Shinhan BNPP Asset Management Changes Name to 'Shinhan Asset Management' for a New Start

[Asia Economy Reporter Kangwook Cho] Shinhan BNPP Asset Management, which has been incorporated as a wholly owned subsidiary of Shinhan Financial Group, has changed its name to Shinhan Asset Management.

According to the financial sector on the 17th, Shinhan BNPP Asset Management held an extraordinary general meeting of shareholders on the afternoon of the 15th at its headquarters located in Yeouido and changed its name to Shinhan Asset Management.

Shinhan Financial Group and BNP Paribas Asset Management Holding (BNPP A.M.), which hold shares in Shinhan BNPP Asset Management, signed a stock purchase agreement (SPA) on the 30th of last month to sell BNPP A.M.'s 35% stake in Shinhan BNPP Asset Management to Shinhan Financial Group. Through this, Shinhan BNPP Asset Management became a 100% wholly owned subsidiary of the Shinhan Financial Group.

On the same day, Shinhan BNPP Asset Management changed its name to Shinhan Asset Management Co., Ltd. through the extraordinary general meeting of shareholders and appointed Professor Jae-eun Lee of Hongik University Business School and Professor Young-gyu Park of Sungkyunkwan University Business School as new outside directors.

A representative of Shinhan Asset Management stated, "As a wholly owned subsidiary of the group, Shinhan Asset Management plans to actively carry out the group's major capital market-related strategic tasks and expand market dominance through systematic growth. To this end, we will actively foster flagship funds by expanding proprietary fund investments and global direct investments, increase investments in alternative investments, OCIO, and ETF sectors to meet the diversified needs of investors, and solidify our position as Korea's leading ESG investment asset manager based on our continuously pursued ESG capabilities."