(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.