Shinhan Financial chief in Europe to meet with BNP Paribas, investors

Jin Ok-dong, chairman of Shinhan Financial Group Co., is off to Europe for investor relations sessions with its shareholders, including BNP Paribas Group, and institutional investors.

Shinhan Financial, South Korea’s leading financial holding company, said on Thursday he will stay in Amsterdam, Paris and London for two days each from June 8 to15.

During his stay in the three countries, he will seek to strengthen Shinhan’s strategic alliance with its shareholders and partners. In London, he will also visit Shinhan’s local branch office.

Of particular interest is his planned meeting with BNP Paribas, a French bank with which Shinhan has maintained a strategic partnership for over 20 years.

In 2001, Shinhan signed a comprehensive business cooperation agreement with BNP Parbas to enhance its business capabilities ahead of the launch of the Korean financial group’s holding firm.

In 2002, the two partners established a joint venture, Shinhan BNP Paribas Asset Management Co. In 2020, however, Shinhan acquired 35% of the joint venture from BNP Paribas to wholly own it, now called Shinhan Asset Management Co.

The following year, Shinhan Financial Group acquired BNP Paribas Cardif General Insurance, which later became Shinhan EZ Insurance.

Shinhan took over 95% of BNP Paribas Cardif General Insurance, the non-life insurance unit of the French banking group, for about 40 billion won ($34 million), to enter Korea’s non-life insurance market.

Shinhan, which offers various financial services ranging from banking to life insurance, securities, credit card service and asset management, was previously absent from the non-life insurance market.

BNP Paribas is Shinhan Financial’s fourth-largest shareholder with a 3.55% stake as of the end of 2022.

JAPAN VETERAN

Jin’s visit to Europe is his second overseas trip since he took the helm of Shinhan Financial Group in March.

Former chief executive of Shinhan Bank, the group’s flagship unit, Jin picked Japan as his first overseas country for investor relations meetings in April.

During his stay in Tokyo, he visited Japan’s financial regulator, the Financial Services Agency, to discuss support measures for Shinhan Bank's Japanese subsidiary, SBJ Bank.

He also met with officials from Mizuho, SMBC, Nomura Securities and Daiwa Securities to discuss cooperation in digital banking.

Jin is a Japan expert, working in the island country for 18 years and having led the establishment of SBJ Bank.

Write to Bo-Hyung Kim at Kph21c@hankyung.com

In-Soo Nam edited this article.