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.