A consortium including private equity firm MBK Partners was among at least three suitors would be placing final bids for the bad-loan unit of Woori Financial Holdings Co. Ltd., sources told Reuters. Reuters in a report said that the deal is expected to be worth about KRW300 billion (USD283.47 million) or less. 

Woori F&I Co. Ltd. is South Korea's second-largest non-performing loan manager. The sale of the unit is part of Seoul's effort to trim its stake in Woori Finance and recoup more than USD11 billion in bailouts since the 1990s, the report said. 

According to Reuters sources, foreign interest in the bad-debt manager cooled in the final round due to a lack of information and perceived over-valuation of its distressed debt. Citigroup is advising Woori Finance on the sale.

MBK entered a bid as part of a consortium with South Korea's BS Financial Group Inc. to acquire Woori F&I. Other bidders include local financial firms KB Financial Group and Daishin Securities, the report said.