BNP Paribas ups its stake in Shinhan Financial Group

Korea's latest banking move sees France's BNP Paribas become the biggest shareholder in second largest lender.

In a play that indicates South Korean banks are still drawing international attention, BNP Paribas said on Tuesday April 11 that it acquired an additional 5.6% stake in South KoreaÆs second-largest lender, Shinhan Financial Group, making it the biggest shareholder in the bank.

The Paris-based bank bought 20.1 million shares worth W937.8 billion $983.7 million based on Monday's closing price of W46,600 per share. That brings BNP ParibasÆs stake up to 9.4%. The deal price represents a multiple of approximately...

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