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BNP closes Australian operation, expands in Seoul

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.

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