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A Shinhan Financial Group-led consortium and other bidders began due diligence on Chohung Bank Tuesday, Oct. 29, as the South Korean government moves to secure a preferred bidder by the end of the year.
The government, which owns 80.1% of Chohung Bank, a stake said to be valued at about W2.4 trillion ($2 billion), has identified Shinhan Financial as a likely buyer. However, it has now opened the process to a wide field of bidders, said an official at the state- run Korea Deposit Insurance Corp., which holds the stake.
The Shinhan Financial consortium includes France's BNP Paribas SA and Japan's Sumitomo Mitsui Banking Corp., according to local press reports that Shinhan Financial would not confirm.
Seoul's Maeil Business Newspaper identified four bidders in addition to Shinhan Financial, including Taiwan's Fubon Financial...