South Korea-based Shinhan Financial Group Co. Ltd. is considering making an offer to buy the remaining 35% stake it does not already own in Shinhan BNP Paribas Asset Management Co. Ltd. from joint venture partner BNP Paribas SA, Korea Economic Daily reported Oct. 5, citing financial industry sources.

Shinhan BNP Paribas Asset Management started off as a 50/50 joint venture in 2002. BNP Paribas' stake was reduced to 35% in 2009 when Shinhan BNP Paribas Asset Management absorbed SH Asset Management Co. Ltd. from Shinhan Bank.

It is not certain whether BNP Paribas will agree to exit the joint venture, given the stable dividend income it gets from Shinhan BNP Paribas Asset Management, according to the report.

BNP Paribas also has a 3.3% stake in Shinhan Financial Group, which complicates the break-up scenario, the report added.