BNP Paribas ups stake in joint subsidiary with Shihan

BNP Paribas Assurance has increased its equity interest in SHC&Life Insurance from 50 percent to 85 percent.

SHC&Life Insurance is a joint subsidiary between BNP Paribas and Shinhan Financial Group.

Shinhan Holding Group's 50 percent interest plus one share in SH&C Life is transferred as follows: 35 percent plus two shares to BNP Paribas Assurance and 15 percent minus one share to Shinhan Bank.

"BNP Paribas Assurance has decided to increase its stake in this joint venture by 35 percent to bring our Korean clients a broader portfolio of products and personalised services. We are delighted to contribute our expertise and innovation capabilities to the new entity," said Eric Lombard, Chairman and Chief Executive Officer of BNP Paribas Assurance.

The agreement calls for marketing of a range of protection products in addition to the savings products currently available in the country.

SH&C Life Insurance will continue to distribute its products through Shinhan Bank's 970 branches. It will also deploy its multi-partnership business model with additional product distribution via other financial establishments in the Korean market.

The new unit will announce a new name in the coming months.

Follow the link for more news on

Also Read

BOK joins project exploring use of tokenisation to improve cross-border payments

SCB names ex-Citi banker as new SVP and chief wholesale banking officer

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit