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Woori Bank picked as preferred bidder to buy Cambodian financial firm

All News 19:42 June 06, 2016

SEOUL, June 6 (Yonhap) -- Woori Bank, South Korea's second-biggest bank by assets, has been picked as a preferred bidder to buy a microfinance institution in Cambodia, industry sources said Monday.

Woori Bank has been selected to buy a 50 percent stake in Prasac, beating a consortium of South Korea's No. 3 banking group Hana Financial Group Inc. and foreign buyout funds, according to the sources.

If Cambodia's financial regulator approves Woori Bank's move, the Korean bank will be able to buy the Cambodian microfinance institution.

As of end-December, Prasac's total assets reached US$1 billion, according to its website.

Woori Bank is seeking to expand its presence in Southeast Asian countries in a bid to find a new source of revenue amid tight competition in the local market.

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