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THE INVESTOR
May 23, 2018
Big Reunion

Finance

Shinhan Card acquires Prudential Vietnam Finance

  • PUBLISHED :January 23, 2018 - 15:55
  • UPDATED :January 23, 2018 - 15:55
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[THE INVESTOR] Shinhan Financial Group said on Jan. 23 that its credit card unit has agreed to pay US$150 million for a 100 percent stake in Prudential Vietnam Finance Co. in the latest move to secure new growth engines in Vietnam.

Shinhan Card signed the deal with the Hanoi-based finance company, a subsidiary of Britain’s largest insurer Prudential, earlier in the day.

 “The stake purchase is aimed at expanding the consumer credit business in Vietnam,” said a company official who asked not to be named.
 
Last year, Shinhan Bank Vietnam, a wholly owned unit of Shinhan Bank, acquired the retail division of ANZ, a major Australian bank, in Vietnam.

Shinhan Financial Group has stepped up its efforts to expand its operations overseas in recent years to generate a new cash cow as it has suffered low margins and low growth in the nearly saturated Korean market.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)


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