Sales bid for Woori Bank fails due to lack of bidders
Nov. 28, 2014
An auction to sell state-run Woori Bank failed on Friday due to a lack of bidders, the financial regulator said, the fourth such failed attempt by the government to privatize South Korea's No. 3 bank.“After closing the bid for Woori Bank's managerial rights, only China's Anbang Property & Casualty Insurance Co. applied for it,” said the Financial Services Commission.At least two bidders are needed to make the auction valid, according to local laws.Anbang Insurance is a leading Chinese insurer, w