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NongHyup Financial to raise stake in South Korean asset management venture with Amundi

Dec 11, 2014 - SNL European Financials Daily

Seoul-based NongHyup Financial Group Inc. on Dec. 10 agreed with Paris-based Amundi Asset Management, a unit of Crédit Agricole Group, to raise its stake in their South Korean asset management joint venture.

Under a memorandum of understanding signed by the two companies, NongHyup Financial will raise its holding of dividend-paying shares in NH-CA Asset Management Co. Ltd. to 70% from 60% by buying 2 million new nonvoting right shares, the South Korean company said Dec. 10.

The vent...