▲ Shinhan Financial Group
yunhap news
Shinhan Financial Group will take over BNP Paribas Cardiff Non-Life Insurance (Cardiff Insurance), a foreign non-life insurance company. When Shinhan Financial Group, which did not have a non-life insurance company, incorporates Cardiff Insurance as a social company, it will complete a portfolio suitable for a comprehensive financial group.
According to the financial industry on the 31st, Shinhan Financial Group held a board meeting on the 26th to decide on the acquisition of Cardiff Insurance and signed a stock purchase contract with BNP Paribas Group of France on the 29th. Shinhan Financial Group is said to have decided to acquire a 95% stake in Cardiff Insurance, which is owned by BNP Paribas Group, for 40 billion won. The remaining shares are already owned by Shinhan Life Life Insurance. Shinhan Financial Group plans to incorporate Cardiff Insurance as its 17th subsidiary and develop it into a ‘digital specialized non-life insurer’.
Cardiff Insurance was launched in 2014 when BNP Paribas Group acquired Ergodaum Direct Non-Life Insurance. Cardiff Insurance is a small and medium-sized general non-life insurer with assets of 108.4 billion won as of the first half of the year, mainly dealing with corporate and special insurance. Shinhan Financial Group has maintained a strategic partnership with BNP Paribas Group. Last year, it also acquired a stake in Shinhan BNP Paribasan Management (Shinhan Asset Management) owned by BNP Paribas Group.
Shinhan Financial Group plans to apply to the financial authorities for approval of Cardiff Insurance’s incorporation as a subsidiary soon.
By Hong In-ki, staff reporter ikik@seoul.co.kr
