Shinhan Bank is moving to strengthen M&A and business succession advisory services for small and mid-sized companies. It plans to provide tailored financial and advisory services to meet growing demand for business succession due to ageing and a lack of successors.

Shinhan Bank said on May 19 it signed a memorandum of understanding with Samjong KPMG at the Shinhan PWM Yeouido Center in Yeongdeungpo-gu, Seoul, to cooperate on M&A and business succession advisory services for small and mid-sized companies.

Shinhan Bank plans to identify clients with business succession and M&A needs and provide linked support through acquisition finance and asset management services. Samjong KPMG will provide professional services including corporate value assessments and accounting and tax advice.

Through the agreement, Shinhan Bank also plans to provide comprehensive financial and advisory services that cover asset management and reinvestment needs arising after corporate sales, business restructuring and ownership transfers.

A Shinhan Bank official said the agreement is aimed at providing professional advice and financial solutions needed in the growth and succession process for small and mid-sized corporate clients. The official added the bank will continue to expand differentiated business succession services.