Arab Today, arab today process to sell woori finance\s brokerage unit kicks off
Last Updated : GMT 12:48:35
Arab Today, arab today
Arab Today, arab today

Process to sell woori finance\'s brokerage unit kicks off

Arab Today, arab today

Arab Today, arab today Process to sell woori finance\'s brokerage unit kicks off

Seoul - Yonhap

Woori Finance Holdings Co. put up a public notice on Friday to sell its brokerage unit and five other affiliates in the second phase of the government\'s process to privatize South Korea\'s top banking group. Woori Finance made it public that Woori Investment & Securities Co. and three other units -- WooriAviva Life Insurance Co., Woori Asset Management Co. and Woori FG Savings Bank Co. -- will be sold in a bundle. Woori Financial Co. and Woori F&I Co. will be put up for sale separately. The group also added that the three affiliates in the bundle deal can be sold separately in accordance with circumstances. Woori Finance holds a 37.85 percent stake in Woori Investment & Securities. The deadline to accept a preliminary bid is 5:00 p.m. on Oct. 21. The move is part of the government\'s push to sell the state-invested Woori Finance in three different batches -- regional banks, banking and brokerage units -- by the end of 2014. The government has a 56.97 percent stake in Woori Finance. Industry watchers said that the value of Woori Investment & Securities and five other units is estimated to reach at least 1.5 trillion won (US$1.34 billion). The government said it plans to pick the preferred bidder by the end of this year. Korea\'s No. 2 banking group KB Financial Group and its smaller rival NongHyup Financial Group Inc. are widely seen as major bidders to buy Woori Investment & Securities. They have stressed the need to diversify their business portfolios from the banking-oriented structure. The government\'s push to sell Woori Finance marks its fourth attempt since 2010. Its sale is aimed at recouping public funds worth 12.8 trillion won injected into the group in the aftermath of the 1997-98 Asian financial crisis. The financial regulator said in June that it will put 14 units of Woori Finance up for sale in the three groups -- its mainstay Woori Bank, two regional banks and other units including a brokerage house. In July the government launched the process to sell Woori Finance\'s two regional banks as the first package. Woori Finance was established in 2001 after the merging of four troubled banks -- Hanvit, Peace, Kwangju and Kyongnam -- and one merchant bank following the Asian financial turmoil. Woori Finance is Korea\'s first financial services

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today process to sell woori finance\s brokerage unit kicks off Arab Today, arab today process to sell woori finance\s brokerage unit kicks off

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today process to sell woori finance\s brokerage unit kicks off Arab Today, arab today process to sell woori finance\s brokerage unit kicks off

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday