South Korea's Shinhan Financial Group Co., Ltd. acquired a 35% stake in Shinhan BNP Paribas Asset Management Co. Ltd. from BNP Paribas Asset Management Holding SA under a stock purchase agreement signed Dec. 30.

Shinhan Financial Group said in a Jan. 15 filing that it will maintain its existing strategic partnership with BNP Paribas SA, which owns a 3.5% stake in the group. Shinhan Financial Group and BNP Paribas have been strategic partners in South Korea for 20 years.

Shinhan Financial Group will reorganize the group's asset management business following the transaction. Shinhan BNP Paribas Asset Management will drop "BNP Paribas" from its name as a wholly owned subsidiary of Shinhan Financial Group.