Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
29th July 2011
TStone & Flowers joint bid for Woori?
It is reported that Tstone is discussing with JC Flowers the two forming a consortium to bid for a stake in Woori Financial. It was reported that the government received three letters of interest by the first deadline of 29th June, all from Private Equity Firms. It is suggested the three PE firms were MBK Partners, Vogo Investment and TStone, all are South Korean. It is hoping to receive preliminary bids at the second deadline of August 17th.
Woori Financial is the country's largest bank and the government is seeking a part privatisation with a sale that was originally planned to be 57% of the equity. It is now suggested that the government may sell a smaller proportion rather have the attempt at sale fall altogether.
Tstone is a South Korean Private Equity firm. JC Flowers has participated in many banks' restructuring notably in Japan and Germany and is currently thought to be interested in UK banking assets.
The South Korean authorities continued pursuance of Lone Star who bought a controlling stake of Korea Exchange Bank in 2003 has alarmed many foreign financial institutions and changed South Korea from destination of Choice as an Asia Pacific hub to one attracting few investments. So far the courts have rejected every case brought by the authorities against Lone Star, although the retrial of the Lone Star country manager at the time of the KEB acquisition is occurring currently. Meanwhile the authorities have prevented three separate attempts to buy the KEB stake from Lone Star and are currently sitting on a fourth and indicating they will not give a decision until 2012.