France-based BNP Paribas Group is widening its strategic partnerships with Korean financial firms, advancing from its current operations in the wealth management and insurance sectors in alliance with Shinhan Financial Group.
It has picked Hana Financial Group, a competitor of Shinhan Financial, as another local business partner.
Following its signing of a pact in collaboration with Hana Financial in the bancassurance business last July, BNP Baribas deputy chief operating officer Jacques d’Estais visited the group over the weekend to discuss detailed marketing skills.
In addition to mapping out efficient ways for a successful tie-up, the senior French banker exchanged views with Hana Financial deputy CEO Jung Soo-jin on collaborating in the first-tier banking business, said Hana spokespeople.
BNP Paribas is the largest financial firm in France with some 190,000 employees and networks in about 80 countries.
In the fourth quarter of 2012, its Korean arm, BNP Paribas Cardif Life Insurance, unveiled its plan to diversify its sales channels and products.
The BNP insurance unit had said it was set to search for a mutually beneficial model that can benefit customers, partners and the company in terms of diversification rather than focusing merely on channel expansion, said officials at the press conference held last week in commemoration of the firm’s 10th anniversary in the local market.
Established as a joint venture between France-based BNP Paribas Cardif and Shinhan Bank in 2002, the insurance firm has gained ground here based on bancassurance-specialized products.
By Kim Yon-se (firstname.lastname@example.org