South Korea regulator to push for revision of rules on Woori sale

The FSC to ease current rules that require a financial holding company to bid for at least 95% of a target holding company to combine their businesses.

South Korea's financial regulator said it would continue to seek changes to ownership rules in a bid to bring more bidders to the government's $6 billion sale of a stake in Woori Finance Holdings.

Kim Seok-dong, chairman of the Financial Services Commission, told lawmakers that the regulator would ease current rules that require a financial holding company to bid for at least 95 percent of a target holding company to combine their businesses, despite state-owned KDB Financial Group's Woori plan to bid for Woori had being vetoed by authorities, according to a report in Reuters.