Shinhan Financial Group Co. Ltd. and U.S.-based private equity firm KKR & Co. entered into a partnership to jointly explore investment opportunities abroad, The Korea Times reported Oct. 15, citing a spokesman for the South Korean financial group.

The partnership would allow Shinhan Financial to take advantage of KKR's experience in networks in global finance, as well as M&A. While the companies have not yet identified potential targets, Shinhan Financial said it could invest in global capital markets or pursue acquisitions of alternative assets and real estate, the publication reported.

The partnership aligns with Shinhan Financial's efforts to expand its global investment operations as it seeks to generate 20% of its total net profit from its overseas businesses by 2020.

Meanwhile, Shinhan Financial denied reports that it will acquire Orange Life Insurance Co. Ltd. with KKR.

KKR could not be reached for comment.