori Finance, a deal valued at around 1.1 trillion won (US$1.04 billion), according to the officials.

NongHyup makes highest bid for Woori brokerage batch

SEOUL, Dec. 19 (Yonhap) -- A state-run financial cooperative placed the highest bid for four units of Woori Finance Holdings Co. at the final auction early this week, gaining the upper hand over its two strong rivals in the government-led sale of the country's biggest banking firm, sources said Thursday. NongHyup Financial Group Inc. offered 1.2 trillion won (US$1.13 billion) to Woori Finance to buy Woori Investment

KB, Nonghyup bid for Woori's brokerage unit

SEOUL, Dec. 16 (Yonhap) -- Woori Finance Holdings Co. on Monday closed the bidding for its brokerage arm and three other units, as the government goes full steam ahead with privatizing South Korea's largest banking firm. KB Financial Group Inc., the second-largest banking firm here, and state-run NongHyup Financial Inc. had placed their bids for Woori Investment

Woori to close bidding for brokerage unit

SEOUL, Dec. 16 (Yonhap) -- Woori Finance Holdings Co. will close Monday the bidding of its four units including the brokerage arm, as the government has been going full steam ahead to privatize South Korea's largest banking firm, sources said. The state-run banking group is expected to receive final bids later in the day for Woori Investment

KB, Daishin picked as preferred bidders for Woori units

SEOUL, Dec. 6 (Yonhap) -- KB Financial Group Inc. was chosen Friday as a preferred bidder for the leasing unit of Woori Finance Holdings Co., bank sources said Friday, as the government pushes to end the long-pending privatization of South Korea's largest banking firm. The board of Woori Finance decided to accept KB Financial's bid for Woori Financial Co., which mainly engages in auto leasing, at a board meeting held earlier, the company said in a press release.

Gov't to split Woori Finance into smaller units for sale

By Kim Seung-yeon SEOUL, June 26 (Yonhap) -- The government will split Woori Finance Holdings Co. into smaller units and put each of them up for sale from July, the financial regulator said Wednesday, as it unveiled its final road map for the privatization of the state-run banking firm after a few botched attempts over the past three years. The Financial Services Commission (FSC), the country's top financial regulator in charge of the Woori sale, laid out details on the long-pending plan at a press briefing held in Seoul.

FSC chief reaffirms plan to privatize Woori Finance by 2014

SEOUL, June 2 (Yonhap) -- The head of the Financial Services Commission (FSC) reaffirmed a plan Sunday to completely privatize Woori Finance Holdings Co., including its flagship Woori Bank. "Though the legal process for the completion of a sale may take additional time, Woori Bank will have a new owner at least before the end of 2014," Shin Je-yoon told reporters.
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