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Woori Finance Holdings closes preliminary bidding

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October 21
8:22 AM 2013

South Korea's Woori Finance Holdings received offers for its brokerage and five other units at the close of its preliminary bidding. This was part of the government's attempt to privatize the largest financial company in the country in terms of assets. Woori was taking in bids for Woori Investment & Securities Co, Woori Asset Management Co, Woori Aviva Life Insurance Co, Woori FG Savings Bank, Woori Financial Co and Woori F&I Co.

KB Financial Group Inc, the owner of Korea's biggest bank made an initial bid for the units. In an emailed statement to Bloomberg, NH Financial told Bloomberg that it also made a bid for Woori's insurance, brokerage, savings bank and asset management units. Investment advisory company PineStreet Group also submitted its initial offers. Meanwhile, brokerage company Daishin Securities Co gave a separate bid for Woori Financial and Woori F&I. Another regulatory filing also revealed that Kiwoom Securities Co also gave its offer to purchase Woori Asset Management.

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