PwC advised Shinhan Card on the acquisition of the consumer finance business of Prudential Vietnam Finance Company Ltd
The Corporate Finance teams from PwC Malaysia and PwC Vietnam are pleased to announce the 100% acquisition of the consumer finance business of Prudential Vietnam Finance Company Ltd. by Shinhan Card Co. Ltd. (“Shinhan Card”). The transaction was signed in January 2018 and is subject to regulatory approval.
Shinhan Bank was founded in 1982 as a small but profitable, customer-friendly bank in Korea. It adopted a holding company structure (Shinhan Financial Group) in 2001. Since its foundation, the company has been growing continuously and is now a leading financial institution in Korea with a diversified business portfolio across banking, securities brokerage, asset management, leasing, life insurance and credit cards. Shinhan Financial Group is the largest financial institution by market capitalisation in Korea, and the buyer, Shinhan Card, is the largest credit card company in the country.
The Corporate Finance teams from PwC Malaysia and PwC Vietnam acted as the exclusive financial advisors to Shinhan Card in connection with the transaction. The team was retained subsequent to its role as the exclusive financial lead advisors of Shinhan Bank Vietnam Ltd.’s acquisition of the Retail Division of ANZ Bank (Vietnam) Limited.
The PwC team:
Gregory Bournet Joanne Yap
Partner, PwC Malaysia Senior Manager, PwC Malaysia
Johnathan Ooi
Partner, PwC Vietnam
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