Incorporated as a wholly-owned subsidiary of Shinhan Finance and Shinhan BNPP Asset Management
Shinhan Financial Group has incorporated Shinhan BNPP Asset Management as a wholly owned subsidiary.
Shinhan BNPP Asset Management changes its name to’Shinhan Asset Management’ and starts anew.
Shinhan Financial Group announced on the 15th that it has acquired 35% of Shinhan BNPP Asset Management shares from BNP Paribas.
Earlier, the two companies agreed to reorganize an asset management company centered on Shinhan Finance and signed a stock purchase agreement (SPA) on the 30th of last month.
Shinhan Finance plans to reinforce a stable supply system for global products and services that BNP Paribas has strong points, and to continue a strategic alliance with BNP Paribas Group.
Currently, BNP Paribas Group is a strategic investor with a 3.5% stake in Shinhan Financial Group.
A Shinhan Financial official said, “The equity transaction of both companies is a strategic decision to expand market leadership in the asset management sector within the group.”
Shinhan BNPP Asset Management held an extraordinary general shareholders’ meeting this afternoon and changed its name to’Shinhan Asset Management’, and appointed Jae-eun Lee, Professor of Hongik University Business School and Young-gyu Park, Professor of Business School at Sungkyunkwan University as new outside directors.
An official from Shinhan Asset Management said, “As a complete subsidiary of the group, we plan to actively carry out major strategic initiatives related to the group’s capital market and expand market dominance through systematic growth.” I will start to foster the fund.”
He said, “We will expand our investment in the alternative investment and external consignment management (OCIO) and listed index funds (ETF) sectors, and solidify our position as the representative management company of’ESG Investment’ in Korea.”
/yunhap news
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