SKorea's LG Card to sell brokerage unit to Woori Financial

0 Comments | AFP, July, 2004

SEOUL (AFP) — South Korea's ailing LG Card said it has signed a memorandum of understanding to sell its brokerage unit LG Investment and Securities to state-run Woori Financial Group.

Woori, South Korea's third largest banking group, will submit a final bidding proposal for the brokerage after conducting due diligence, LG Card said in a statement Thursday.

LG Card had been looking for a buyer of a 21.2 percent stake in LG Investment and Securities via open bidding to help resolve the liquidity problems in the country's largest card issuer.

The Korea Development Bank (KDB), which is in charge of the open bidding, has wanted to wrap up the deal by July as some 10 foreign and domestic firms, including Woori, had reportedly joined the bidding.

LG Card...