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BNP Paribas sells Shinhan Financial shares worth about US$317 mln

All Headlines 09:57 January 06, 2017

SEOUL, Jan. 6 (Yonhap) -- BNP Paribas has sold about US$317 million worth of shares in Shinhan Financial Group, a major South Korean banking company, on profit-taking, people familiar with the matter said Friday.

During after-hours trading Wednesday, the French investment bank sold a total of 8.53 million shares in Shinhan Financial, they said.

The exact per-share sale price is not available for now.

Shinhan Financial has jumped by 20.51 percent in the past year to close at 47,000 won ($40) Wednesday.

After offloading Shinhan stocks, BNP Paribas' stake in the Korean financial firm fell to 3.55 percent from 5.35 percent.

"This adjustment is part of our balance sheet management, which from time to time means we make adjustments to our holdings in other companies," BNP Paribas said in an emailed statement. "Having already operated successfully in Korea for more than 40 years, BNP Paribas has no plans to further reduce its holding in Shinhan Financial Group.”

The French investment bank also said it remains one of the largest shareholders in Shinhan Financial Group and maintains its board representation, demonstrating its ongoing commitment to both Shinhan and the future of our business in Korea.

Shinhan Financial has maintained a strategic partnership with BNP Paribas since 2001. The two companies set up a joint asset management firm, and they also exchanged their personnel for educational purposes.

BNP Paribas sells Shinhan Financial shares worth about US$317 mln - 1

entropy@yna.co.kr
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