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 April 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-_______.





EMBEZZLEMENT OF FUNDS BY AN EMPLOYEE AT CHOHUNG BANK

On May 15, 2005, Chohung Bank, our wholly-owned, principal banking subsidiary,
announced that one of its employees embezzled funds in the amount of
approximately KRW 40 billion during the period from November 2004 to March 2005.
This incident is currently under investigation by the banking regulatory
authority in Korea. To prevent such incidents from occurring in the future,
Chohung Bank announced its intention to implement immediate corrective actions
and its commitment to improve its internal control system.






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                                   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: April 18, 2005



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