SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the Month of June 2005
SHINHAN FINANCIAL GROUP CO., LTD.
(Translation of registrant's name into English)
120, 2-Ga, Taepyung-Ro, Jung-Gu, Seoul 100-102, Korea
(Address of principal executive offices)
Indicate by check mark whether the registrant files or
will file annual reports under cover of Form 20-F or
Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): _______
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): _______
Indicate by check mark whether the registrant by
furnishing the information contained in this form is also
thereby furnishing the information to the Commission
pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number
assigned to the registrant in connection with Rule
12g3-2(b): 82-_______.
SUMMARY OF 2005 1Q BUSINESS REPORT
On May 16, 2005, Shinhan Financial Group ("SFG") filed the 2005 1st quarter
business report (the "Business Report") with the Financial Supervisory Service
of the Republic of Korea ("Korea") pursuant to the Securities and Exchange Act
of Korea. This is the summary of the Business Report translated into English.
Non-material or previously disclosed information are omitted or abridged.
The financial information in this report has been prepared in accordance with
accounting principles generally accepted in Korea.
TABLE OF CONTENTS
1. Introduction of the Group
2. Business Results
3. Independent Accountant
4. Directors, Executive Officers and Employees
5. Activities of Board of Directors and Sub-committees
6. Market Price Information of Our Common Shares and ADRs
7. Related Party Transactions
Exhibit 99- 1. Independent Accountant's Review Report (Non Consolidated
Financial Statements)
2
1. INTRODUCTION OF THE GROUP
PRINCIPAL SUBSIDIARIES UNDER KOREAN LAW AS OF MARCH 31, 2005
DIRECT SUBSIDIARIES
--------------------------------------------- -----------------
Subsidiaries Ownerships by SFG
--------------------------------------------- -----------------
Shinhan Bank 100.0%
Chohung Bank 100.0%
Good Morning Shinhan Securities 1) 100.0%
Shinhan Card 100.0%
Shinhan Capital 100.0%
Shinhan BNP Paribas ITMC 50.0%
Jeju Bank 2) 62.4%
SH&C life Insurance 50.0%
e-Shinhan 73.7%
Shinhan Macquarie 51.0%
Shinhan Credit Information 100.0%
Shinhan Private Equity 100.0%
--------------------------------
1) Good Morning Shinhan Securities was delisted from the Korea Exchange on
January 5th, 2005.
2) Jeju Bank is currently listed on the Korea Exchange.
INDIRECT SUBSIDIARIES HELD THROUGH DIRECT SUBSIDIARIES
------------------- --------------------------------------------- -------------
Direct Subsidiaries Indirect Subsidiaries Ownerships by
the Parent
------------------- --------------------------------------------- -------------
Shinhan Bank Shinhan Data System 100.0%
Shinhan Finance (Hong Kong) 100.0%
Chohung Bank Chohung ITM 79.8%
Chohung Finance (Hong Kong) 100.0%
CHB America Bank 100.0%
Chohung Bank GmbH 100.0%
Chohung Vina Bank 50.0%
CHB Valuemeet 2001 year 1st Securitization 50.0%
CHB Valuemeet 2001 year 2nd Securitization 50.0%
CHB Valuemeet 2002 year 1st Securitization 50.0%
Good Morning Good Morning Shinhan Securities Europe 100.0%
Shinhan Securities Good Morning Shinhan Securities USA 100.0%
NUMBER OF SHARES BY TYPE
The table below sets forth the number of the issued and outstanding shares of
the Group as of March 31, 2005
---------------------------------------------- ------------------------- -------------------------
Types of Shares Number of Shares Total amount of
par value(KRW)
---------------------------------------------- ------------------------- -------------------------
Common Shares 319,319,011 1,596,595,055,000
Redeemable Preferred Shares 52,583,961 262,919,805,000
Redeemable Convertible Preferred Shares 44,720,603 223,603,015,000
----------- -----------------
Total 416,623,575 2,083,117,875,000
----------- -----------------
3
EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)
(1) CONTRIBUTION TO ESOA (EMPLOYEE STOCK OWNERSHIP ASSOCIATION) 1)
Contributed to Contribution Date Contribution Amount Contributor Use of money
(KRW)
-------------------- ----------------- ------------------- ----------- --------------
Apr. 15, 2005 681,779,448 SFG Stock Purchase
Association Accounts Apr. 14, 2005 32,550,000,000 SHB Stock Purchase
Apr. 13, 2005 297,775,000 Shinhan Capital Stock Purchase
--------------
Sub-total 33,529,554,448 -
Employee Accounts - - Employees -
Sub-total - -
--------------
Total 33,529,554,448 -
--------------
1) From January 1, 2005 to May 10, 2005
(2) CHANGES IN ESOA SHARE OWNERSHIP
(UNIT: SHARES)
Share type Beginning Balance Increase Decrease Ending Balance
(Jan.1, 2005) (Mar.31, 2005)
-----------------------------------------------------------------------------------------------------------------
Association Common Shares 650,146 - - 650,146
Accounts
Employee Common Shares - 386,175 - 386,175
Accounts
------- ------- ------- ---------
Total - 650,146 386,175 - 1,018,321
------- ------- ------- ---------
1) Shinhan Financial Group introduced the Employee Stock Ownership Plan
(ESOP) on December 5, 2002 and currently, Shinhan Financial Group,
Shinhan Bank and Shinhan Capital participate in the ESOP.
2) The ending balance as of March 31, 2005 consists of as follows: 10,370
shares for Shinhan Financial Group, 632,929 shares for Shinhan Bank,
and 6,847 shares for Shinhan Capital.
3) Matters occurred subsequent to March 31, 2005
* From April 1, 2005 to May 10, 2005, the share ownership of the ESOA's
association accounts increased by 1,293,682 shares: 26,302 shares for
Shinhan Financial Group, 1,255,820 shares for Shinhan Bank, and
11,560 shares for Shinhan Capital. The shares were purchased with the
contributions of April 2005.
* With the retirement of SHB employees on April 20 and May 10, the
share ownerships of the ESOA's association accounts and employee
accounts decreased by 814 and 390 shares respectively. Therefore, as of
May 10, 2005, the ending balance of total ESOA Share Ownership is
2,310,799 shares consisting of 1,943,014 shares for association
accounts and 367,785 shares for employee accounts.
4
2. BUSINESS RESULTS
OPERATIONAL RESULTS
2005 1st quarter 2004 2003
(Jan.1~Mar.31) (Jan.1~Dec.31) (Jan.1~Dec.31)
---------------------------------- ---------------------- ----------------------- -----------------------
Operating Revenue 423,744 1,224,147 617,074
Gain using the equity 399,178 1,108,952 519,287
method of accounting
Interest income 24,566 114,264 97,787
Other income 0 931 -
Operating Expense 36,021 147,638 251,366
Loss using the equity 276 212 129,886
method of accounting
Operating Income 387,723 1,076,509 365,708
SOURCE AND USE OF FUNDS
SOURCE OF FUNDS
(in millions of Korean Won)
----------------------------------------------------------------------------------------------------------------
2005 1st quarter 2004 2003
(Jan.1~Mar.31) (Jan.1~Dec.31) (Jan.1~Dec.31)
--------------------------- -------------------------- --------------------------
Average Ratio Average Ratio Average Ratio
Balance 1) (%) Balance 1) (%) Balance 1) (%)
------------------------------- --------------- ----------- --------------- ---------- --------------- ----------
Stockholders' Equity 7,624,396 75.93 6,770,562 74.00 4,768,492 73.82
Capital Stock 2,083,118 20.74 2,012,812 22.00 1,660,319 25.70
Capital Surplus 3,718,653 37.03 3,485,465 38.10 2,512,502 38.89
Retained Earnings 1,627,562 16.21 1,130,293 12.35 692,409 10.72
Capital Adjustment 195,063 1.94 141,992 1.55 -96,738 -1.50
Borrowings 2,491,379 24.81 2,378,244 26.00 1,691,375 26.18
Debentures 1,982,587 19.74 2,017,816 22.06 1,434,951 22.21
Other liabilities 508,792 5.07 360,428 3.94 256,424 3.97
------------------------------- --------------- ----------- --------------- ---------- --------------- ----------
Total 10,115,775 100.00 9,148,806 100.00 6,459,867 100.00
=============================== =============== =========== =============== ========== =============== ==========
1) The Average Balance was calculated by averaging the ending balance of
each quarter.
5
USE OF FUNDS
(in millions of Korean Won)
-------------------------------------------------------------------------------------------------------------------
2005 1st quarter 2004 2003
(Jan.1~Mar.31) (Jan.1~Dec.31) (Jan.1~Dec.31)
------------------------- ------------------------- --------------------------
Average Ratio Average Ratio Average Ratio
Balance 1) (%) Balance 1) (%) Balance 1) (%)
------------------------------------ -------------- ---------- -------------- ---------- --------------- ----------
Investments on equity stock 8,128,064 80.35 7,100,773 77.61 5,882,011 77.81
Shinhan Bank 3,999,147 39.53 3,709,669 40.55 3,139,126 2) 41.53
Chohung Bank. 2,863,617 28.31 2,411,868 26.36 1,831,964 24.24
Good Morning Shinhan 846,356 8.37 610,171 6.67 537,265 7.11
Securities 3)
Shinhan Card 129,587 1.28 162,378 1.77 191,094 2.53
Shinhan Capital 174,952 1.73 112,775 1.23 95,384 1.26
Shinhan BNP Paribas 23,227 0.23 22,435 0.25 22,109 0.29
E-Shinhan 2,866 0.03 2,617 0.03 3,331 0.04
Shinhan Macquarie 2,276 0.02 1,159 0.01 578 0.01
Jeju Bank 54,766 0.54 49,418 0.54 44,783 0.59
Shinhan Credit Information 7,247 0.07 4,628 0.05 2,392 0.03
SH&C Life Insurance 14,352 0.14 13,655 0.15 13,985 0.19
Shinhan Private Equity 9,671 0.10 1,958 0.02 - -
Investment on Bonds - - - - 905 0.01
Loans 1,768,233 17.48 1,953,788 21.36 1,618,091 21.41
Fixed Assets 1,269 0.01 1,508 0.02 1,434 0.02
Intangible Assets 916 0.01 477 0.01 471 0.01
Cash Deposit in bank 189,243 1.87 55,370 0.61 25,326 0.34
Other Assets 28,050 0.28 36,893 0.40 30,808 0.41
------------------------------------ -------------- ---------- -------------- ---------- --------------- ----------
Total 10,115,775 100.00 9,148,809 100.00 7,559,046 100.00
==================================== ============== ========== ============== ========== =============== ==========
1) The Average Balance was calculated by averaging the ending balance of
each quarter.
2) Represents the average balance calculated by averaging Chohung Bank's
ending balances of 3rd and 4th quarter 2003, because Chohung Bank was
acquired in August 2003. Because of this, the total source of fund is
not equal to total use of fund for the year 2003.
OTHER FINANCIAL INFORMATION
REQUISITE CAPITAL RATIO
(in millions of Korean Won)
------------------------------------------------------------------------------------------------------
2005 1Q 2004 2003
---------------- ---------------- -------------
Aggregate Amount of Equity Capital (A) 10,433,922 9,867,854 8,847,673
Requisite Capital (B) 7,762,280 7,625,261 7,472,030
Requisite Capital Ratio (A/B) 1) 134.40% 129.41% 118.41%
1) Under the guidelines issued by the Financial Supervisory Commission
applicable to financial holding companies, we, at the holding company
level, are required to maintain a minimum requisite capital ratio of
100%.
6
WON LIQUIDITY RATIO
(in millions of Korean Won)
----------------------------------------------------------------------------------------------
2005 1Q 2004 2003
-------------- ------------- -----------
Won Assets due within 3 months (A) 517,975 221,335 16,687
Won Liabilities due within 3 months (B) 503,856 212,081 15,504
Won Liquidity Ratio (A/B) 1) 102.80% 104.36% 107.63%
1) Under the guidelines issued by the Financial Supervisory Commission,
we, at the holding company level, are required to maintain a Won
liquidity ratio of not less than 100%.
LIABILITIES TO EQUITY RATIO
(in millions of Korean Won)
------------------------------------------------------------------------------------------------
2005 1Q 2004 2003
--------------------------------------- --------------- --------------- ---------------
Liabilities (A) 2,657,714 2,325,043 2,176,875
Adjusted Equity (B) 1) 7,501,184 7,747,609 5,523,410
Liabilities to Equity Ratio (A/B) 35.43% 30.01% 39.41%
1) Adjusted Equity was calculated by subtracting the amount of intangible
assets from total net assets.
CAPITAL ADEQUACY RATIO AND OTHER RATIOS OF CERTAIN SUBSIDIARIES
(1) Total Capital Adequacy Ratio (%)
----------------------------------------------------------------------------------
2005 1Q 2004 2003
----------------------- ------------------- ------------------- ------------------
Shinhan Bank 12.42 11.94 10.49
Chohung Bank 9.70 9.40 8.87
Jeju Bank 10.37 10.91 10.96
*The Total Capital Adequacy Ratios are computed in accordance with the
guidelines issued by the Financial Supervisory Commission for
commercial banks. Under these guidelines, commercial banks are required
to maintain a minimum capital adequacy ratio of 8%.
(2) Net Capital Ratio (%)
------------------------------------------------------------------------------------------
Mar.31 2005 Mar.31 2004 Mar.31 2003
----------- ----------- -----------
Good Morning Shinhan Securities 629.22 480.69 412.60
* Net Capital Ratio is computed in accordance with the guidelines issued
by the Financial Supervisory Service for securities investment trust
businesses. Under these guidelines, Good Morning Shinhan Securities is
required to maintain a minimum net capital ratio of 100%.
7
(3) Adjusted Equity Capital Ratio (%)
-----------------------------------------------------------------------------------------
2005 1Q 2004 2003
------------------------------ ------------------- ------------------ -------------------
Shinhan Card 18.29 16.48 13.78
* The Adjusted Equity Capital Ratio represents the ratio of total
adjusted shareholder's equity to total adjusted assets and is computed
in accordance with the guidelines issued by the Financial Supervisory
Commission for credit card companies. Under these guidelines, Shinhan
Card is required to maintain a minimum adjusted equity capital ratio of
8%.
(4) Non Performing Loans
(in 100 millions of Korean Won)
---------------------------------------------------------------------------------------------------
March 31, 2005 Dec.31. 2004 Dec.31. 2003
(March 31, 2004 for GMS (March 31, 2003 for GMS
Securities) Securities)
------------ ------------ ------------ ------------- ------------ ------------
Balance of NPL to Balance of NPL to Balance of NPL to
NPL total NPL total Loans NPL total
Loans (%) (%) Loans (%)
------------ ------------ ------------ ------------- ------------ ------------
Shinhan Bank 1) 4,707 0.90 4,344 0.84 3,985 0.82
Chohung Bank 1) 8,945 2.06 8,141 1.89 18,796 4.19
Jeju Bank 1) 332 2.48 303 2.33 298 2.27
GMS Securities 2) 307 11.75 382 13.48 410 19.00
Shinhan Card 3) 263 3.25 375 4.46 747 6.34
1) Non-performing loans of banks are defined as those loans are past due
more than 90 days or those are placed on non-accrual status according
to the guidelines of the Financial Supervisory Service.
2) Under the guidelines of the Financial Supervisory Service, every
securities company shall classify its loans into five categories:
"normal", "precautionary", "substandard", "doubtful", and "estimated
loss". Under the Group's internal measures, non-performing loans of
Good Morning Shinhan Securities includes loans classified as
"substandard", "doubtful", and "estimated loss."
3) Under the guidelines of the Financial Supervisory Service, every credit
card company shall classify its loans into five categories: "normal",
"precautionary", "substandard", "doubtful", and "estimated loss." Under
the Group's internal measures, non-performing loans of Shinhan Card
includes loans classified as "substandard", "doubtful", and "estimated
loss."
8
(5) Loan Loss Allowances & Write-offs for the period
(in 100 millions of Korean Won)
------------------------------------------ ----------------- ---------------- -----------------
Jan.1, 2004~ Jan.1,2004~ Jan. 1, 2003~
Mar.31, 2004 Dec.31, 2004 Dec.31, 2003
-------------- -------------- ------------ ----------------- ---------------- -----------------
Shinhan Bank Loan Loss Domestic 6,389 6,630 7,919
Allowance
Overseas 757 805 745
Total 7,146 7,435 8,664
Write-offs 528 2,349 715
-------------- --------------------------- ----------------- ---------------- -----------------
Chohung Loan Loss Domestic 10,457 9,555 16,026
Bank Allowance
Overseas 348 512 563
Total 10,805 10,067 16,589
Write-offs 1,257 14,002 17,812
-------------- --------------------------- ----------------- ---------------- -----------------
Jeju Bank Loan Loss Domestic 332 322 345
Allowance
Overseas - - -
Total 332 322 345
Write-offs 27 247 179
-------------- --------------------------- ----------------- ---------------- -----------------
GM Loan Loss Domestic 309 309 370
Shinhan Allowance
Securities 1)
Overseas - - -
Total 309 309 370
Write-offs 19 - 75
-------------- -------------- ------------ ----------------- ---------------- -----------------
Shinhan Card Loan Loss Domestic 428 498 946
2) Allowance
Overseas - - -
Total 428 498 946
Write-offs 380 2,332 2,770
1) The fiscal year of Good Morning Shinhan Securities ends on March 31 of
each year. Accordingly, the relevant periods for Good Morning Shinhan
Securities are adjusted as follows: (i) from April 1, 2004 to March 31,
2005, (ii) from April 1, 2003 to March 31, 2004, and (iii) from April
1, 2002 to March 31, 2003.
9
3. INDEPENDENT ACCOUNTANT
AUDIT (REVIEW) OPINION FOR THE LAST 3 YEARS
2005 1Q 2004 1Q FY 2004 FY2003
-------------- ----------- ----------- ----------- -----------
Audit (Review) Unqualified Unqualified Unqualified Unqualified
Opinion
COMPENSATION TO THE INDEPENDENT AUDITOR FOR AUDIT AND REVIEW SERVICES
The following is a description of the fees for audit and review
services performed by our independent auditor for the last three years in
connection with our financial statements prepared in accordance with generally
accepted accounting principles in Korea.
------------------- ----------------------------------------- --------------------- -----------------------
Year Auditor Payment (KRW) Working hours
------------------- ----------------------------------------- --------------------- -----------------------
2005 1Q KPMG Samjong Accounting Corp 288,000,000 1) 390 hours
2004 KPMG Samjong Accounting Corp. 300,000,000 2,504 hours
2003 KPMG Samjong Accounting Corp. 210,000,000 1,560 hours
1) The payment covers entire FY 2005.
COMPENSATION FOR SERVICES OTHER THAN AUDIT AND REVIEW
The following is a description of the fees and commissions paid to our
independent auditor for the services set forth below for the last three years.
------------------- --------- ---------------------------------------------------- -------------------------
Year Month Service description Payment (KRW)
------------------- --------- ---------------------------------------------------- -------------------------
2005 - - -
2004 Jan. Consulting services for disclosure control and 1,375,000,000
procedure & Internal control system
2003 Sept. Due diligence on the Chohung Bank 904,000,000
July Valuation of common shares of Chohung Bank 100,000,000
10
4. DIRECTORS, EXECUTIVE OFFICERS AND EMPLOYEES
DIRECTORS AND EXECUTIVE OFFICERS
1) Executive Directors
Our executive directors are as follows as of May 31, 2005 :
------------------- ------------- ------------------------------------- ------------------------------------
Name Date of Position Service Term
Birth
------------------- ------------- ------------------------------------- ------------------------------------
Eung Chan Ra Nov.25, 1938 Chairman of BOD 3 years starting from March 25, 2004
Chairman of the Board Steering
Committee
In Ho Lee Nov. 2, 1943 President & CEO 3 years starting from March 25, 2004
Young Hwi Choi Oct. 28, 1945 Executive Director 3 years starting from March 25, 2004
2) Non-Executive Directors
Currently, 12 non executive directors are in office. Out of them, 10
are outside directors, nominated by our Outside Director Recommendation
Committee and appointed pursuant to the approval of general shareholders'
meeting on March 30, 2005. Our non-executive directors are as follows:
Name Date of Birth Current Position Service Term
-------------------- --------------- -------------------------------------- --------------------------------
Young Seok Choi Jul. 2, 1929 Non-Executive Directors, 3 years starting from March 25,
Audit Committee member, 2004
Yong Woong Yang Aug. 4, 1948 Non-Executive Directors 3 years starting from March 25,
2004
Pyung Joo Kim Feb.6, 1939 Outside Director 1 year starting from March 30,
Board Steering Committee member 2005
Head of Risk Management Committee
Compensation Committee member
Il Sup Kim Jul.1, 1946 Outside Director 1 year starting from March 30,
Head of Audit Committee 2005
Compensation Committee member
Sang Yoon Lee Sep.13, 1942 Outside Director 1 year starting from March 30,
Audit Committee member 2005
Compensation Committee member
Yoon Soo Yoon Mar. 5, 1946 Outside Director 1 year starting from March 30,
Risk Management Committee member 2005
Compensation Committee member
Shee Yul Ryoo Sep. 5, 1938 Outside Director 1 year starting from March 30,
Board Steering Committee member 2005
Compensation Committee member
Byung Hun Park Sep. 10, 1928 Outside Director 1 year starting from March 30,
Board Steering Committee member 2005
Young Hoon Choi Nov. 8, 1928 Outside Director 1 year starting from March 30,
2005
Si Jong Kim Apr. 16, 1937 Outside Director 1 year starting from March 30,
Audit Committee member 2005
Dong Hyun Kwon Nov. 27, 1936 Outside Director 1 year starting from March 30,
Audit Committee member 2005
Philippe Reynieix Jun. 24, 1949 Outside Director 1 year starting from March 30,
Risk Management Committee member 2005
For the personal profiles of the outside directors, please refer to our
Form 6-K filed on March 11, 2005, in which we included the resume of director
candidates.
11
3) Executive Officers
In addition to the executive directors, we currently have the following
executive officers:
-------------------- ----------------- ------------------- ---------------------------------------------------
Name Date of Birth Position Taking Charge of
-------------------- ----------------- ------------------- ---------------------------------------------------
Jae Woo Lee Jul. 2, 1950 Senior Executive Subsidiary Management Team I, Integration
Vice President Management Team, and
Integration Planning Team (Human Resource)
Chil Sun Hong Aug. 20, 1946 Senior Executive Subsidiary Management Team II,
Vice President Synergy Management Team,
Audit & Compliance Team, and
Integration Planning Team (Business Process
Reengineering, Basel II, and Customer Relation
Management)
Byung Jae Cho Jan. 6, 1951 Senior Executive Planning & Financial Management Team, and
Vice President Investor Relations Team
Baek Soon Lee Oct. 8, 1952 Senior Executive Information & Technology Planning Team,
Vice President Public Relations Team, General Service Team, and
Joint Procurement Planning Team
STOCK OPTIONS
--------------- --------------------- ---------- ---------- ---------- ----------- ---------- --------------------------
Grant date Name of the Number Number Number of Number of Exercise Positions held at
Guarantee of of Options Exercisable Price
Granted Exercised Cancelled option (KRW)
Option 1) option
--------------- --------------------- ---------- ---------- ---------- ----------- ---------- --------------------------
22-May-02 Ra, Eung Chan 94,416 - - 94,416 18,910 Shinhan Financial Group
22-May-02 Choi, Young Hwi 47,208 - - 47,208 18,910 Shinhan Financial Group
22-May-02 Shin, Sang Hoon 28,325 - - 28,325 18,910 Shinhan Financial Group
22-May-02 Choi, Bhang-Gil 18,883 - - 18,883 18,910 Shinhan Financial Group
22-May-02 Lee, In-Ho 32,162 - - 32,162 18,910 Shinhan Bank
22-May-02 Moon, Hong Soon 17,426 - - 17,426 18,910 Shinhan Bank
22-May-02 Lee, Jae Woo 18,873 - - 18,873 18,910 Shinhan Bank
22-May-02 Huh, Joong Ok 15,564 - - 15,564 18,910 Shinhan Bank
22-May-02 Kim, Sahng-Dae 18,873 - - 18,873 18,910 Shinhan Bank
22-May-02 Youn, Gwang Lim 18,873 - - 18,873 18,910 Shinhan Bank
22-May-02 Oh, Young-Kook 8,041 - - 8,041 18,910 Shinhan Bank
22-May-02 Nam, Kee Do 8,041 - - 8,041 18,910 Shinhan Bank
22-May-02 Jang, Myoung-Kee 14,918 - - 14,918 18,910 Shinhan Bank
22-May-02 Shin, Christopher 11,673 - - 11,673 18,910 Shinhan Bank
22-May-02 Lee, Dae Woon 11,673 - - 11,673 18,910 Shinhan Bank
22-May-02 Lee, Dong Girl 26,953 - - 26,953 18,910 Shinhan Capital
22-May-02 Jung, Yun Kang 7,409 7,409 - 0 18,910 Shinhan Capital
22-May-02 Son, Woong Man 3,828 - - 3,828 18,910 Shinhan Capital
22-May-02 Hwang, Jung Hun 3,828 - - 3,828 18,910 Shinhan Capital
Song, Byung Kuk
22-May-02 and other 6
officers 13,325 - - 13,325 18,910 Shinhan Financial Group
22-May-02 Kim, Duk Jung and 449,929 27,000 - 422,929 18,910 Subsidiaries of SFG
other 329 officers
15-May-03 Ra, Eung Chan 100,000 - - 100,000 11,800 Shinhan Financial Group
15-May-03 Choi, Young Hwi 90,000 - - 90,000 11,800 Shinhan Financial Group
15-May-03 Choi, Bhang-Gil 20,000 - - 20,000 11,800 Shinhan Financial Group
15-May-03 Han, Min Ky 20,000 - - 20,000 11,800 Shinhan Financial Group
12
--------------- --------------------- ---------- ---------- ---------- ----------- ---------- --------------------------
Grant date Name of the Number Number Number of Number of Exercise Positions held at
Guarantee of of Options Exercisable Price
Granted Exercised Cancelled option (KRW)
Option 1) option
--------------- --------------------- ---------- ---------- ---------- ----------- ---------- --------------------------
15-May-03 Song, Youn Soo 20,000 - - 20,000 11,800 Shinhan Financial Group
15-May-03 Shin, Sang Hoon 80,000 - - 80,000 11,800 Shinhan Bank
15-May-03 Moon, Hong Soon 20,000 - - 20,000 11,800 Shinhan Bank
15-May-03 Lee, Jae Woo 20,000 - - 20,000 11,800 Shinhan Bank
15-May-03 Huh, Joong Ok 20,000 - - 20,000 11,800 Shinhan Bank
15-May-03 Kim, Sahng-Dae 20,000 - - 20,000 11,800 Shinhan Bank
15-May-03 Youn, Gwang Lim 20,000 - - 20,000 11,800 Shinhan Bank
15-May-03 Cho, Woo Seop 20,000 - - 20,000 11,800 Shinhan Bank
15-May-03 Kim, Hee Soo 20,000 - - 20,000 11,800 Shinhan Bank
15-May-03 Han, Do Heui 20,000 - - 20,000 11,800 Shinhan Bank
15-May-03 Shin, Christopher 15,000 - - 15,000 11,800 Shinhan Bank
15-May-03 Lee, Dae Woon 15,000 - - 15,000 11,800 Shinhan Bank
15-May-03 Hong Sung Kyun 30,000 - - 30,000 11,800 Shinhan Card
15-May-03 Lee Tae Kyu 10,000 - - 10,000 11,800 Shinhan Card
15-May-03 Kim Seong Won 10,000 - - 10,000 11,800 Shinhan Card
15-May-03 Shim, Woo Yeob 10,000 - - 10,000 11,800 Shinhan Card
15-May-03 Lee, Dong Girl 30,000 - - 30,000 11,800 Shinhan Capital
15-May-03 Jung, Yun Kang 10,000 - - 10,000 11,800 Shinhan Capital
15-May-03 Jang, Myoung-Kee 10,000 - - 10,000 11,800 Shinhan Capital
15-May-03 Shin, Beom Seong 10,000 - - 10,000 11,800 Shinhan Credit
Information
15-May-03 Song, Byung Kuk and 14,600 - - 14,600 11,800 Shinhan Financial Group
other 7 officers
15-May-03 Seo, Jin Won and 501,700 - 12,100 489,600 11,800 Subsidiaries of SFG
other 339 officers
25-Mar-04 Ra, Eung Chan 100,000 - - 100,000 21,595 Shinhan Financial Group
25-Mar-04 Choi, Young Hwi 90,000 - - 90,000 21,595 Shinhan Financial Group
25-Mar-04 Choi, Bhang Gil 30,000 - - 30,000 21,595 Shinhan Financial Group
25-Mar-04 Hong, Chil Sun 20,000 - - 20,000 21,595 Shinhan Financial Group
25-Mar-04 Kim, Hee Soo 20,000 - - 20,000 21,595 Shinhan Financial Group
25-Mar-04 Cho, Byung Jae 20,000 - - 20,000 21,595 Shinhan Financial Group
25-Mar-04 Lee, Baek Soon 20,000 - - 20,000 21,595 Shinhan Financial Group
25-Mar-04 Shin, Sang Hoon 80,000 - - 80,000 21,595 Shinhan Bank
25-Mar-04 Cho, Jae Ho 20,000 - - 20,000 21,595 Shinhan Bank
25-Mar-04 Lee, Jae Woo 20,000 - - 20,000 21,595 Shinhan Bank
25-Mar-04 Youn, Gwang Lim 20,000 - - 20,000 21,595 Shinhan Bank
25-Mar-04 Cho, Woo Sup 20,000 - - 20,000 21,595 Shinhan Bank
25-Mar-04 Han, Min Ky 20,000 - - 20,000 21,595 Shinhan Bank
25-Mar-04 Song, Youn Soo 20,000 - - 20,000 21,595 Shinhan Bank
25-Mar-04 Han, Do Heui 20,000 - - 20,000 21,595 Shinhan Bank
25-Mar-04 Suh, Jin Won 20,000 - - 20,000 21,595 Shinhan Bank
25-Mar-04 Yang, Shin Keun 20,000 - - 20,000 21,595 Shinhan Bank
25-Mar-04 Oh, Sang Young 15,000 - - 15,000 21,595 Shinhan Bank
25-Mar-04 Hong, Sung Kyun 30,000 - - 30,000 21,595 Shinhan Card
25-Mar-04 Lee, Tae Gyu 10,000 - - 10,000 21,595 Shinhan Card
25-Mar-04 Kim, Seong Won 10,000 - - 10,000 21,595 Shinhan Card
25-Mar-04 Shim, Woo Yeop 10,000 - - 10,000 21,595 Shinhan Card
25-Mar-04 Kim, Moon Han 10,000 - - 10,000 21,595 Shinhan Card
25-Mar-04 Lee, Dong Girl 30,000 - - 30,000 21,595 Shinhan Capital
25-Mar-04 Kim, Sahng Dae 10,000 - - 10,000 21,595 Shinhan Capital
25-Mar-04 Oh, Seung Keun 10,000 - - 10,000 21,595 Shinhan Capital
25-Mar-04 Shin, Beom Seong 10,000 - - 10,000 21,595 Shinhan Credit
Information
25-Mar-04 Song, Byung Kuk and 13,900 - - 13,900 21,595 Shinhan Financial Group
13
--------------- --------------------- ---------- ---------- ---------- ----------- ---------- --------------------------
Grant date Name of the Number Number Number of Number of Exercise Positions held at
Guarantee of of Options Exercisable Price
Granted Exercised Cancelled option (KRW)
Option 1) option
--------------- --------------------- ---------- ---------- ---------- ----------- ---------- --------------------------
other 7 officers
25-Mar-04 Kam, Hong Gon and 582,700 - 11,500 571,200 21,595 Subsidiaries of SFG
other 400 officer
30-Mar-05 Ra, Eung Chan 100,000 - - 100,000 28,006 Shinhan Financial Group
30-Mar-05 Choi, Young Hwi 90,000 - - 90,000 28,006 Shinhan Financial Group
30-Mar-05 Kim, Pyung Joo 10,000 - - 10,000 28,006 Shinhan Financial Group
30-Mar-05 Kim, Il Sup 10,000 - - 10,000 28,006 Shinhan Financial Group
30-Mar-05 Lee, Sang Yoon 10,000 - - 10,000 28,006 Shinhan Financial Group
30-Mar-05 Yoon, Yoon Soo 10,000 - - 10,000 28,006 Shinhan Financial Group
30-Mar-05 Ryoo, Shee Yul 10,000 - - 10,000 28,006 Shinhan Financial Group
30-Mar-05 Lee, Jae Woo 20,000 - - 20,000 28,006 Shinhan Financial Group
30-Mar-05 Hong, Chil Sun 20,000 - - 20,000 28,006 Shinhan Financial Group
30-Mar-05 Cho, Byung Jae 20,000 - - 20,000 28,006 Shinhan Financial Group
30-Mar-05 Lee, Baek Soon 20,000 - - 20,000 28,006 Shinhan Financial Group
30-Mar-05 Shin, Sang Hoon 80,000 - - 80,000 28,006 Shinhan Bank
30-Mar-05 Cho Jao Ho 20,000 - - 20,000 28,006 Shinhan Bank
30-Mar-05 Yoon, Gwang Lim 20,000 - - 20,000 28,006 Shinhan Bank
30-Mar-05 Han, Min Ky 20,000 - - 20,000 28,006 Shinhan Bank
30-Mar-05 Han, Do Heui 20,000 - - 20,000 28,006 Shinhan Bank
30-Mar-05 Suh, Jin Won 20,000 - - 20,000 28,006 Shinhan Bank
30-Mar-05 Yang, Shin Keun 20,000 - - 20,000 28,006 Shinhan Bank
30-Mar-05 Oh, Sang Young 20,000 - - 20,000 28,006 Shinhan Bank
30-Mar-05 Lee, Hyu Won 20,000 - - 20,000 28,006 Shinhan Bank
30-Mar-05 Choi, Sang Woon 20,000 - - 20,000 28,006 Shinhan Bank
30-Mar-05 Kim, Eun Sik 20,000 - - 20,000 28,006 Shinhan Bank
30-Mar-05 Choi, Dong Soo 80,000 - - 80,000 28,006 Chohung Bank
30-Mar-05 Yoo, Jee Hong 20,000 - - 20,000 28,006 Chohung Bank
30-Mar-05 Choi, Bhang Gil 20,000 - - 20,000 28,006 Chohung Bank
30-Mar-05 Kim, Hee Soo 20,000 - - 20,000 28,006 Chohung Bank
30-Mar-05 Chung, Kwang Yub 20,000 - - 20,000 28,006 Chohung Bank
30-Mar-05 Chae, Hong Hee 20,000 - - 20,000 28,006 Chohung Bank
30-Mar-05 O, Yong Uk 20,000 - - 20,000 28,006 Chohung Bank
30-Mar-05 Chang, Jeong Woo 20,000 - - 20,000 28,006 Chohung Bank
30-Mar-05 Kim, Jae Yoo 20,000 - - 20,000 28,006 Chohung Bank
30-Mar-05 Chaey, In Joon 20,000 - - 20,000 28,006 Chohung Bank
30-Mar-05 Moon, Chang Seong 20,000 - - 20,000 28,006 Chohung Bank
30-Mar-05 Kim, Sung Yoon 20,000 - - 20,000 28,006 Chohung Bank
30-Mar-05 Lee, Woo Keun 40,000 - - 40,000 28,006 Good Morning Shinhan
Securities
30-Mar-05 Lee, Kang Won 40,000 - - 40,000 28,006 Good Morning Shinhan
Securities
30-Mar-05 Lee, Sung No 15,000 - - 15,000 28,006 Good Morning Shinhan
Securities
30-Mar-05 Han, Hyeon Jae 15,000 - - 15,000 28,006 Good Morning Shinhan
Securities
30-Mar-05 Jung, Chae Young 15,000 - - 15,000 28,006 Good Morning Shinhan
Securities
30-Mar-05 Kim, Seok Joong 15,000 - - 15,000 28,006 Good Morning Shinhan
Securities
30-Mar-05 Lee, Jin Kook 15,000 - - 15,000 28,006 Good Morning Shinhan
Securities
30-Mar-05 Jung, Yoo Shin 15,000 - - 15,000 28,006 Good Morning Shinhan
Securities
30-Mar-05 Hong, Sung Kyun 40,000 - - 40,000 28,006 Shinhan Card
30-Mar-05 Lee, Tea Kyu 15,000 - - 15,000 28,006 Shinhan Card
30-Mar-05 Kim, Sung Won 15,000 - - 15,000 28,006 Shinhan Card
30-Mar-05 Shim, Woo Yeop 12,000 - - 12,000 28,006 Shinhan Card
30-Mar-05 Kim, Moon Han 12,000 - - 12,000 28,006 Shinhan Card
30-Mar-05 Lee, Dong Girl 40,000 - - 40,000 28,006 Shinhan Capital
30-Mar-05 Kim, Sang Dae 15,000 - - 15,000 28,006 Shinhan Capital
14
--------------- --------------------- ---------- ---------- ---------- ----------- ---------- --------------------------
Grant date Name of the Number Number Number of Number of Exercise Positions held at
Guarantee of of Options Exercisable Price
Granted Exercised Cancelled option (KRW)
Option 1) option
--------------- --------------------- ---------- ---------- ---------- ----------- ---------- --------------------------
30-Mar-05 Oh, Seung Keun 12,000 - - 12,000 28,006 Shinhan Capital
30-Mar-05 Shin, Boem Seong 15,000 - - 15,000 28,006 Shinhan Credit
Information
30-Mar-05 Gweon, Jeum Joo and 22,000 - - 22,000 28,006 Shinhan Financial Group
other 12 officers
30-Mar-05 Cheon, Young Moon 1,427,200 - 2,600 1,424,600 28,006 Subsidiaries of SFG
and other 987
officers
--------------- --------------------- ---------- ---------- ---------- ----------- ---------- --------------------------
TOTAL - 6,023,321 34,409 26,200 5,962,712 - -
=============== ===================== ========== ========== ========== =========== ========== ==========================
1) Number of options granted on May 22, 2002 was adjusted to the current
number on May 21 2004 as terms of the exercise condition were
finalized. For more detailed information, please refer to our Form 6-Ks
filed on May 24, 2004 and June 4, 2004.
*The stock options granted in 2002 and 2003 are exercisable during the
4 year period after the second anniversary from the grant date. The
stock options granted in 2004 are exercisable during 3 year period
after the second anniversary from the grant date. The stock options
granted in 2005 are exercisable during 4 year period after the third
anniversary from the grant date.
EMPLOYEES
(As of March 31, 2005)
--------------------------------------------------------------------------------------------------------------
Number of Average length of Total Salaries and wages paid Average Payment per
Employees Service during 1st quarter of 2005 person (in mil. of
(in mil. of Korean Won) Korean Won)
------------ -------------- ------------------------- -------------------------------- -----------------------
Male 72 1 year and 9 months 1,829 25
Female 17 1 year and 5 months 172 7
Total 89 1 year and 7 months 2,001 21
15
5. ACTIVITIES OF BOARD OF DIRECTORS AND SUB-COMMITTEES FOR THE YEAR 2005
MEETINGS OF BOARD OF DIRECTORS
-----------------------------------------------------------------------------------------------------------------
Date Agenda Approval
------ ------------- --------------------------------------------------------------------------------- ----------
1 Feb. 2, 2005 1. Closing of the 4th FY (Jan.1, 2004 ~ Dec 31. 2004) Approved
2. Appointment of Outside Director Recommendation Committee members Approved
- Byung Hun Park, Eung Chan Ra, Pyung Joo Kim, Dong Hyun Kwon, and
Yoon Soo Yoon
2 Feb 22, 2005 1. Convening of the 4th General Meeting of Shareholders Approved
- 10:00 AM, March 30, 2005 (Wend.)
2. Remuneration levels for Directors Approved
- KRW 4 billion
3. Stock option grant to executives, employees and outside directors of the Approved
Group and Subsidiaries
- 1,196,000 shares for executive, 50,000 shares for outside directors, and up
to 1,500,000 shares for employees
3 March 30, 1. Appointment of Board steering Committee members Approved
2005
- Eung Chan Ra, Young Hwi Choi, Byung Hun Park, Pyung Joo Kim, and Shee
Yul Ryoo
2. Appointment of Risk Management Committee members Approved
- Pyung Joo Kim, Yoon Soo Yoon, and Reynieix
3. Decision on Director compensation level Approved
MEETINGS OF BOARD STEERING COMMITTEE
------------------------------------------------------------------------------------------------------------
Date Agenda
----- -------------- ---------------------------------------------------------------------------- ----------
1 Feb. 2, 2005 1. Recommendation of members for Outside Director Recommendation Committee Approved
- Byung Hun Park, Eung Chan Ra, Pyung Joo Kim, Dong Hyun Kwon, and Yoon
Soo Yoon
2 Feb. 22, 2005 1. Recommendation of members for Audit Committee Approved
- Il Sup Kim, Dong Hyun Kwon, Young Seok Choi, Sang Yun Lee, Si Jong Kim
2. Decision of compensation scheme for non-executive directors and outside Approved
directors
- expenses required for directors' activities, stock option grant
3. Deliberation on stock option grant to outside directors with Approved
professional expertise
- stock options to purchase 50,000 shares in total (10,000 shares per
person)
MEETINGS OF RISK MANAGEMENT COMMITTEE
Date Agenda
--------------- ------------- -------------------------------------------------------------------------------- ---------
1 Feb 22, 2005 - Approval item: Minimum Capital Adequacy Ratio and Plan for Risk Management Approved
by each Type in 2005
- Reporting item: Capital Adequacy Ratio of the Group and Plan for Risk
Management by each Type -
16
MEETINGS OF AUDIT COMMITTEE
----------------------------------------------------------------------------------------------------------
Date Agenda
----------- -------- ------------------------------------------------------------------------- --------
1 Feb. 22, 1. Audit results for the 4th Fiscal Year Approved
2005
- Confirmation of Audit results for the 4th FY and Submission of
Audit Report
2. Appointment of independent auditors for Korean GAAP Approved
- KPMC Samjong Accounting Corp. was appointed
3. Evaluation of the operation status of the internal Approved
accounting control system for the year 2004
- The internal accounting control system is properly
operated.
4. Evaluation of the internal monitoring system Approved
- The internal monitoring system is properly operated.
5. Approval of the Group Audit Plan for 2005 Not Approved
- the agenda transferred to the next audit committee
6. Ratification of the company and its subsidiaries' Non-audit contracts Approved
1) Audit and Tax Adjustment ( Shinhan Finance Ltd. with KPMG Samjong)
2) Comfort Letters regarding the issue of bond in foreign currency
(Shinhan Bank and KPMG Samjong)
7. Audit of Approval items for the FY 4 General Shareholders' Meeting Approved
- The approval items are appropriate.
2 Mar. 30, 1. Appointment of independent auditors for US GAAP Approved
2005
- KPMC Samjong Accounting Corp. was appointed
2. Approval of the Group Audit Plan for 2005 Approved
MEETINGS OF OUTSIDE DIRECTOR RECOMMENDATION COMMITTEE
-----------------------------------------------------------------------------------------------------------
Date Agenda
----------- ------------ ------------------------------------------------------------------ ------------
1 Feb. 02, 2005 1. Appointment of Outside Director Recommendation Committee Chair Approved
- Chair: Director Byung Hun Park
1. Recommendation of outside director candidates Approved
- Outside director candidates: Byung Hun Park, Dong Hyun Kwon ,
Young Hoon Choi,
2 Feb. 16, 2005 Si Jong Kim, Philippe Reynieix (5 candidates)
- Outside director candidates with professional expertise: Pyung
Joo Kim, Il Sup Kim, Sang Yoon Lee, Yoon Soo Yoon,
Shee Yul Ryoo (5 candidates)
* No meeting was held in 2004
MEETINGS OF COMPENSATION COMMITTEE
---------------------------------------------------------------------------------------------------------------
Date Agenda
----------- ------------ ------------------------------------------------------------------- ----------------
1 Feb. 2, 2005 1. 2004 evaluation and compensation results for the management Approved
2. 2005 evaluation and compensation scheme for the management Not Approved
3. Setting 2005 Group KPI target and MBO of the management Not Approved
4. 2005 payment plan of the management Compensation Approved
2 Feb. 22, 1. 2005 evaluation and compensation scheme for the management Approved
2005
2. Setting 2005 Group KPI target and MBO of the management Approved
3. 2005 Stock option grant to the management Approved
17
6. MARKET PRICE INFORMATION OF OUR COMMON SHARES AND ADRS
COMMON SHARE TRADED IN KOREA STOCK EXCHANGE
(in Korean Won or number of shares)
-----------------------------------------------------------------------------------------------------------
Nov. 2004 Dec. 2004 Jan. 2005 Feb. 2005 Mar. 2005 Apr. 2005
---------------------- ------------- ------------- -------------- ------------- ------------- -------------
Price per High 23,300 23,400 26,150 29,750 29,650 27,650
share
Low 21,350 20,650 23,400 25,550 26,900 25,750
Trading Volume 21,342,078 25,865,096 30,987,484 24,957,501 24,985,380 22,456,054
AMERICAN DEPOSITARY SHARES
Shinhan Financial Group listed its American Depositary Shares on the
New York Stock Exchange on September 16, 2003.
American Depositary Shares trade on the New York Stock Exchange
(in US Dollars or number of shares)
-----------------------------------------------------------------------------------------------------------
Nov. 2004 Dec. 2004 Jan. 2005 Feb. 2005 Mar. 2005 Apr. 2005
---------------------- ------------- -------------- -------------- ------------- ------------ -------------
Price per High 42.88 45.65 51.30 60.40 60.43 55.65
share
Low 39.90 38.75 44.00 50.50 51.26 50.50
Trading Volume 153,400 113,400 182,000 274,900 392,000 234,600
7. RELATED PARTY TRANSACTIONS
Loans to Subsidiaries
(As of March 31, 2005)
-----------------------------------------------------------------------------------------------------------------------
Borrower Loan Type Origination Maturity Funding Lending Beginning Increase Decrease Ending
date date Rate Rate Balance Balance
----------------- -------------- ------------- ------------ ---------- ---------- --------- --------- -------- --------
Shinhan Card Loans in KRW 21-Nov-02 21-Nov-05 5.60% 5.93% 1,000 0 0 1,000
Shinhan Card Loans in KRW 16-Dec-02 16-Dec-05 5.65% 5.95% 1,000 0 0 1,000
Shinhan Card Loans in KRW 24-Jan-03 24-Jan-05 5.04% 5.39% 500 0 500 0
Shinhan Card Loans in KRW 24-Jan-03 24-Jan-06 5.19% 5.50% 500 0 0 500
Shinhan Card Loans in KRW 26-Feb-03 26-Feb-05 4.89% 5.24% 1,000 0 1,000 0
Shinhan Card Loans in KRW 26-Feb-03 26-Feb-06 4.99% 5.29% 2,000 0 0 2,000
Shinhan Card Loans in KRW 23-Apr-03 23-Apr-09 5.47% 6.28% 1,000 0 0 1,000
Shinhan Card Loans in KRW 23-May-03 23-May-05 5.11% 5.45% 500 0 0 500
Shinhan Card Loans in KRW 23-May-03 23-May-06 5.29% 5.59% 500 0 0 500
Shinhan Card Loans in KRW 24-Jun-03 24-Jun-06 5.43% 5.73% 1,500 0 0 1,500
Shinhan Card Loans in KRW 24-Oct-03 24-Oct-06 4.63% 4.95% 1,000 0 0 1,000
Shinhan Card Loans in KRW 31-Jan-05 18-Mar-07 4.13% 4.49% 0 500 0 500
Shinhan Card Loans in KRW 18-Mar-05 18-Mar-08 4.23% 4.54% 0 500 0 500
Shinhan Capital Loans in KRW 30-Jan-02 30-Jan-05 6.69% 7.34% 300 0 300 0
Shinhan Capital Loans in KRW 29-Mar-02 4-Apr-07 7.47% 8.12% 200 0 0 200
18
(As of March 31, 2005)
-----------------------------------------------------------------------------------------------------------------------
Borrower Loan Type Origination Maturity Funding Lending Beginning Increase Decrease Ending
date date Rate Rate Balance Balance
----------------- -------------- ------------- ------------ ---------- ---------- --------- --------- -------- --------
Shinhan Capital Loans in KRW 29-Apr-02 29-Apr-05 6.84% 7.49% 300 0 0 300
Shinhan Capital Loans in KRW 26-Jun-02 26-Jun-05 6.30% 6.95% 300 0 0 300
Shinhan Capital Loans in KRW 29-Jul-02 29-Jul-07 6.30% 6.65% 200 0 0 200
Shinhan Capital Loans in KRW 21-Nov-02 21-Nov-07 5.88% 6.18% 200 0 0 200
Shinhan Capital Loans in KRW 16-Dec-02 16-Dec-05 5.65% 5.95% 300 0 0 300
Shinhan Capital Loans in KRW 16-Dec-02 16-Dec-07 5.96% 6.22% 200 0 0 200
Shinhan Capital Loans in KRW 24-Jan-03 24-Jan-06 5.19% 5.54% 200 0 0 200
Shinhan Capital Loans in KRW 23-Apr-03 23-Apr-05 5.28% 5.65% 500 0 0 500
Shinhan Capital Loans in KRW 23-May-03 23-May-06 5.29% 5.59% 500 0 0 500
Shinhan Capital Loans in KRW 24-Jun-03 24-Jun-08 5.69% 5.95% 300 0 0 300
Shinhan Capital Loans in KRW 24-Jul-03 24-Jul-06 5.55% 5.85% 300 0 0 300
Shinhan Capital Loans in KRW 24-Jul-03 24-Jul-08 5.87% 6.13% 200 0 0 200
Shinhan Capital Loans in KRW 24-Mar-04 24-Mar-07 4.76% 5.16% 300 0 0 300
Shinhan Capital Loans in KRW 24-Mar-04 24-Mar-09 5.11% 5.93% 200 0 0 200
Shinhan Capital Loans in KRW 25-Jun-04 25-Jun-09 4.93% 5.22% 500 0 0 500
Shinhan Capital Loans in KRW 31-Jan-05 31-Jan-08 4.21% 4.58% 0 300 0 300
Shinhan Capital Loans in KRW 18-Mar-05 18-Mar-07 4.23% 4.49% 0 500 0 500
Loans in
Shinhan Capital foreign 13-Mar-02 13-Mar-05 6M Libor 6M Libor 313 0 313 0
Currency + 100bp + 120bp
Loans in
Shinhan Capital foreign 13-Sep-02 13-Sep-05 6M Libor 6M Libor 312 0 6 306
Currency + 85bp + 114bp
Loans in
Shinhan Capital foreign 30-Dec-03 30-Dec-06 3M Libor 3M Libor 313 0 6 307
Currency + 70bp + 90bp
Loans in
Shinhan Capital foreign 15-Jul-04 15-Jun-07 3M Libor 3M Libor 418 0 8 410
Currency + 70bp + 90bp
Shinhan Bank Privately 21-Dec-01 21-Mar-08 7.12% 7.42% 500 0 0 500
Placed Bonds
Jeju Bank Privately 20-May-02 20-Jan-08 7.25% 8.14% 200 0 0 200
Placed Bonds
Jeju Bank Privately 30-Jun-01 30-Mar-07 6.26% - 31 0 0 31
Placed Bonds
Good Morning Loans in KRW 31-Jan-05 31-Jul-10 4.59% 5.25% 0 700 0 700
Shinhan Sec.
----------------- -------------- ------------- ------------ ---------- ---------- --------- --------- -------- --------
Total - - - - - 17,587 2,500 2,133 17,954
================= ============== ============= ============ ========== ========== ========= ========= ======== ========
EXHIBIT 99-1
The Independent Accountant's Review Report (under Korean GAAP) to the
Non-consolidated Financial Statements of Shinhan Financial Group as of and for
the 3 months ended on March 31, 2005.
19
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SHINHAN FINANCIAL GROUP CO., LTD.
By /s/ Byung Jae Cho
---------------------------------------------
Name: Byung Jae Cho
Title: Chief Financial Officer
Date : June 14, 2005