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Shinhan Financial Group Says No Decision Yet on Potential Lotte Insurance Acquisition

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Shinhan Financial Group (KRX:055550) said Wednesday that it has not made any decision on the possible acquisition of Lotte Insurance, issuing clarification to a Korea Economic Daily report that it was pursuing an acquisition deal.

The company said it is reviewing several measures to boost the competitiveness of its non-bank business, but no acquisition decision has been finalised yet. The financial holding company said that it will provide an update once details are determined or within three months, according to a Wednesday filing with the Korean Exchange.

Shares of Shinhan Financial Group added over 2% in recent trade.

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