Orix Corp and the leasing units of Sumitomo Mitsui Financial Group Inc , Mitsubishi UFJ Financial Group Inc and Sumitomo Mitsui Trust Holdings Inc are among the bidders, the sources said. The Wall Street Journal, which first reported the news, said the finance unit's assets are valued at about $5 billion. Officials at Orix, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Trust Holdings were not available for comment.
South Korea on Thursday announced a $14 billion stimulus package to boost its troubled economy, hammered by the deadly MERS outbreak which has dented consumer spending and business sentiment. In announcing the 15 trillion won programme — which follows a central bank interest rate cut to a record low this month — the finance ministry also slashed its growth outlook for this year. Finance Minister Choi Kyung-Hwan said the extra move was crucial as a recovery in Asia's fourth largest economy hinged on efforts to quickly contain the effects of Middle East Respiratory Syndrome.