Edgar Filing: SHINHAN FINANCIAL GROUP CO LTD

Shinhan Financial Group Co., Ltd.

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 May 2008

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 þ Form 40-F o

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): o

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): o

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 o No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

Summary of 2008 1Q Business Report

On May 15, 2008, Shinhan Financial Group (“SFG”) filed the 2008 1Q 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 Auditor
4.		Directors, Executive Officers and Employees
5.		Largest Shareholder and Market Price Information of Our Common Shares and ADRs
6.		Related Party Transactions
EX-99.1 Non Consolidated Financial Statements

Exhibit 99-1

Independent Accountant’s Review Report (Non-consolidated Financial Statements) of Shinhan Financial Group as of March 31, 2008

1. Introduction of the Group

Company History in 2008

	n		March 2008 : JSC Shinhan Bank Kazakhstan, a subsidiary of Shinhan Bank, joins SFG as an indirect subsidiary

	n		April 2008 : SFG and Shinhan Bank obtain the Federal Reserve Bank’s approval to become Financial Holding Companies

	n		April 2008 : Shinhan Bank China Limited, a subsidiary of Shinhan Bank, joins SFG as an indirect subsidiary

Principal Subsidiaries under Korean Law as of Apr. 30, 2008

Direct Subsidiaries


Subsidiaries	Ownership by SFG
Shinhan Bank		100.0	%
Shinhan Card ¹⁾		100.0	%
SHC Management ¹⁾		100.0	%
Good Morning Shinhan Securities		100.0	%
Shinhan Life Insurance		100.0	%
Shinhan Capital		100.0	%
Shinhan BNP Paribas ITMC		50.0	%
Jeju Bank ²⁾		62.4	%
SH&C Life Insurance		50.0	%
Shinhan Macquarie Financial Advisory		51.0	%
Shinhan Credit Information		100.0	%
Shinhan Private Equity		100.0	%


1)		On September 21, 2007, LG Card became a wholly owned subsidiary of Shinhan Financial Group through a small scale share swap. LG Card shares were de-listed from the Korea Exchange on October 10, 2007. Further, through a process of business transfer and assumption, Shinhan Card’s business was fully assumed by LG Card. Subsequently, LG Card changed its name to “Shinhan Card” on October 1, 2007. Former Shinhan Card has changed its name to “SHC Management” and is in the process of liquidation.

2)		Jeju Bank is currently listed on the Korea Exchange.

Indirect subsidiaries held through direct subsidiaries


		(As of Apr. 30, 2008)
Direct Subsidiaries	Indirect Subsidiaries	Ownership by the Parent
Shinhan Bank	Shinhan Data System		100.00	%
	Shinhan Finance Ltd.(Hong Kong)¹⁾		100.00	%
	SH Asset Management		100.00	%
	Shinhan Asia Limited		100.00	%
	Shinhan Bank America		100.00	%
	Shinhan Bank Europe GmbH		100.00	%
	Shinhan Vina Bank		50.00	%
	CHB Valuemeet 2001 year 1^st Securitization		50.00	%
	CHB Valuemeet 2001 year 2^nd Securitization		50.00	%
	CHB Valuemeet 2002 year 1^st Securitization		50.00	%
	Shinhan Khmer Bank Limited		100.00	%
	JSC Shinhan Bank Kazakhstan		100.00	%
	Shinhan Bank China Limited		100.00	%

Good Morning Shinhan Securities	Good Morning Shinhan Securities Europe Ltd.		100.00	%
	Good Morning Shinhan Securities USA Inc.		100.00	%
	Good Morning Shinhan Securities Asia Ltd.		100.00	%

Shinhan Private Equity	Shinhan NPS Private Equity Fund 1^st		5.00	%²⁾


1)		On November 1, 2006, Shinhan Finance Limited, Shinhan Financial Group’s indirect subsidiary, was transferred to a branch of Shinhan Bank. The liquidation process is currently taking place.

2)		Shinhan Financial Group and its subsidiaries currently own 36.7% of Shinhan NPS Private Equity Fund 1^st.

Number of Shares

Number of issued and outstanding shares of the Group as of March 31, 2008


Types of Shares	Number of Shares
Common Shares		396,199,587
Redeemable Preferred Shares		59,440,377
Redeemable Convertible Preferred Shares		14,721,000

Total		470,360,964

Employee Stock Ownership Plan (ESOP)

(1) Contribution to ESOA (Employee Stock Ownership Association)


Employee		Contribution
Accounts	Contribution Date	Amount		Contributor	Objective
		(KRW)
Contributed by relevant companies	March 12, 2008		29,688,000,000	Shinhan Bank	Stock Purchase
	March 21, 2008		3,129,681,195	GMSH Securites	Stock Purchase
	March 24, 2008		525,000,000	Shinhan Capital	Stock Purchase
	April 4, 2008		414,136,737	SFG	Stock Purchase
Sub-total			33,756,817,932	—	—
Contributed by employees	March 12, 2008 ~ April 21, 2008		3,295,700,000	—	—
Sub-total			3,295,700,000	—	—
Total			37,052,517,932		—

(2) Changes in ESOA Share Ownership


				(As of March 31, 2008, Unit: shares)
		Beginning Balance						Ending Balance
	Share type	(Jan.1, 2008)		Increase		Decrease		(Mar. 31, 2008)
Association Accounts	Common Shares		1,236,075		—		41,306		1,194,769
Employee Accounts	Common Shares		4,336,056		—		218,519		4,117,537
Total	—		5,572,131		—		259,825		5,312,306

ESOP Ownership per company


			(As of March 31, 2008, Unit: shares)
Company	Association Accounts		Employee Accounts		Total Balance
Shinhan Financial Group		24,971		36,185		61,156
Shinhan Bank		1,158,238		3,818,805		4,977,043
Good Morning Shinhan Securities		—		48,455		48,455
Shinhan Capital		11,560		43,272		54,832
Shinhan Card		—		89,851		89,851
Shinhan Life Insurance		—		75,116		75,116
SH&C Life Insurance		—		1,426		1,426
Shinhan Credit Information		—		1,392		1,392
Shinhan Data System		—		3,035		3,035
Total		1,194,769		4,117,537		5,312,306

2. Business Results

Operation Results


					(KRW million)
	2008 1Q		2007		2006
	(Jan.1~Mar.31)		(Jan.1~Dec.31)		(Jan.1~Dec.31)
Operating Revenue		734,907		2,749,536		2,003,752
Gain using the equity method of accounting		707,909		2,632,111		1,917,268
Interest income		26,998		117,333		79,151
Gain on Foreign Currency Transaction		—		92		5,838
Other income		—		—		1,495
Operating Expense		114,554		375,344		182,889
Loss using the equity method of accounting		2,547		—		—
Interest Expense		99,789		326.928		129,644
Loss on Foreign Currency Transaction		—		93		5,838
Commission Expense		60		112		269
SG&A Expense		12,158		48,211		47,138
Operating Income		620,353		2,374,192		1,820,863

Source and Use of Funds

Source of Funds


												(KRW million)
	2008 1Q						2007					2006
	(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		17,180,285			70.19				15,896,140		71.40		10,376,235		76.70
Capital Stock		2,433,209			9.94				2,374,866		10.67		2,170,758		16.05
Capital Surplus		8,417,143			34.39				7,482,652		33.61		4,360,100		32.23
Capital Adjustment		(30,012	)		(0.12	)			19,669		0.09		25,520		0.19
Comprehensive Income		1,554,027			6.35				1,578,309		7.09		840,704		6.21
Retained Earnings		4,805,918			19.63				4,440,644		19.95		2,979,153		22.02
Liabilities		7,298,048			29.81				6,368,277		28.60		3,152,497		23.30
Borrowings		7,050,484			28.80				6,242,453		28.04		2,769,824		20.47
Other liabilities		247,564			1.01				125,824		0.57		382,673		2.83
Total		24,478,333			100.00				22,264,417		100.00		13,528,732		100.00


1)		The “Average Balance” is the arithmetic mean of the ending balance of each quarter.

Use of Funds


									(KRW million)
	2008 1Q				2007				2006
	(Jan.1~Mar.31)				(Jan.1~Dec.31)				(Jan.1~Dec.31)
	Average Balance ¹⁾		Ratio (%)		Average Balance ¹⁾		Ratio (%)		Average Balance ¹⁾		Ratio (%)
Investments on equity stock		22,197,286		90.68		20,342,185		91.37		11,646,253		86.09
Shinhan Bank		11,148,374		45.54		10,820,953		48.60		8,997,565		66.50
Shinhan Card		7,478,792		30.55		5,963,810		26.79		—		—
SHC Management		766,095		3.13		955,862		4.29		639,038		4.72
Good Morning Shinhan Securities		1,585,764		6.48		1,432,555		6.43		943,203		6.97
Shinhan Life Insurance		819,497		3.35		807,664		3.63		768,599		5.68
Shinhan Capital		252,727		1.03		220,347		0.99		170,264		1.26
Jeju Bank		76,270		0.31		73,916		0.33		66,809		0.49
Shinhan Credit Information		11,755		0.05		11,249		0.05		9,179		0.07
Shinhan Private Equity		9,888		0.04		9,864		0.04		8,987		0.07
Shinhan BNP Paribas ITMC		28,600		0.12		26,597		0.12		24,152		0.18
SH&C Life Insurance		17,651		0.07		17,821		0.08		17,322		0.13
Shinhan Macquarie FA		1,873		0.01		1,547		0.01		1,135		0.01
Loans		1,350,378		5.52		1,201,143		5.39		1,299,633		9.61
Fixed Assets		863		0.00		662		0.00		959		0.01
Cash Deposit in bank		876,314		3.58		557,627		2.50		422,201		3.12
Other Assets		53,492		0.22		162,800		0.73		159,686		1.18
Total		24,478,333		100.00		22,264,417		100.00		13,528,732		100.00


1)		The “Average Balance” is the arithmetic mean of the ending balance of each quarter.

Other Financial Information

Financial information for 2008 1Q contained in this section are provisional figures.

Group BIS Ratio


	(KRW million)
	2008 1Q			2007
Aggregate Amount of Equity Capital (A)		17,567,174			15,945,940
Risk-Weighted Assets (B)		168,663,244			161,849,385
BIS Ratio (A/B) ¹⁾		10.42	%		9.85	%


1)		In accordance with the amendments in the Financial Holding Company Guidelines of the Financial Service Commission(“FSC”), the Group BIS Ratio, rather than the Requisite Capital Ratio, is used as an index for measuring capital adequacy, beginning FY2007.

Won Liquidity Ratio


				(KRW million)
	2008 1Q			2007			2006
Won Assets due within 3 months (A)		1,973,252			220,009			605,415
Won Liabilities due within 3 months (B)		1,736,438			209,888			248,661
Won Liquidity Ratio (A/B) ¹⁾		113.64	%		104.82	%		243.47	%


1)		Under the guidelines issued by the FSC, we, at the holding company level, are required to maintain a Won liquidity ratio of no less than 100%.

Liabilities to Equity Ratio


				(KRW million)
	2008 1Q			2007			2006
Liabilities (A)		8,290,963			7,349,727			3,642,105
Equity (B)		17,782,257			17,977,801			11,361,526
Liabilities to Equity Ratio (A/B)		46.62	%		40.88	%		32.06	%

Capital Adequacy Ratio and Other Ratios of Certain Subsidiaries

(1) BIS Capital Adequacy Ratio (%) ¹⁾


	2008 1Q		2007		2006
Shinhan Bank ²⁾		11.44		12.09		12.01
Jeju Bank		10.76		11.32		11.26


1)		The BIS Capital Adequacy Ratio is computed in accordance with the guidelines issued by the FSC for commercial banks. Under these guidelines, commercial banks are required to maintain a minimum capital adequacy ratio of 8%.

2)		2006 and 2007 ratios for Shinhan bank are based on Basel I. Basel II Standardize Approach was applied in calculating BIS for 2008 1Q.

(2) Adjusted Equity Capital Ratio (%)


	2008 1Q		2007		2006
Shinhan Card		21.81		25.31		34.25


*		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 FSC for credit card companies. Under these guidelines, Shinhan Card is required to maintain a minimum adjusted equity capital ratio of 8%. 2006 figure is of former LG Card.

(3) Net Capital Ratio (%)


	Mar.31 2008		Mar.31 2007		Mar.31 2006
Good Morning Shinhan Securities		699.80		451.69		558.60


*		Net Capital Ratio is computed in accordance with the guidelines issued by the FSC for securities brokerage businesses. Under these guidelines, Good Morning Shinhan Securities is required to maintain a minimum net capital ratio of 100%.

(4) Solvency Margin Ratio (%)


	Mar.31 2008		Mar.31 2007		Mar.31 2006
Shinhan Life Insurance		222.74		224.70		230.80


*		Under the guidelines issued by the FSC, Shinhan Life Insurance is required to maintain a minimum solvency margin ratio of 100%.

Non- Performing Loans of Certain Subsidiaries ¹⁾

(1) Non- Performing Loans


	(KRW million)
	Mar.31, 2008				Dec.31, 2007				Dec.31, 2006
	Balance		NPL to total		Balance		NPL to total		Balance		NPL to total
	of NPL		Loans (%)		of NPL		Loans (%)		of NPL		Loans (%)
Shinhan Bank		991,572		0.70		848,846		0.63		729,655		0.62
Jeju Bank		13,452		0.65		11,952		0.60		13,120		0.74
Shinhan Card ²⁾		452,416		3.46		448,866		3.71		493,236		6.05

Mar.31, 2008

Mar.31, 2007

Mar.31, 2006

Balance

NPL to total

Balance

NPL to total

Balance

NPL to total

of NPL

Loans (%)

of NPL

Loans (%)

of NPL

Loans (%)

GMSH Securities ²⁾

27,738

2.35

25,888

2.54

26,943

5.68


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 FSC.

2)		Under the guidelines of the FSC, every securities brokerage company and 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 Good Morning Shinhan Securities, and Shinhan Card includes loans classified as “substandard,” “doubtful,” and “estimated loss.”

		2006 figure for Shinhan Card is of former LG Card.

(2) Loan Loss Allowances & Write-offs for the period


	(KRW million)
			Jan. 1, 2008~		Jan. 1, 2007~		Jan. 1, 2006~
			Mar. 31, 2008		Dec. 31, 2007		Dec. 31, 2006
Shinhan Bank	Loan Loss Allowance	Domestic		2,353,440		2,317,075		1,911,843
		Overseas		89,384		76,175		59,758
		Total		2,442,824		2,393,250		1,971,601
	Write-offs			31,426		186,316		160,636
Jeju Bank	Loan Loss Allowance	Domestic		31,469		31,849		26,313
		Overseas		—		—		—
		Total		31,469		31,849		26,313
	Write-offs			550		7,188		8,325
Shinhan Card ¹⁾	Loan Loss Allowance	Domestic		940,130		947,737		1,031,823
		Overseas		—		—		—
		Total		940,130		947,737		1,031,823
	Write-offs			118,460		430,535		535,622


1)		2006 figure for Shinhan Card is of former LG Card.


			Apr. 1, 2007~		Apr. 1, 2006~		Apr. 1, 2005~
			Mar. 31, 2008		Mar. 31, 2007		Mar. 31, 2006
GMSH Securities	Loan Loss	Domestic		33,005		30,776		28,900
	Allowance	Overseas		—		—		—
		Total		33,005		30,776		28,900
	Write-offs			983		1,117		2,300

3. Independent Auditor

Audit Opinion for the last 3 years

2008 1Q

FY 2007

FY 2006

Audit Opinion

—

Unqualified

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.


		Payment			Working
Year	Auditor	(KRW mil.)		Details	hours
2008 1Q	KPMG Samjong Accounting Corp.	355 (annual)		Review/Audit of Financial Statements	669 hours

2007	KPMG Samjong Accounting Corp.		341	Review/Audit of Financial Statements	4,599 hours

	KPMG Samjong Accounting Corp.		399	Review of Financial Statements related to accounting treatment of LG Card acquisition	2,755 hours

2006	KPMG Samjong Accounting Corp.		304	Review/Audit of Financial Statements	3,352 hours

4. Directors, Executive Officers and Employees

Directors and Executive Officers

1) Executive Directors


Name	Date of Birth	Position	Service Term
Eung Chan Ra	Nov. 25, 1938	Chairman of BOD Board Steering Committee member	3 years starting from March 20, 2007

In Ho Lee	Nov. 2, 1943	President & CEO	2 years starting from March 20, 2007

2) Non-Executive Directors

Currently, 13 non-executive directors are in office, 12 of which outside directors, nominated by our Outside Director Recommendation Committee and appointed pursuant to the approval of general shareholders’ meeting on March 19, 2008.

Our non-executive directors are as follows:


		Outside
Name	Date of Birth	Director	Sub-Committees	Service Term
Sang Hoon Shin	Jul. 1, 1948	X	—	3 years starting from March 19, 2008

Pyung Joo Kim	Feb. 06, 1939	O	Risk Management Committee Chair Board Steering Committee member Compensation Committee member	1 year starting from March 19, 2008
Pyung Joo Kim
Si Jong Kim	Aug. 16, 1937	O	—	1 year starting from March 19, 2008

Young Woo Kim	May 1, 1952	O	Audit Committee member	1 year starting from March 19, 2008

Shee Yul Ryoo	Sept. 5, 1938	O	Board Steering Committee member Compensation Committee member	1 year starting from March 19, 2008
Shee Yul Ryoo
Byung Hun Park	Sept. 10, 1928	O	Board Steering Committee member	1 year starting from March 19, 2008

Yong Woong Yang	Aug. 4, 1948	O	—	1 year starting from March 19, 2008

Sung Bin Chun	Jan. 21, 1953	O	Audit Committee Chair Compensation Committee member	1 year starting from March 19, 2008
Sung Bin Chun
Haeng Nam Chung	Mar. 15, 1941	O	—	1 year starting from March 19, 2008

Young Hoon Choi	Nov. 8, 1928	O	—	1 year starting from March 19, 2008

Philippe Reynieix	Jun. 24, 1949	O	Risk Management Committee member	1 year starting from March 19, 2008

Bong Youn Cho	Mar. 9, 1949	O	Compensation Committee member Risk Management Committee member Audit Committee member	1 year starting from March 19, 2008
Bong Youn Cho
Young Sup Huh	Oct. 9, 1941	O	Board Steering Committee member Compensation Committee member Audit Committee member	1 year starting from March 19, 2008
Young Sup Huh

For personal profiles of the outside directors, please refer to our Form 6-K filed on February 15, 2008.

Chair of the Board Steering Committee and Compensation Committee will be elected in the near future.

3) Executive Officers

In addition to the executive directors, we currently have the following executive officers:


Name	Date of Birth	Position	In charge of
Baek Soon Lee	Oct. 8, 1952	Deputy President	— General Affairs Team — Business Management Team — Public Relations Team

Jae Woon Yoon	Jul. 22, 1951	Deputy President	— Synergy Management Team — Information & Technology Planning Team — Risk Management Team — Audit & Compliance Team

Buhmsoo Choi	Aug. 8, 1956	Deputy President and Chief Financial Officer	— Finance Management Team — Investor Relations Team — Strategic Planning Team

Stock Options (as of May 9 , 2008)


	Number of Changes
	No. of		No. of Exercised		No. of Cancelled		No. of Exercisable
	Granted Options		Options		Options		Options
	(A)		(B)		(C)		(D = A – B – C)		Exercise Price
Granted in 2002		864,576		672,454		0		192,122		18,910
Granted in 2003		1,020,416		620,204		11,600		388,612		11,800
Granted in 2004		1,258,923		545,392		15,200		698,331		21,595
Granted in 2005		2,620,331		60,287		251,300		2,308,744		28,006
Granted in 2006		3,296,200		0		477,000		2,819,200		38,829
Granted in 2007		1,301,050		0		123,500		1,177,550		54,560
Granted in 2008		808,700		0		0		808,700		49,053
		11,170,196		1,898,337		878,600		8,393,259

Note) The weighted-average exercise price of outstanding exercisable options as of May 9, 2008 is KRW 35,902.

Employees

(As of March 31, 2008)

Total Salaries and wages

Average Payment

paid in 1Q 2008

per person

Number of Employees

Average length of Service

(KRW million)

Male

2 yrs 1 mths

1,759

Female

3 yrs 11 mths

143

Total

3 years

1,902

Directors and Officers Liability Insurance (for SFG and subsidiaries)


Name of Insurance	Insurance Premium	Insured Amount	Insurance Period
Directors and Officers Liability Insurance	KRW 496 mil. (annual)	Up to KRW 50 bil.	April 1, 2008~ April 1, 2009

* Of the total insurance premium (KRW 496 mil.), KRW 121 mil. was paid by SFG, and the remaining amount, by its subsidiaries

5. Largest Shareholder and Market Price Information of our Common Shares and ADRs

Largest Shareholder of Shinhan Financial Group as of March 31, 2008


Name	No. of Common Shares		Ownership%
BNP Paribas Group		33,682,104		8.50

Common Share Traded on the Korea Exchange


						(KRW, number of shares)
		Oct. 2007		Nov. 2007		Dec. 2007		Jan. 2008		Feb. 2008		Mar. 2008
Price per share	High		64,700		58,500		55,700		52,000		52,400		52,500
Price per share	Low		53,000		46,850		47,650		45,150		47,800		47,000
Trading Volume			42,104,404		43,294,968		38,050,385		42,528,189		21,419,344		31,660,183

American Depositary Shares traded on the New York Stock Exchange


							(USD, number of shares)
		Oct. 2007		Nov. 2007		Dec. 2007		Jan. 2008		Feb. 2008		Mar. 2008
Price per share	High		144.17		129.88		119.25		109.65		113.45		106.90
Price per share	Low		116.79		99.50		102.90		93.51		101.27		90.97
Trading Volume			1,024,800		863,300		834,500		1,010,300		631,500		726,500

*1 ADR = 2 Common Shares

6. Related Party Transactions

Loans to Subsidiaries


(As of Mar. 31, 2008, Unit: KRW 100 million)
		Origination	Maturity	Funding			Lending			Beginning
Sudsidiary	Loan Tyoe	Date	Date	Rate			Rate			Balance		Increase		Decrease		Ending Balance
Shinhan Card	Loan in KRW	2003-04-23	2009-04-23		5.47	%		6.28	%		1000		—		—		1,000
Shinhan Capital	Loan in KRW	2003-06-24	2008-06-24		5.69	%		5.95	%		300		—		—		300
Shinhan Capital	Loan in KRW	2003-07-24	2008-07-24		5.87	%		6.13	%		200		—		—		200
Shinhan Capital	Loan in KRW	2004-03-24	2009-03-24		5.11	%		5.93	%		200		—		—		200
Shinhan Capital	Loan in KRW	2004-06-25	2009-06-25		4.93	%		5.22	%		500		—		—		500
Shinhan Capital	Loan in KRW	2005-01-31	2008-01-31		4.21	%		4.58	%		300		—		300		—
GMSH Securities	Loan in KRW	2005-01-31	2010-07-31		4.59	%		5.25	%		700		—		—		700
Shinhan Card	Loan in KRW	2005-03-18	2008-03-18		4.23	%		4.54	%		500		—		500		—
Shinhan Capital	Loan in KRW	2005-05-09	2008-05-09		3.99	%		4.33	%		500		—		—		500
Shinhan Capital	Loan in KRW	2005-12-16	2008-12-16		5.34	%		5.67	%		400		—		—		400
Shinhan Card	Loan in KRW	2006-01-24	2009-01-24		5.24	%		5.41	%		500		—		—		500
Shinhan Capital	Loan in KRW	2006-01-24	2009-01-24		5.24	%		5.41	%		500		—		—		500
Shinhan Card	Loan in KRW	2006-02-27	2009-02-27		5.07	%		5.23	%		1000		—		700		300
Shinhan Capital	Loan in KRW	2006-02-27	2009-02-27		5.07	%		5.23	%		—		700		—		700
Shinhan Capital	Loan in KRW	2006-04-24	2009-04-24		5.09	%		5.22	%		1000		—		—		1,000
GMSH Securities	Loan in KRW	2006-07-31	2012-01-31		5.16	%		5.64	%		1000		—		—		1,000
Shinhan Capital	Loan in KRW	2006-09-26	2011-09-26		4.91	%		4.99	%		500		—		—		500
Shinhan Capital	Loan in KRW	2007-03-23	2012-03-23		5.28	%		5.48	%		500		—		—		500
Shinhan Capital	Loan in KRW	2007-04-13	2010-04-13		5.24	%		5.38	%		500		—		—		500
Shinhan Capital	Loan in KRW	2007-06-08	2012-06-08		5.54	%		5.95	%		500		—		—		500
Shinhan Capital	Loan in KRW	2007-09-27	2010-09-27		5.91	%		6.05	%		1000		—		—		1,000
Shinhan Capital	Loan in KRW	2007-11-27	2010-11-27		6.24	%		6.37	%		500		—		—		500
Shinhan Card	Loan in KRW	2007-11-27	2012-11-27		6.33	%		6.41	%		1000		—		—		1,000
Shinhan Capital	Loan in KRW	2007-12-18	2010-12-18		6.69	%		6.83	%		500		—		—		500
Shinhan Card	Loan in KRW	2007-12-18	2012-12-18		6.78	%		6.86	%		500		—		—		500
Shinhan PE	Loan in KRW	2007-06-28	2008-06-27		5.31	%		5.51	%		50		—		—		50
Shinhan Card	Loan in KRW	2008-01-23	2011-01-23		6.46	%		6.60	%		—		1000		—		1,000
Shinhan Capital	Loan in KRW	2008-01-23	2011-01-23		6.46	%		6.60	%		—		500		—		500
Shinhan Capital	Loan in KRW	2008-01-23	2013-01-23		6.51	%		6.60	%		—		500		—		500
Shinhan Card	Loan in KRW	2008-02-21	2011-02-21		5.51	%		5.66	%		—		1500		—		1,500
Shinhan Card	Loan in KRW	2008-03-12	2011-03-12		5.71	%		5.84	%		—		2000		—		2,000
Shinhan Capital	Loan in KRW	2008-03-12	2011-03-12		5.71	%		5.84	%		—		500		—		500
Total											14,150		6,700		1,500		19,350

Exhibit 99-1 Independent Accountant’s Review Report (Non-consolidated Financial Statements) of Shinhan Financial Group as of March 31, 2008

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
	Name:		Buhmsoo Choi
	Title:		Chief Financial Officer

Date: May 15, 2008