Shinhan BNPP Asset Management Starts Anew as Shinhan Asset Management

Shinhan Financial Group Acquires 35% Stake in BNP Paribas... Incorporates as 100% Subsidiary

[Asia Economy Reporter Minwoo Lee] Shinhan BNP Paribas Asset Management is rebranding as Shinhan Asset Management and starting anew. By divesting BNP Paribas' shares and becoming a 100% wholly owned subsidiary of Shinhan Financial Group, the company aims to establish itself as a leading ESG (Environmental, Social, and Governance) asset manager.

Shinhan BNPP Asset Management announced on the 17th that it held an extraordinary general meeting of shareholders on the afternoon of the 15th and changed its name to Shinhan Asset Management.

On the same day, Shinhan Financial Group acquired a 35% stake in Shinhan BNP Paribas Asset Management from BNP Paribas, making it a wholly owned subsidiary. Through this, Shinhan BNPP Asset Management became a 100% subsidiary of Shinhan Financial Group. Shinhan Asset Management appointed Professor Jae-eun Lee from Hongik University Business School and Professor Young-gyu Park from Sungkyunkwan University Business School as new outside directors.

Previously, Shinhan BNPP Asset Management operated as a joint venture after Shinhan Financial transferred a '50%-1 share' stake of the former Shinhan Investment Trust Management to BNP Paribas Bank in 2002. In 2009, when SH Asset Management, a subsidiary of Shinhan Bank, merged with Shinhan BNP Paribas Asset Management, BNP Paribas' shareholding was reduced to 35%.

A Shinhan Asset Management official explained, "We will actively foster flagship funds through proprietary capital investment and expanding global direct investments, while also increasing investments in alternative assets, outsourced chief investment office (OCIO), and exchange-traded funds (ETF) sectors. Additionally, based on our continuously developed ESG capabilities, we will solidify our position as Korea's leading ESG investment asset manager."