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Report: Woori Financial drops out of race for Prudential Financial's unit

Woori Financial Group Inc. did not participate in the preliminary bidding round for Prudential Financial Inc.'s South Korean unit, The Korea Herald reported, citing a Woori spokesperson.

The move came despite earlier hints from Woori Chairman Tae-Seung Son that Prudential Life Insurance Co. of Korea Ltd. might be a target for mergers and acquisitions into the group. The spokesperson did not specify the reason behind the decision, according to the report.

Other contenders, including KB Financial Group Inc., MBK Partners, Hahn & Co. and IMM Private Equity Inc., joined the bidding process for a 2 trillion won stake in Prudential Life Insurance, a source told the outlet.

As of Jan. 15, US$1 was equivalent to 1,158.05 South Korean won.