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Image credit: Shinhan Investment Corp. |
[Alpha Biz= Paul Lee] Shinhan Investment Corp. is undertaking a major overhaul of its overseas operations. The firm recently closed its Shanghai representative office after 17 years and is now considering the sale of its New York subsidiary as part of a broader restructuring plan.
According to sources in the financial investment industry on July 3, Shinhan Investment officially shut down its Shanghai office last month. Established in 2008 under the former name Goodmorning Shinhan Securities, the Shanghai office marked the company’s first foray into the Chinese market. Given that representative offices typically serve as footholds for market research and potential expansion, the closure effectively signals a strategic retreat from China.
Currently, Shinhan Investment operates subsidiaries in New York, Hong Kong, Vietnam, and Indonesia. With the closure of the Shanghai office, its number of overseas outposts has been reduced from five to four. The company has also reported to its board that it is reviewing options for its New York subsidiary—established in 1993—including a potential sale.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
