Shinhan Bank of South Korea is eyeing banks in Russia with a view to making acquisitions and expanding its interests in the fast-growing market.
The plan from Shinhan, which is the banking unit of financial services provider Shinhan Financial Group, comes after speculation had been rife that the firm was looking to acquire a banking venture with Australian bank Macquarie.
“Shinhan is doing the project alone,” says a source at Shinhan. “We contacted Macquarie in the initial stages but could not reach an agreement.”