Attention is growing over whether Woori Financial Group Inc. (KOSE:A316140) will join hands with a private equity firm in the bid to take over Prudential Life Insurance Company of Korea, Ltd. Woori did not take part in the preliminary bid that closed a week ago - KB Financial Group and three PEFs, MBK Partners, Hahn & Company and IMM Private Equity submitted letters of intent. But there is speculation that Woori may team up with one of them for the main bid, considering this was the case when it acquired Lotte Card in a consortium with MBK Partners last October. Woori has stated that M&As for non-banking units will be the main focus of the group this year, and Chairman Son Tae-seung told reporters earlier this month the group is interested in acquiring Prudential. According to sources and media reports, officials of Woori and IMM recently met to discuss the issue. IMM declined to comment. A Woori official acknowledged that Woori has not ruled out its participation in the bid. "Participants in the bid will be unveiled when the main bid takes place, but Chairman Son has stated that the group is reviewing the matter considering Prudential is a solid company," he said. Up until last year, Woori stated that it was not interested in acquiring an insurer for the time being. The group said it would place a priority in buying a capital firm, followed by a savings bank, a brokerage and then an insurer. However, Woori's plans appears to have changed after the emergence of Prudential's sale.