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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World S.Korea postpones major bank privatisation AFP - Saturday, December 18 Send IM Story Print S.Korea postpones major bank privatisation SEOUL (AFP) - – South Korea said on Friday it was postponing the privatisation of the country's largest banking group due to what it called unfavourable market conditions. Public Fund Oversight Committee co-chairman Min Sang-Kee told reporters it was difficult for the government to sell its 57 percent stake in Woori Finance Holdings while also maximising the recovery of public funds. The government took control of Woori when the Asian financial crisis in 1997 forced South Korea to bail out troubled banks with massive sums. The committee, which was overseeing the sale of the stake worth around 5.8 billion dollars, met earlier Friday to decide whether to go ahead with the process. The privatisation hit problems Monday when two consortia that had expressed interest dropped out, citing the high premium the government was seeking for the shares. Last November the government said it had received 11 letters of intent for the stake from bidders it did not name. But the two groups which dropped out Monday, one led by Woori Finance employees and another by the lender's corporate clients, were considered the frontrunners and the most likely to offer a strong enough bid. Financial Services Commission vice chairman Kwon Hyouk-Se told reporters earlier Friday that none of the remaining nine parties had expressed interest in acquiring the full stake. Kwon said the two foreign private equity funds that submitted letters of intent could probably not mount a bid on their own for the majority stake due to regulations limiting their ownership in banks. And local private equity funds had not raised enough to buy a majority stake. President Lee Myung-Bak has vowed to speed up privatisation of state-owned lenders and create "mega-banks" able to compete better globally. But the privatisation programme was delayed by the global financial downturn, which also limited aggressive international expansion by South Korean banks. -- Dow Jones Newswires contributed to this report -- Recommend Send IM Story Print Related Articles Ivanhoe aims to raise $1.2 bln in rights offering Reuters - 35 minutes ago US-BUSINESS Summary Reuters - 1 hour 1 minute ago Retailers focus on convenience as Christmas nears Reuters - 1 hour 1 minute ago MOVES-FTI, Nomura, Eurazeo, E*Trade Financial Reuters - 1 hour 1 minute ago ADR Report-ADRs slip with Europe banks after Ireland rating cut Reuters - 1 hour 9 minutes ago News Search Top Stories Madoff investor's estate forfeits 7.2 billion dollars Euro rescue pledges fail to dispel market unease NASA tests aging shuttle after failed launch Fresh Spanish public debt, bad loan figures pile on pressure France urges I.Coast's Gbagbo to quit by end week More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended US man is HIV-free after stem cell transplant Science of man-made life can proceed: US panel WikiLeaks' Assangefree on bail, vows to clear name Inter-species mating could doom polar bear: experts Armed clashes as Ivory Coast stand-off turns bloody More Most Viewed » NASA finds new form of life... on Earth Defiant Obama defends tax cuts, eyes 2012 More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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