BNP raises $211m from Shinhan sell-down

Deal comes after a 10% rally in Shinhan’s shares in the past seven days. Separately, Zhuzhou CSR completes third private placement by a HK-listed Chinese group in one week.
BNP Paribas will still own about 5.35% in Shinhan after the sale, down from 6.35% beforehand.
BNP Paribas will still own about 5.35% in Shinhan after the sale, down from 6.35% beforehand.

BNP Paribas on Monday took advantage of the renewed interest among foreign investors in Korean stocks to sell part of its investment in Shinhan Financial Group. The block trade accounted for just 15.8% of the French bank’s total stake in Shinhan, but allowed it to raise W223.25 billion $211 million in a pretty tightly priced deal.

The sell-down, which was arranged by BNP Paribas itself on a sole basis, comes as a number of international banks have been reducing or exiting their financial sector investments in Asia ahead of stricter requirements on the amount of capital that needs to be set aside to cover them.

However, a...

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