By Yi Whan-woo
Shinhan Financial Group is in final stages of winning government approval for its takeover of BNP Paribas Cardif General Insurance, the non-life insurance unit of French banking group BNP Paribas.
According to financial sources, the Financial Services Commission (FSC) is likely to wrap up its review of the deal and finalize its decision by June 8.
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| Shinhan Financial Group headquarters in central Seoul / Korea Times file |
The sources said there is a high possibility that the FSC will approve the plan, noting that Shinhan Financial Group meets the qualifying criteria based on its business plan and financial soundness, among others.
The takeover is a part of the firm's strategy to diversify its business portfolio under the leadership of Chairman Cho Yong-byoung.
In particular, it completes the banking group's goal of dually operating both life insurance and non-life insurance units.
The company advanced into the non-life insurance market by acquiring a 94.54 percent stake in BNP Paribas Cardif General Insurance in November 2021.
The stake acquisition follows the intra-group merger between its two life insurance arms ― Shinhan Life Insurance and Orange Life ― in July 2021 and the rebranding of the newly-created company as Shihan Life.
The banking group previously acquired Shinhan Life Insurance in 2005 and Orange Life in 2019.
The country's second-largest financial services provider has been considered a leader in the digital transition of banking services. It accordingly is believed to have plans for BNP Paribas Cardif General Insurance to become a digital service-oriented company.
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