[THE INVESTOR] Kyobo Life, the nation’s second-largest life insurer in terms of assets, has decided against bidding for a stake in Woori Bank.
The insurer said on Sept.22 – a day ahead of the deadline for submitting a letter of intent – that, it has decided not to place a bid.

Kyobo said the decision was based on the assessment that a stake acquisition may negatively impact the insurer’s asset portfolio.

State-run Korea Deposit Insurance Corp. said in August that it would sell 30 percent of its 51 percent stake in Woori Bank to pursue its privatization.
The stake is to be sold into parts amounting between 4 to 6 percent.

By Kim Ji-hyun (jemmie@heraldcorp.com)