Kyobo Life Insurance Co., Ltd. eyes Woori Finance Holdings Co., Ltd. (KOSE:A053000). Kyobo Life Insurance has established a separate team to work on acquiring Woori Bank, said sources in the insurer and financial industry. In addition to Woori Bank, Kyobo Life is reportedly reviewing taking over Kyongnam Bank and Kwangju Bank, Ltd. Kyobo Life also wants to take, Woori Investment & Securities Co.

Ltd. (KOSE:A005940) to merge it with Kyobo Securities Co., Ltd. (KOSE:A030610). Kyobo Life is discussing an idea of forming a consortium with current shareholders and overseas partners. “We are positive about participating in the bid for Woori Financial Holdings,” an official at Kyobo Life Insurance said.

“We are willing [to partake in the bid], and the effort to organize a consortium is well underway.” Financial Services Commission decided to sell Woori Finance's 14 units in three groups--two regional banks, brokerage unit and related affiliates, and flagship Woori Bank--to lessen the financial burden of a potential buyer. If the government's 57% stake in the holding firm is sold in a single deal, it would cost a buyer some KRW 4.5 trillion, or $3.9 billion, based on June 25, 2013 share price. The sale of the biggest chunk, Woori Bank, will be launched in January 2014 and completed within the year.