KB Financial Group, NongHyup Financial Group and PineStreet Group submitted their bids on Monday for the takeover of Woori Financial Group’s brokerage arm.
Woori Financial Group officially closed the preliminary bidding for Woori Investment & Securities Co. at 5 p.m. on the day, fueling competition among the three local financial institutions.
The price for the deal is estimated to be around 2 trillion won ($1.9 billion), according to analysts.
Following the financial authorities’ decision to privatize the state-run Woori Financial Group in June, the group has been in the process of selling off six of its subsidiaries.
The six are Woori Investment & Securities, Woori Aviva Life Insurance, Woori Asset Management, Woori FG Savings Bank, Woori Financial and Woori F&I.
The first four Woori subsidiaries came in a single package deal, whereas Woori Financial and Woori F&I are dealt with as two individual deals.
KB is the nation’s second-largest financial group while NongHyup is a state-run financial group. PineStreet Group is a local alternative investment and advisory firm.
Daishin Securities applied for the takeover of Woori Financial and Woori F&I.
