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 10 times 2006 net income and 1.9 times book value, according to BNP Paribas.

After the market closed on Monday, the state agency Korea Deposit Insurance Corp KDIC sold 90% of its 22.36 million shares...
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