BNP closes Australian operation, expands in Seoul
(South Korea) - Days after closing its Australian equities business, French bank BNP Paribas has expanded elsewhere in the Asia Pacific with a deal to buy almost 50 percent of an investment trust unit of South Korea's Shinhan Financial Holding.
BNP Paribas, which is already the single largest shareholder in Shinhan Financial with a 4 percent stake, will pay another US$19.79 million to take its stake to 50 percent - minus one share.
Shinhan is the third largest integrated financial firm in South Korea with US$55 billion in assets.
BNP Paribas severed its relationship with another South Koran investment trust firm, Dongwon, earlier this year.
Shinhan is the third largest integrated financial firm in South Korea with US$55 billion in assets.
BNP Paribas severed its relationship with another South Koran investment trust firm, Dongwon, earlier this year.
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