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[THE INVESTOR] Shinhan Bank, South Korea‘s fourth-largest bank by assets, has invested some US$30 million into a fund run by the International Finance Corporation, targeting financial institutions in emerging markets, the firm said on Oct. 19.
The bank inked a memorandum of understanding with the IFC, the private sector arm of the World Bank Group, to work together to seek investment opportunities in promising projects in emerging countries.
“We expect that the partnership will help us to create a new source of revenue through the investment into the fund which is based on IFC’s extensive experience, professionals and network,” an official at the bank said.
On Sept. 27, Shinhan signed an agreement to invest US$30 million into fund operated by IFC Asset Management Company which manages $9.1 billion across regional, sector-focused and fund of funds.
According to the IFC, it has built up a portfolio of investments in emerging market private equity funds representing a commitment of over $3 billion in about 180 funds.
By Park Han-na (hnpark@heraldcorp.com)
