S Korea's Shinhan Bank seeks to buy Russian bank

Seoul, Mar 27: South Korea's Shinhan Bank is seeking to buy a lender in Russia, as the banking unit of Shinhan Financial Group eyes the potential for growth in the Russian banking sector, an official at the bank said on Tuesday.

''We are looking to acquire a bank in Russia as we see business opportunities there,'' a Shinhan official, who declined to be identified, said by telephone. He declined to elaborate.

The official denied a Maeil Business Newspaper report that said Shinhan had agreed with Macquarie Bank Ltd., Australia's top investment bank, to jointly acquire a Russian bank.

''Shinhan is doing the project alone. We contacted Macquarie in the initial stages but could not reach an agreement,'' he said.

Shares in Shinhan Financial Group, South Korea's No. 2 financial services firm, rose 0.74 percent to 54,500 won by 0036 GMT, compared to the broader market's 0.39 percent fall.

Reuters