Shinhan Financial Group will acquire 35% of Shinhan BNPP Asset Management from BNP Paribas Asset Management Holding (hereinafter referred to as BNPP AM) on the 15th.
Earlier, on the 30th of last month, the two companies held their respective board meetings, decided to buy and sell 35% of Shinhan BNPP Asset Management’s shares held by BNPP AM and signed a stock purchase agreement (SPA).
The two companies agreed to reorganize an asset management company centered on Shinhan Financial to meet the expanding volatility of the domestic and overseas financial markets and the diversifying needs of domestic investors. With this transaction, Shinhan BNPP Asset Management becomes a 100% complete subsidiary of Shinhan Financial.
Through the reorganization of the asset management sector, Shinhan Finance will have an organizational system that can respond more quickly and flexibly to changes in the domestic market. In addition, it is expected to secure various product sourcing capabilities to meet the diversifying needs of domestic investors, such as global alternative investment.
In addition, Shinhan Finance plans to strengthen a stable supply system for global products and services that BNPP AM has strong points and continue to develop a strategic alliance with the BNP Paribas Group. Currently, BNP Paribas Group is a strategic investor with a 3.5% stake in Shinhan Financial Group.
An official from Shinhan Financial said, “The equity transaction between the two companies is a strategic decision to expand market leadership in the asset management sector within the group.” It will be an opportunity to make it happen.”
Meanwhile, Shinhan BNPP Asset Management plans to hold an extraordinary general meeting of shareholders this afternoon and make resolutions on details related to the incorporation of subsidiaries such as the company name. [프레스맨]
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