Shinhan Financial Group to acquire 94.54% of BNP Paribas Cardif General Insurance (now Shinhan EZ)
Not yet reviewed: summarised from filings and press reports; figures may differ between reports. Please check the original sources.
- Deal value
- —
- Stake
- 94.54%
- Implied 100%
- —
- Revenue
- —
- Op. income
- —
- Multiples
- —
- Target
- BNP Paribas Cardif General Insurance (now Shinhan EZ) · Non-life insurance (small, digital)
- Buyer
- Shinhan Financial Group · SI
- Seller
- BNP Paribas Group
- Structure
- —
- Announced
- Oct 29, 2021
- Closed
- —
- Stage
- Signed
Target
BNP Paribas Cardif General Insurance was a small non-life insurer formed in 2014 when BNP Paribas acquired the former Ergo Daum Direct; with assets of KRW 108.4bn at end-June 2021 it was the smallest of Korea's 16 general non-life insurers. It relaunched as Shinhan EZ General Insurance in July 2022.
Deal rationale
Shinhan Financial said the acquisition completes its comprehensive financial group portfolio and will deliver new customer services through group synergies (The Fact). Dailian reported Shinhan lacked a non-life insurer, chose to buy a small insurer rather than found one to obtain the license efficiently, and planned to build a digital non-life insurer to compete with big tech and create synergies with Shinhan Life. FSC approval came on 9 June 2022, closing on 30 June, and the relaunch as Shinhan EZ on 1 July (MTN).
Press coverage
- 데일리안 (2021-11-01): “카디프손보 지분 95%를 400억원대에 인수하기로 했다”
- 더팩트 (2021-11-01): “지난달 29일 프랑스 BNP파리바 그룹과 ‘BNP파리바 카디프 손해보험’의 주식매매계약을 체결했다”
- 딜사이트 (2021-11-01): “대주주 BNP파리바그룹으로부터 지분 94.54%을 400억원대에 인수하는 주식매매 계약도 체결했다”
- MTN 머니투데이방송 (2022-07-01): “지난달 9일 금융위원회 정례회의에서 최종 인수 승인을 받았다”
This is a data entry summarising filings and press reports. Please check the original sources for the figures.