By Kang Seung-woo
Staff Reporter
The nation's top financial regulator said that privatization of Woori Financial Group, the nation's largest financial holding company, will come later than expected.
``Privatization of Woori may be postponed until the end of the year,'' Chin Dong-soo, chairman of the Financial Services Commission, told reporters in a meeting Wednesday.
``We have been preparing to sell it off by June, but it seems that we need more time.''
Since the government decided to sell Woori last year, the financial regulator has been looking to find a new owner.
As a result of an infusion of public funds during the Asian financial crisis, the government came to be the primary investor in Woori through the Korea Deposit Insurance Corporation (KDIC). The KDIC currently has a 56.97-percent stake in Woori.
Regarding a mega bank idea, Chin said that the size should not be prioritized, citing the nation's global manufacturers Samsung and LG.
``Samsung and LG were successful in globalization not because of their size but because of their competitiveness. I value competitiveness over size,'' he said.