RETAIL BANKING | Tony Chua, Korea

2 Korean private equity funds plan bidding for Woori

Vogo Fund and MBK Partners had revived their interest after their attempt was halted in the last year’s bidding because of tepid investor interest.

Local private equity firms Vogo Fund and MBK Partners are mulling joining the government's $6 billion auction of a stake in Woori Finance Holdings, the Maeil Business Newspaper reported on Monday.

Vogo was open to the possibility of tying up with other funds, the newspaper reported.

The two funds submitted initial interest in Woori in last year's auction that was eventually halted because of a lack of interest from investors entitled to buy a 57 percent stake.

South Korea resumed the sale process in May, but political opposition led the government to abandon its plan to ease ownership rules to drum up interest in Woori, and to reject state-run KDB Financial Group's bid plan, which clouded the sale prospects once again.

View the full story in Reuters.

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