RETAIL BANKING | Tony Chua, Korea

Shinhan and Woori pose bid for Tomato Savings Bank

The auction is part of the government's sale of suspended savings banks.

South Korea's Shinhan Financial Group and Woori Finance Holdings have joined preliminary bidding for Tomato Savings Bank, sources with knowledge of the matter said.

The auction is part of the government's sale of savings banks suspended after they were hit by mounting debt due to bad property loans, according to a report in Reuters.

State-run Korea Deposit Insurance Corp said in a statement that two Korean financial holding firms had submitted letters of intent for Tomato Savings Bank, but did not name the firms or give further details.

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