NEW YORK—The Federal Reserve Bank of New York Friday approved the application by BNP Paribas, Paris, France to acquire up to 9.9 percent of the outstanding voting stock of Shinhan Financial Group Co., Ltd. Seoul, Korea, pursuant to Section 3(a)(3) of the Bank Holding Company Act of 1956, as amended.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.