US asset manager Capital Group has raised its stake in Shinhan Financial Group to 5.02% of outstanding shares. The company becomes the third-largest shareholder after National Pension Service and BlackRock.
Capital Group purchased an additional 115,260 shares to cross the 5% level on August 26. The company stated the investment is passive with no intent to influence management. Capital Group's stake signals confidence in Korean financial sector valuations and Shinhan's value-up strategy.
Shinhan Financial Group is Korea's fourth-largest banking group by assets. The company operates consumer banking, corporate finance, insurance and investment services.
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| Symbol | Last Price |
|---|---|
| 055550Shinhan Financial Group Co., Ltd. | ₩110,300 -3.7% |