RETAIL BANKING | Staff Reporter, Korea

Woori should not be bought by private-equity funds: Lee

So as to avoid the mistake that happened when Lone Star Funds acquired Korea Exchange Bank, said Lee Jae Sool.

According to Bloomberg, South Korea should discourage buyout firms from bidding for Woori Finance Holdings Co.  to avoid repeating the mistake it made when Lone Star Funds acquired Korea Exchange Bank.

Lee Jae Sool, who was appointed to the Public Fund Oversight Committee in September, said in an interview that “We shouldn’t let private-equity funds buy Woori the next time the government tries to privatize it.”

Bloomberg noted that the comments indicate a reluctance to widen the potential pool of suitors for Woori after South Korea abandoned its second attempt to sell the firm in August when it attracted a solitary bid. 

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