Shinhan Financial, seeking M & A for large securities ... Operation of nine people
Cho Eun Guk | ceg4204@ | 2017-11-30 11:02:11
Shinhan Financial, seeking M & A for large securities ... Operation of nine people
Shinhan Financial Group has set up a consultative body to acquire and merge major financial companies in the securities and non-life insurance business, and has started aggressive M & A activities. In 2006, Shinhan Financial acquired LG Card, the largest credit card company in Korea, and became the largest financial holding company in Korea. However, there is no big deal since then. Recently, KB Financial Group has been struggling to compete with Leading Bank, which has succeeded in becoming bigger by big big deal.
According to the finance office on November 29, Shinhan Financial Group is operating an informal meeting to promote financial company M & A around Cho Yong-bong.
A Shinhan Financial Group official said, "The 9-person M & A Promotion Sessions, including President Joe Yong-bong and nine key stakeholders, are in operation." He said, "We are discussing appropriate deals that can diversify portfolios "He said.
The council, which Joe directly supervises, is an organization established to promote large-scale M & A deals.
Shinhan Financial Group will be synergized and the rightful sale will be able to complete a profitable portfolio as a comprehensive financial group. In particular, it is said that Shinhan Financial Corp. is on the right track for securities and non-life insurance businesses, which are relatively weaker than KB Financial.
Joe recently said at the group presidents` meeting, "We will aggressively take over securities companies and insurance companies." It is the intention of Chairman Cho to create an informal M & A committee composed of key personnel in the holding company to promote M & A in earnest.
The fact that Shinhan Financial Corp. is operating the council internally for aggressive M & A is reversed in the competition with KB Financial Group following its inauguration, and the gap is widening in recent years.
KBFG acquired Hyundai Securities and acquired LIG Insurance. However, Shinhan Financial Group is not doing well, as profitability has greatly improved.
First, Shinhan Bank is ahead of the bank sector until recently, but Kookmin Bank is leading the way in the second quarter of this year. Shinhan Card`s third-quarter net profit is three times that of Kookmin Card (KRW 233.9 billion).
However, KBFG is ahead of its profitability in securities, capital, and asset management, and Shinhan Financial Group does not have any subsidiaries.
An official from the financial sector said, "KB Sonbo and KB Capital have a great synergy with automobile financing, and this year, the insurance industry is profitable, so Shinhan Financial is the worst one."
"Shinhan Financial is expected to establish a strategy to acquire a large financial company instead of merging with existing subsidiaries by acquiring a small and medium-sized financial company." Since Shinhan Financial Corp. lacks securities and non-life insurance companies, "If the sale of the right products comes out, we will be able to take over."
By Cho Eun Guk ceg4204@
[ copyright ⓒ The Digitaltimes ]
Shinhan Financial Group has set up a consultative body to acquire and merge major financial companies in the securities and non-life insurance business, and has started aggressive M & A activities. In 2006, Shinhan Financial acquired LG Card, the largest credit card company in Korea, and became the largest financial holding company in Korea. However, there is no big deal since then. Recently, KB Financial Group has been struggling to compete with Leading Bank, which has succeeded in becoming bigger by big big deal.
According to the finance office on November 29, Shinhan Financial Group is operating an informal meeting to promote financial company M & A around Cho Yong-bong.
A Shinhan Financial Group official said, "The 9-person M & A Promotion Sessions, including President Joe Yong-bong and nine key stakeholders, are in operation." He said, "We are discussing appropriate deals that can diversify portfolios "He said.
The council, which Joe directly supervises, is an organization established to promote large-scale M & A deals.
Shinhan Financial Group will be synergized and the rightful sale will be able to complete a profitable portfolio as a comprehensive financial group. In particular, it is said that Shinhan Financial Corp. is on the right track for securities and non-life insurance businesses, which are relatively weaker than KB Financial.
Joe recently said at the group presidents` meeting, "We will aggressively take over securities companies and insurance companies." It is the intention of Chairman Cho to create an informal M & A committee composed of key personnel in the holding company to promote M & A in earnest.
The fact that Shinhan Financial Corp. is operating the council internally for aggressive M & A is reversed in the competition with KB Financial Group following its inauguration, and the gap is widening in recent years.
KBFG acquired Hyundai Securities and acquired LIG Insurance. However, Shinhan Financial Group is not doing well, as profitability has greatly improved.
First, Shinhan Bank is ahead of the bank sector until recently, but Kookmin Bank is leading the way in the second quarter of this year. Shinhan Card`s third-quarter net profit is three times that of Kookmin Card (KRW 233.9 billion).
However, KBFG is ahead of its profitability in securities, capital, and asset management, and Shinhan Financial Group does not have any subsidiaries.
An official from the financial sector said, "KB Sonbo and KB Capital have a great synergy with automobile financing, and this year, the insurance industry is profitable, so Shinhan Financial is the worst one."
"Shinhan Financial is expected to establish a strategy to acquire a large financial company instead of merging with existing subsidiaries by acquiring a small and medium-sized financial company." Since Shinhan Financial Corp. lacks securities and non-life insurance companies, "If the sale of the right products comes out, we will be able to take over."
By Cho Eun Guk ceg4204@