S. Korea's Shinhan group forges strategic partnership with China's Fosun group

Lim Chang-won Reporter Posted : 2018-01-25 14:44 Updated : 2018-01-25 14:44
글씨작게 글씨크게

[Courtesy of Shinhan Financial]

SEOUL, Jan. 25 (Aju News) -- Shinhan Financial, a leading South Korean financial group, has agreed with China's Fosun group to jointly seek an opportunity for global investment under a strategic partnership forged this week,

Shinhan said Thursday the two groups signed a memorandum of understanding on their strategic and comprehensive business cooperation at a ceremony in Seoul the previous day.

They will seek various cooperation in domestic and global markets, diversify investment opportunities by sharing information on overseas markets, and find ways to combine their financial and investment know-how, it said.

Shinhan has strengthened its investment banking function to become a global player.

In December last year, Shinhan Bank completed the acquisition of Melbourne-based ANZ Bank’s retail business in Vietnam, becoming the largest foreign lender in the Southeast Asian country by asset and the number of branches. Vietnam is Shinhan's second-largest overseas market after Japan.

This week, British insurer Prudential Plc agreed to sell its consumer finance business in Vietnam to a Shinhan unit for $151 million. Prudential Vietnam Finance Co. was the first foreign, non-bank financial institution licensed for consumer lending. Global insurers are selling small and non-core units in Asia to focus on insurance.