KB Financial Group (105560.SE) is looking whether to bid for the government's 57% stake in Woori Finance Holdings (053000.SE), the nation's largest financial services firm and subject of the government's two failed sale attempts, but hasn't made a decision yet, Yonhap News Agency reported Friday, citing KB CEO and Chairman Euh Yoon-dae. "We're looking into [the Woori case] with interest, but nothing has been decided. We don't want to take the risks of [opposition by both unions on concerns over possible lay-off] and the presidential election [due the end of the year]," Mr. Euh was quoted as saying in an interview with Yonhap. Mr. Euh said he wants to pursue the deal "not in a hurry." The government, which bailed out Woori Finance more than a decade ago with taxpayers' money, has recently launched its third attempt to privatize it and is taking preliminary bids by the end-July. While analysts name KB Financial for the strongest candidate for the deal, assuming the government wants to match the two groups, KB Financial has left it vague whether to bid or not. "What I can say now with 100% assurance is that we won't lay off one single staff [at both banks]," Euh was also quoted as saying. As for the case of ING Groep N.V.'s (ING, INGA.AE) sale of Asian life insurance operations, KB Financial will participate in the final bidding due early next week "as planned," Mr. Euh said, according to Yonhap. KB Financial has been shortlisted in a deal to buy ING's Korean life insurance arm and conducted due diligence. "I'm not confident [that KB will win the deal]. If we bid an expensive price, we can [win the deal], but I want to buy it only at an appropriate price," Mr. Euh added, according to the report. Write to djnews.seoul@dowjones.com
