South Korea's unlisted Kyobo Life Insurance has decided not to bid for a 6 trillion Korean won ($5.2 billion) controlling stake in Woori Finance Holdings , the company said on Friday.

The South Korean government put up for sale a 57 percent stake in Woori as the third attempt by the current administration to privatise the nation's largest banking group.

Kyobo Life said in a statement it had considered forming a consortium with local private equity fund IMM to bid for Woori, but decided against a bid. A spokesperson for IMM previously declined comment.

Kyobo Life is not the first possible bidder said to have passed on Woori before initial bids are due on Friday. KB Financial Group also decided not to bid for Woori, a source with direct knowledge of the matter said Wednesday. ($1 = 1151.0000 Korean won)

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