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The government decided to privatize Korea Development Bank without merging it with other financial institutions, including Woori Financial Group, a senior government official said on Wednesday.
Originally, some officials at the Ministry of Strategy and Finance and elsewhere suggested merging KDB with Woori Financial Group and the Industrial Bank of Korea to found a new "mega bank" before selling it to a private investor. But the government finally decided not to adopt this suggestion, the official added.
"The government concluded that if a new giant bank is founded, the sale price would go up too high to find a new private owner,Ħħ he said. The Financial Services Commission is expected to disclose a detailed schedule for KDB's privatization this week. The commission plans to formulate an action plan by June. The government will sell its shares of Woori Financial Group independently of the KDB privatization plan.
(englishnews@chosun.com )
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