Shinhan Financial to sell life insurance unit to BNP Paribas

SEOUL, April 24 (Yonhap) -- Shinhan Financial Group Co. said Friday it has agreed
with BNP Paribas SA to sell part of a controlling stake in its life insurance
unit to the French company.

Under the deal, Shinhan Financial said it will sell 35 percent plus two shares in
SH&C Life Insurance Co. to BNP Paribas. Financial terms of the transaction were
not disclosed.
Shinhan Financial will be left with 15 percent minus one share in the insurer.
With the completion of the deal, SH&C Life Insurance will not be affiliated with
Shinhan Financial and become a subsidiary of BNP Paribas, it said.
The life insurance company was set up in 2002 with Shinhan Financial owning a
majority stake of 50 percent plus one share and BNP Paribas holding the
remainder.
The deal is expected to help SH&C Life Insurance improve its competitiveness by
tapping into the French firm's expertise in global financial products and asset
management, Shinhan Financial said.
"The contract is based on a strategic decision that it will help both companies'
long-term development and cement bilateral ties," a Shinhan Financial official
said.
Shinhan Financial, South Korea's No. 2 financial services company, has Shinhan
Bank, the nation's second-largest lender, under its wing.
pbr@yna.co.kr
(END)