] BNP Paribas has sold Shinhan Financial Group
’s shares worth US$317 million, reducing its stake to 3.55 percent from 5.35 percent, people familiar with the issue said on Jan. 6.
During after-hours trading on Jan. 4, the French investment bank sold a total of 8.53 million shares of Shinhan Financial, they said.
The exact per-share sale price is not available for now. Shinhan Financial has jumped by 20.51 percent in the past year to close at 47,000 won ($40) on Jan. 4.
“This adjustment is part of our balance sheet management, which from time to time means we make adjustments to our holdings in other companies,” BNP Paribas said in an emailed statement. “Having already operated successfully in Korea for more than 40 years, BNP Paribas has no plans to further reduce its holding in Shinhan Financial Group.”