Posted on Apr 30, 2021, 5:32 PMUpdated Apr 30, 2021, 7:08 PM
It is the end of a twenty-year adventure. BNP Paribas announced on Friday the final exit of its asset management joint venture in Korea, on the occasion of its quarterly results. The French bank sold its 35% of Shinhan BNP Paribas Asset Management (AM) to the local group Shinhan Financial, which already held 65%. The sale of this stake results in a capital gain of 96 million euros for BNP Paribas. For its BNP Paribas AM subsidiary, it is reflected in a drop in assets under management.
The operation represents “approximately two-thirds” of the 27 billion euros of assets lost in the first quarter, due to scope effects, by the division which brings together insurance and asset management, wealth and of real estate, specifies BNP Paribas to the “Echos”. Knowing that Shinhan AM claims 62,000 billion yuan (46 billion euros), the French group therefore took into account around 16 billion of the assets of the joint venture within its own scope.