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 November 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 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 3^rd quarter 2005 Business Report

On November 14, 2005, Shinhan Financial Group (“SFG”) filed the 3^rd quarter 2005 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
EX-99.1 Independent Accountant's Review Report (Non Consolidated Financial Statements)

Exhibit 99- 1. Independent Accountant’s Review Report (Non Consolidated Financial Statements)

1. Introduction of the Group

Company History in 2005

	§		August 26, 2005 BOD resolution to liquidate e-Shinhan

	§		August 29, 2005 Acquisition of “Shinhan NPS Private Equity Fund 1” as the Group’s indirect subsidiary

	§		September 27, 2005 BOD resolution to acquire Shinhan Life Insurance as the Group’s subsidiary through a small-scale share swap

Principal Subsidiaries under Korean Law as of September 30, 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		83.4	%
Shinhan Macquarie Financial Advisory		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 5, 2005.

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

Indirect subsidiaries held through direct subsidiaries


		Ownerships by
Direct Subsidiaries	Indirect Subsidiaries	the Parent
Shinhan Bank	Shinhan Data System		100.0	%
	Shinhan Finance (Hong Kong)		100.0	%

Chohung Bank	Chohung ITMC		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 1^st Securitization		50.0	%
	CHB Valuemeet 2001 year 2^nd Securitization		50.0	%
	CHB Valuemeet 2002 year 1^st Securitization		50.0	%

Good Morning	Good Morning Shinhan Securities Europe		100.0	%
Shinhan Securities	Good Morning Shinhan Securities USA		100.0	%

Shinhan Private Equity	Shinhan NPS Private Equity Fund 1		5.0	%

Number of Shares by type

The table below sets forth the number of the issued and outstanding shares of the Group as of September 30, 2005


			Total amount of
Types of Shares	Number of Shares		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

Employee Stock Ownership Plan (ESOP)

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

Contribution Amount

Contributed to

Contribution Date

(KRW)

Contributor

Use of money

Association Accounts

Apr. 15, 2005

681,779,448

SFG

Stock Purchase

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 September 30, 2005

(2) Changes in ESOA Share Ownership ¹⁾

(Unit: shares)


			Beginning Balance						Ending Balance
	Share type		(Jan.1, 2005)		Increase²⁾		Decrease³⁾		(September 30, 2005)
Association Accounts	Common Shares			650,146		1,293,682		1,415		1,942,413
Employee Accounts	Common Shares			0		368,175		2,094		366,081

Total		—		650,146		1,661,857		3,509		2,308,494


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 increase is attributable to the purchase of shares with the contributions of April 2005.

3)	The decrease is attributable to the retirement of Shinhan Bank’s employees.

(3) ESOA Share Ownership per each company

(As of September 30, 2005, Unit: shares)


					Total Balance
Company	Association Accounts		Employee Accounts		(Sep.30, 2005)
Shinhan Financial Group		36,672		3,976		40,648
Shinhan Bank		1,887,334		362,105		2,249,439
Shinhan Capital		18,407		0		18,407

Total		1,942,413		366,081		2,308,494

2. Business Results

Operational Results

(in millions of Korean Won)


	3^rd quarter, 2005		2004		2003
	(Jan.1~Sep.30)		(Jan.1~Dec.31)		(Jan.1~Dec.31)
Operating Revenue		1,337,848		1,224,147		617,074
Gain using the equity method of accounting		1,304,300		1,108,952		519,287
Interest income		73,033		114,264		97,787
Other income		515		931		—
Operating Expense		112,777		147,638		251,366
Loss using the equity method of accounting		1,134		212		129,886
Operating Income		1,265,071		1,076,509		365,708

Source and Use of Funds

Source of Funds

(in millions of Korean Won)


	3^rd quarter, 2005				2004				2003
	(Jan.1~Sep.30)				(Jan.1~Dec.31)				(Jan.1~Dec.31)
	Average		Ratio		Average		Ratio		Average		Ratio
	Balance ¹⁾		(%)		Balance ¹⁾		(%)		Balance ¹⁾		(%)
Stockholders’ Equity		8,044,668		76.18		6,770,562		74.00		4,768,492		73.82
Capital Stock		2,083,118		19.73		2,012,812		22.00		1,660,319		25.70
Capital Surplus		3,718,669		35.21		3,485,465		38.10		2,512,502		38.89
Retained Earnings		1,958,945		18.55		1,130,293		12.35		692,409		10.72
Capital Adjustment		283,936		2.69		141,992		1.55		-96,738		-1.50
Borrowings		2,515,502		23.82		2,378,244		26.00		1,691,375		26.18
Debentures		2,081,937		19.71		2,017,816		22.06		1,434,951		22.21
Other liabilities		433,565		4.11		360,428		3.94		256,424		3.97

Total		10,560,170		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.

Use of Funds

(in millions of Korean Won)


	3^rd quarter, 2005				2004				2003
	(Jan.1~Sep.30)				(Jan.1~Dec.31)				(Jan.1~Dec.31)
	Average		Ratio		Average		Ratio		Average		Ratio
	Balance ¹⁾		(%)		Balance ¹⁾		(%)		Balance ¹⁾		(%)
Investments on equity stock		8,604,634		81.48		7,100,773		77.61		5,882,011		77.81
Shinhan Bank		4,122,766		39.04		3,709,669		40.55		3,139,126		41.53
Chohung Bank		3,178,602		30.10		2,411,868		26.36		1,831,964		24.24
Good Morning Shinhan Securities		859,219		8.14		610,171		6.67		537,265		7.11
Shinhan Card		191,830		1.82		162,378		1.77		191,094		2.53
Shinhan Capital		135,938		1.29		112,775		1.23		95,384		1.26
Shinhan BNP Paribas ITMC		22,898		0.22		22,435		0.25		22,109		0.29
E-Shinhan		2,746		0.03		2,617		0.03		3,331		0.04
Shinhan Macquarie FA		1,730		0.02		1,159		0.01		578		0.01
Jeju Bank		56,815		0.54		49,418		0.54		44,783		0.59
Shinhan Credit Information		7,931		0.08		4,628		0.05		2,392		0.03
SH&C Life Insurance		14,720		0.14		13,655		0.15		13,985		0.19
Shinhan Private Equity		9,439		0.09		1,958		0.02		—		—
Investment on Bonds		—		—		—		—		905		0.01
Loans		1,715,264		16.24		1,953,788		21.36		1,618,091		21.41
Fixed Assets		1,320		0.01		1,508		0.02		1,434		0.02
Intangible Assets		1,015		0.01		477		0.01		471		0.01
Cash Deposit in bank		205,548		1.95		55,370		0.61		25,326		0.34
Other Assets		32,389		0.31		36,893		0.40		30,808		0.41

Total		10,560,170		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 3^rd and 4^th 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

Notes: Numbers for 3rd quarter 2005 included in this section are provisional and subject to possible change in the due course.

Requisite Capital Ratio

(in billions of Korean Won)


	3Q 2005			2004			2003
Aggregate Amount of Equity Capital (A)		11,436.1			9,867.9			8,847.7
Requisite Capital (B)		8,360.9			7,625.3			7,472.0
Requisite Capital Ratio (A/B) ¹⁾		136.80	%		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%.

Won Liquidity Ratio

(in millions of Korean Won)


	3Q 2005			2004			2003
Won Assets due within 3 months (A)		486,965			221,335			16,687
Won Liabilities due within 3 months (B)		468,773			212,081			15,504
Won Liquidity Ratio (A/B) ¹⁾		103.88	%		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)


	3Q 2005			2004			2003
Liabilities (A)		2,663,956			2,325,043			2,176,875
Adjusted Equity (B) ¹⁾		8,787,130			7,747,271			5,523,410
Liabilities to Equity Ratio (A/B)		30.31	%		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 (%)


	3Q 2005		2004		2003
Shinhan Bank		12.8		11.94		10.49
Chohung Bank		10.3		9.40		8.87
Jeju Bank		10.2		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 (%)


	Sep. 30, 2005		Mar. 31, 2005		Mar. 31, 2004
Good Morning Shinhan Securities		624.00		629.22		480.69


*	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%.

(3) Adjusted Equity Capital Ratio (%)


	3Q 2005		2004		2003
Shinhan Card		20.14		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 billions of Korean Won)


					Dec. 31, 2004
					(March 31, 2005 for GMS				Dec. 31, 2003
	Sep. 30, 2005				Securities)				(March 31, 2004 for GMS Securities)
	Balance of		NPL to total		Balance of		NPL to total		Balance of		NPL to total
	NPL		Loans(%)		NPL		Loans(%)		NPL		Loans (%)
Shinhan Bank ¹⁾		369.7		0.66		434.4		0.84		398.5		0.82
Chohung Bank ¹⁾		667.0		1.45		814.1		1.89		1,879.6		4.19
Jeju Bank ¹⁾		38.6		2.72		30.3		2.33		29.8		2.27
GMS Securities ²⁾		28.0		7.29		30.7		11.75		38.2		13.48
Shinhan Card ³⁾		40.6		3.77		37.5		4.46		74.7		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.”

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

(in billions of Korean Won)


			Jan. 1, 2005~		Jan. 1, 2004~		Jan. 1, 2003~
			Sep. 30, 2005		Dec. 31, 2004		Dec. 31, 2003
Shinhan Bank	Loan Loss Allowance	Domestic		650.0		663.0		791.9
		Overseas		70.6		80.5		74.5
		Total		720.6		743.5		866.4

	Write-offs			84.9		234.9		71.5

Chohung Bank	Loan Loss Allowance	Domestic		955.5		955.5		1,602.6
		Overseas		37.5		51.2		56.3
		Total		993.0		1,006.7		1,658.9

	Write-offs			475.3		1,400.2		1,781.2

Jeju Bank	Loan Loss Allowance	Domestic		32.9		32.2		34.5
		Overseas		—		—		—
		Total		32.9		32.2		34.5

	Write-offs			14.0		24.7		17.9

GM Shinhan Securities¹⁾	Loan Loss Allowance	Domestic		29.0		30.9		30.9
		Overseas		—		—		—
		Total		29.0		30.9		30.9

	Write-offs			2.0		1.9		—

Shinhan Card	Loan Loss Allowance	Domestic		46.8		49.8		94.6
		Overseas		—		—		—
		Total		46.8		49.8		94.6

	Write-offs			84.0		233.2		277.0


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, 2005 to September 30, 2005, (ii) from April 1, 2004 to March 31, 2005, and (iii) from April 1, 2003 to March 31, 2004.

3. Independent Accountant

Audit Opinion for the last 3 years


	3Q 2005	3Q 2004	FY 2004	FY2003
Audit Opinion	—	—	Unqualified	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.

Year

Auditor

Payment (KRW)

Working hours

3Q 2005

KPMG Samjong Accounting Corp

288,000,000

¹⁾

1,400 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
2005	Jan.	Audit of the Financial Statements based on US GAAP	USD 2,000,000
2004	Jan.	Consulting services for disclosure control and procedure & Internal control system	KRW 1,375,000,000
2003	Sept.	Due diligence on the Chohung Bank	KRW 904,000,000
	July	Valuation of common shares of Chohung Bank	KRW 100,000,000

4. Directors, Executive Officers and Employees

Directors and Executive Officers

1) Executive Directors

Our executive directors are as follows as of September 30, 2005:


Name	Date of Birth	Position	Service Term

Eung Chan Ra	Nov.25, 1938	Chairman of BOD	3 years starting from March 25, 2004
		Head of the Board Steering Committee

In Ho Lee	Nov. 2, 1943	President & CEO Board Steering Committee member	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, 11 non-executive directors are in office. Out of them, 9 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, 2004
		Audit Committee member

Yong Woong Yang	Aug. 4, 1948	Non-Executive Directors	3 years starting from March 25, 2004

Il Sup Kim	Jul.1, 1946	Outside Director	1 year starting from March 30, 2005
		Head of Audit Committee
		Compensation Committee member

Sang Yoon Lee	Sep.13, 1942	Outside Director	1 year starting from March 30, 2005
		Board Steering Committee member
		Audit Committee member
		Compensation Committee member

Yoon Soo Yoon	Mar. 5, 1946	Outside Director	1 year starting from March 30, 2005
		Risk Management Committee member
		Head of Compensation Committee

Shee Yul Ryoo	Sep. 5, 1938	Outside Director	1 year starting from March 30, 2005
		Board Steering Committee member
		Head of Risk Management Committee
		Compensation Committee member

Byung Hun Park	Sep. 10, 1928	Outside Director	1 year starting from March 30, 2005
		Board Steering Committee member

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, 2005
		Audit Committee member

Dong Hyun Kwon	Nov. 27, 1936	Outside Director	1 year starting from March 30, 2005
		Audit Committee member

Philippe Reynieix	Jun. 24, 1949	Outside Director Risk Management Committee member	1 year starting from March 30, 2005

On September 30, 2005, Mr. Pyung Joo Kim resigned from his position on the Board in order to focus on his new position as chairman of the Integration Committee of Shinhan Bank and Chohung Bank, to which he was recently appointed by the Group.

For the personal profiles of the outside directors, please refer to our Form 20-F filed on June 30, 2005, in which we included relevant information of directors.

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,
		Vice President	New Bank Coordination Team, and
			New Bank Planning Team

Byung Jae Cho	Jan. 6, 1951	Senior Executive	Planning & Financial Management Team,
		Vice President	and Investor Relations Team

Baek Soon Lee	Oct. 8, 1952	Senior Executive	Information & Technology Planning Team,
		Vice President	Public Relations Team, General
			Services Team, and Joint Procurement
			Planning Team

Jae Woon Yoon	July 22, 1951	Senior Executive	Subsidiary Management Team II,
		Vice President	Synergy Management Team, and
			Audit & Compliance Team

* Director and Officers who hold additional positions in our subsidiaries


Name	Subsidiary	Position	Appointment Date

In Ho Lee	Shinhan Bank	Outside Director	May 31, 2005
	Chohung Bank	Outside Director	May 25, 2005

Jae Woo Lee	Shinhan Bank	Outside Director	March 30, 2005
	Jeju Bank	Outside Director	March 28, 2005

Byung Jae Cho	Chohung Bank	Outside Director	March 30, 2005
	Shinhan Capital	Non-executive Director	March 30, 2005
	Shinhan Private Equity	Non-executive Director	December 8, 2004

Baek Soon Lee	Shinhan Card	Outside Director	September 12, 2005
	Chohung ITMC	Outside Director	September 26, 2005

Jae Woon Yoon	Good Morning Shinhan Securities	Outside Director	September 9, 2005
	Shinhan BNP Paribas ITMC	Outside Director	September 21, 2005

Stock Options


				Number		Number
		Number of		of		of		Number of		Exercise
	Name of the	Granted		Exercised		Options		Exercisable		Price
Grant date	Guarantee	Option ¹⁾		option		Cancelled		option		(KRW)		Positions held at

22-May-02	Ra, Eung Chan		94,416		0		0		94,416		18,910	Shinhan Financial Group
22-May-02	Choi, Young Hwi		47,208		47,208		0		0		18,910	Shinhan Financial Group
22-May-02	Shin, Sang Hoon		28,325		0		0		28,325		18,910	Shinhan Financial Group
22-May-02	Choi, Bhang-Gil		18,883		0		0		18,883		18,910	Shinhan Financial Group
22-May-02	Lee, In-Ho		32,162		0		0		32,162		18,910	Shinhan Bank
22-May-02	Moon, Hong Soon		17,426		0		0		17,426		18,910	Shinhan Bank
22-May-02	Lee, Jae Woo		18,873		0		0		18,873		18,910	Shinhan Bank
22-May-02	Huh, Joong Ok		15,564		0		0		15,564		18,910	Shinhan Bank
22-May-02	Kim, Sahng-Dae		18,873		0		0		18,873		18,910	Shinhan Bank


				Number		Number
		Number of		of		of		Number of		Exercise
	Name of the	Granted		Exercised		Options		Exercisable		Price
Grant date	Guarantee	Option ¹⁾		option		Cancelled		option		(KRW)		Positions held at

22-May-02	Youn, Gwang Lim		18,873		0		0		18,873		18,910	Shinhan Bank
22-May-02	Oh, Young-Kook		8,041		0		0		8,041		18,910	Shinhan Bank
22-May-02	Nam, Kee Do		8,041		0		0		8,041		18,910	Shinhan Bank
22-May-02	Jang, Myoung-Kee		14,918		14,918		0		0		18,910	Shinhan Bank
22-May-02	Shin, Christopher		11,673		0		0		11,673		18,910	Shinhan Bank
22-May-02	Lee, Dae Woon		11,673		0		0		11,673		18,910	Shinhan Bank
22-May-02	Lee, Dong Girl		26,953		0		0		26,953		18,910	Shinhan Capital
22-May-02	Jung, Yun Kang		7,409		7,409		0		0		18,910	Shinhan Capital
22-May-02	Son, Woong Man		3,828		0		0		3,828		18,910	Shinhan Capital
22-May-02	Hwang, Jung Hun		3,828		3,828		0		0		18,910	Shinhan Capital
22-May-02	Song, Byung Kuk and other 6 officers		13,325		3,000		0		10,325		18,910	Shinhan Financial Group
22-May-02	Kim, Duk Jung and other 329 officers		444,284		84,070		0		360,214		18,910	Subsidiaries of SFG
15-May-03	Ra, Eung Chan		95,390		0		0		95,390		11,800	Shinhan Financial Group
15-May-03	Choi, Young Hwi		85,851		85,851		0		0		11,800	Shinhan Financial Group
15-May-03	Choi, Bhang-Gil		19,078		0		0		19,078		11,800	Shinhan Financial Group
15-May-03	Han, Min Ky		19,078		0		0		19,078		11,800	Shinhan Financial Group
15-May-03	Song, Youn Soo		15,319		0		0		15,319		11,800	Shinhan Financial Group
15-May-03	Shin, Sang Hoon		77,160		0		0		77,160		11,800	Shinhan Bank
15-May-03	Moon, Hong Soon		8,312		0		0		8,312		11,800	Shinhan Bank
15-May-03	Lee, Jae Woo		19,290		0		0		19,290		11,800	Shinhan Bank
15-May-03	Huh, Joong Ok		19,290		0		0		19,290		11,800	Shinhan Bank
15-May-03	Kim, Sahng-Dae		19,290		0		0		19,290		11,800	Shinhan Bank
15-May-03	Youn, Gwang Lim		19,290		0		0		19,290		11,800	Shinhan Bank
15-May-03	Cho, Woo Seop		15,490		0		0		15,490		11,800	Shinhan Bank
15-May-03	Kim, Hee Soo		19,290		0		0		19,290		11,800	Shinhan Bank
15-May-03	Han, Do Heui		19,290		0		0		19,290		11,800	Shinhan Bank
15-May-03	Shin, Christopher		4,809		0		0		4,809		11,800	Shinhan Bank
15-May-03	Lee, Dae Woon		4,809		0		0		4,809		11,800	Shinhan Bank
15-May-03	Hong Sung Kyun		4,984		0		0		4,984		11,800	Shinhan Card
15-May-03	Lee Tae Kyu		1,661		0		0		1,661		11,800	Shinhan Card
15-May-03	Kim Seong Won		1,661		0		0		1,661		11,800	Shinhan Card
15-May-03	Shim, Woo Yeob		1,661		0		0		1,661		11,800	Shinhan Card
15-May-03	Lee, Dong Girl		30,000		0		0		30,000		11,800	Shinhan Capital
15-May-03	Jung, Yun Kang		3,324		0		0		3,324		11,800	Shinhan Capital
15-May-03	Jang, Myoung-Kee		3,009		3,009		0		0		11,800	Shinhan Capital
15-May-03	Shin, Beom Seong		10,000		0		0		10,000		11,800	Shinhan Credit Information
15-May-03	Song, Byung Kuk and other 7 officers		13,437		1,700		0		11,737		11,800	Shinhan Financial Group
15-May-03	Seo, Jin Won and other 339 officers		489,433		95,572		11,600		382,261		11,800	Subsidiaries of SFG
25-Mar-04	Ra, Eung Chan		100,000		0		0		100,000		21,595	Shinhan Financial Group
25-Mar-04	Choi, Young Hwi		90,000		0		0		90,000		21,595	Shinhan Financial Group
25-Mar-04	Choi, Bhang Gil		30,000		0		0		30,000		21,595	Shinhan Financial Group
25-Mar-04	Hong, Chil Sun		20,000		0		0		20,000		21,595	Shinhan Financial Group
25-Mar-04	Kim, Hee Soo		20,000		0		0		20,000		21,595	Shinhan Financial Group
25-Mar-04	Cho, Byung Jae		20,000		0		0		20,000		21,595	Shinhan Financial Group
25-Mar-04	Lee, Baek Soon		20,000		0		0		20,000		21,595	Shinhan Financial Group
25-Mar-04	Shin, Sang Hoon		80,000		0		0		80,000		21,595	Shinhan Bank
25-Mar-04	Cho, Jae Ho		20,000		0		0		20,000		21,595	Shinhan Bank
25-Mar-04	Lee, Jae Woo		20,000		0		0		20,000		21,595	Shinhan Bank


				Number		Number
		Number of		of		of		Number of		Exercise
	Name of the	Granted		Exercised		Options		Exercisable		Price
Grant date	Guarantee	Option ¹⁾		option		Cancelled		option		(KRW)		Positions held at

25-Mar-04	Youn, Gwang Lim		20,000		0		0		20,000		21,595	Shinhan Bank
25-Mar-04	Cho, Woo Sup		20,000		0		0		20,000		21,595	Shinhan Bank
25-Mar-04	Han, Min Ky		20,000		0		0		20,000		21,595	Shinhan Bank
25-Mar-04	Song, Youn Soo		20,000		0		0		20,000		21,595	Shinhan Bank
25-Mar-04	Han, Do Heui		20,000		0		0		20,000		21,595	Shinhan Bank
25-Mar-04	Suh, Jin Won		20,000		0		0		20,000		21,595	Shinhan Bank
25-Mar-04	Yang, Shin Keun		20,000		0		0		20,000		21,595	Shinhan Bank
25-Mar-04	Oh, Sang Young		15,000		0		0		15,000		21,595	Shinhan Bank
25-Mar-04	Hong, Sung Kyun		30,000		0		0		30,000		21,595	Shinhan Card
25-Mar-04	Lee, Tae Gyu		10,000		0		0		10,000		21,595	Shinhan Card
25-Mar-04	Kim, Seong Won		10,000		0		0		10,000		21,595	Shinhan Card
25-Mar-04	Shim, Woo Yeop		10,000		0		0		10,000		21,595	Shinhan Card
25-Mar-04	Kim, Moon Han		10,000		0		0		10,000		21,595	Shinhan Card
25-Mar-04	Lee, Dong Girl		30,000		0		0		30,000		21,595	Shinhan Capital
25-Mar-04	Kim, Sahng Dae		10,000		0		0		10,000		21,595	Shinhan Capital
25-Mar-04	Oh, Seung Keun		10,000		0		0		10,000		21,595	Shinhan Capital
25-Mar-04	Shin, Beom Seong		10,000		0		0		10,000		21,595	Shinhan Credit Information
25-Mar-04	Song, Byung Kuk and other 7 officers		13,900		0		0		13,900		21,595	Shinhan Financial Group
25-Mar-04	Kam, Hong Gon and other 400 officer		582,700		0		10,600		572,100		21,595	Subsidiaries of SFG
30-Mar-05	Ra, Eung Chan		100,000		0		0		100,000		28,006	Shinhan Financial Group
30-Mar-05	Choi, Young Hwi		90,000		0		0		90,000		28,006	Shinhan Financial Group
30-Mar-05	Kim, Pyung Joo		10,000		0		0		10,000		28,006	Shinhan Financial Group
30-Mar-05	Kim, Il Sup		10,000		0		0		10,000		28,006	Shinhan Financial Group
30-Mar-05	Lee, Sang Yoon		10,000		0		0		10,000		28,006	Shinhan Financial Group
30-Mar-05	Yoon, Yoon Soo		10,000		0		0		10,000		28,006	Shinhan Financial Group
30-Mar-05	Ryoo, Shee Yul		10,000		0		0		10,000		28,006	Shinhan Financial Group
30-Mar-05	Lee, Jae Woo		20,000		0		0		20,000		28,006	Shinhan Financial Group
30-Mar-05	Hong, Chil Sun		20,000		0		0		20,000		28,006	Shinhan Financial Group
30-Mar-05	Cho, Byung Jae		20,000		0		0		20,000		28,006	Shinhan Financial Group
30-Mar-05	Lee, Baek Soon		20,000		0		0		20,000		28,006	Shinhan Financial Group
30-Mar-05	Shin, Sang Hoon		80,000		0		0		80,000		28,006	Shinhan Bank
30-Mar-05	Cho Jao Ho		20,000		0		0		20,000		28,006	Shinhan Bank
30-Mar-05	Yoon, Gwang Lim		20,000		0		0		20,000		28,006	Shinhan Bank
30-Mar-05	Han, Min Ky		20,000		0		0		20,000		28,006	Shinhan Bank
30-Mar-05	Han, Do Heui		20,000		0		0		20,000		28,006	Shinhan Bank
30-Mar-05	Suh, Jin Won		20,000		0		0		20,000		28,006	Shinhan Bank
30-Mar-05	Yang, Shin Keun		20,000		0		0		20,000		28,006	Shinhan Bank
30-Mar-05	Oh, Sang Young		20,000		0		0		20,000		28,006	Shinhan Bank
30-Mar-05	Lee, Hyu Won		20,000		0		0		20,000		28,006	Shinhan Bank
30-Mar-05	Choi, Sang Woon		20,000		0		0		20,000		28,006	Shinhan Bank
30-Mar-05	Kim, Eun Sik		20,000		0		0		20,000		28,006	Shinhan Bank
30-Mar-05	Choi, Dong Soo		80,000		0		0		80,000		28,006	Chohung Bank
30-Mar-05	Yoo, Jee Hong		20,000		0		0		20,000		28,006	Chohung Bank
30-Mar-05	Choi, Bhang Gil		20,000		0		0		20,000		28,006	Chohung Bank
30-Mar-05	Kim, Hee Soo		20,000		0		0		20,000		28,006	Chohung Bank
30-Mar-05	Chung, Kwang Yub		20,000		0		0		20,000		28,006	Chohung Bank
30-Mar-05	Chae, Hong Hee		20,000		0		0		20,000		28,006	Chohung Bank
30-Mar-05	O, Yong Uk		20,000		0		0		20,000		28,006	Chohung Bank
30-Mar-05	Chang, Jeong Woo		20,000		0		0		20,000		28,006	Chohung Bank
30-Mar-05	Kim, Jae Yoo		20,000		0		0		20,000		28,006	Chohung Bank


				Number		Number
		Number of		of		of		Number of		Exercise
	Name of the	Granted		Exercised		Options		Exercisable		Price
Grant date	Guarantee	Option ¹⁾		option		Cancelled		option		(KRW)		Positions held at

30-Mar-05	Chaey, In Joon		20,000		0		0		20,000		28,006	Chohung Bank
30-Mar-05	Moon, Chang Seong		20,000		0		0		20,000		28,006	Chohung Bank
30-Mar-05	Kim, Sung Yoon		20,000		0		0		20,000		28,006	Chohung Bank
30-Mar-05	Lee, Woo Keun		40,000		0		0		40,000		28,006	Good Morning Shinhan Securities
30-Mar-05	Lee, Kang Won		40,000		0		40,000		0		28,006	Good Morning Shinhan Securities
30-Mar-05	Lee, Sung No		15,000		0		0		15,000		28,006	Good Morning Shinhan Securities
30-Mar-05	Han, Hyeon Jae		15,000		0		0		15,000		28,006	Good Morning Shinhan Securities
30-Mar-05	Jung, Chae Young		15,000		0		0		15,000		28,006	Good Morning Shinhan Securities
30-Mar-05	Kim, Seok Joong		15,000		0		0		15,000		28,006	Good Morning Shinhan Securities
30-Mar-05	Lee, Jin Kook		15,000		0		0		15,000		28,006	Good Morning Shinhan Securities
30-Mar-05	Jung, Yoo Shin		15,000		0		0		15,000		28,006	Good Morning Shinhan Securities
30-Mar-05	Hong, Sung Kyun		40,000		0		0		40,000		28,006	Shinhan Card
30-Mar-05	Lee, Tea Kyu		15,000		0		0		15,000		28,006	Shinhan Card
30-Mar-05	Kim, Sung Won		15,000		0		0		15,000		28,006	Shinhan Card
30-Mar-05	Shim, Woo Yeop		12,000		0		0		12,000		28,006	Shinhan Card
30-Mar-05	Kim, Moon Han		12,000		0		0		12,000		28,006	Shinhan Card
30-Mar-05	Lee, Dong Girl		40,000		0		0		40,000		28,006	Shinhan Capital
30-Mar-05	Kim, Sang Dae		15,000		0		0		15,000		28,006	Shinhan Capital
30-Mar-05	Oh, Seung Keun		12,000		0		0		12,000		28,006	Shinhan Capital
30-Mar-05	Shin, Boem Seong		15,000		0		0		15,000		28,006	Shinhan Credit Information
30-Mar-05	Gweon, Jeum Joo and other 12 officers		22,000		0		0		22,000		28,006	Shinhan Financial Group
30-Mar-05	Cheon, Young Moon and other 987 officers		1,427,200		0		1,200		1,426,000		28,006	Subsidiaries of SFG

Total	—		5,881,582		346,565		63,400		5,471,617		—	—


1)		Number of options granted on May 22, 2002, and May 15, 2003 was adjusted to the current number as terms of the exercise condition were finalized.

*		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 September 30, 2005)

Total Salaries and

wages paid during 9

Average Payment per

Number of

Average length of

months of 2005

person (in mil. of

Employees

Service

(in mil. of Korean Won)

Korean Won)

Male

2 years

4,851

Female

1 year and 9months

556

Total

1 year and 11 months

5,407

5. Activities of Board of Directors and sub-committees for the year 2005

Meetings of Board of Directors


	Date	Agenda

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 - 10:00 AM, March 30, 2005 (Wend.)	Approved

		2. Remuneration levels for Directors	Approved

		- KRW 4 billion

		3. Stock option grant to executives, employees and outside directors of the Group and Subsidiaries	Approved

		- 1,196,000 shares for executive, 50,000 shares for outside directors, and up to 1,500,000 shares for employees

3	March 30, 2005	1. Appointment of Board steering Committee members - Eung Chan Ra, Young Hwi Choi, Byung Hun Park, Pyung Joo Kim, and Shee Yul Ryoo	Approved

		2. Appointment of Risk Management Committee members	Approved

		- Pyung Joo Kim, Yoon Soo Yoon, and Reynieix

		3. Decision on Director compensation level	Approved

4	May 17, 2005	1. Adoption of Code of Ethics for Finance Officers and Employees - Purpose, Application, Conduct Guideline and etc.	Approved

		2. Approval of the Volume Limit of Corporate Bond Issue for the 2^nd half of 2005	Approved

		- KRW 1,100 billion ( including USD 50 million)

		3. Adjustment of the Number of Stock Options Granted in 2003	Approved

		- The number of stock option granted was adjusted with the retirement of 31 officers and employees.

		4. Change of CEO	Approved

		- Dismissal: Mr. Young Hwi Choi, Appointment: Mr. In Ho Lee

		5. Appointment of Sub Committees Members	Approved

		- Board Steering Committee: Young Hwi Choi was dismissed and In Ho Lee was Appointed

		- Compensation Committee: Pyung Joo Kim, Il Sup Kim, Sang Yoon Lee, Yoon Soo Yoon, and Shee Yul Ryoo were appointed.

5	June 29, 2005	1. Incorporation of Shinhan Private Equity Fund No.1 into SFG’s Indirect Subsidiary - To be established in July 2005 as a subsidiary of Shinhan Private Equity	Approved

		2. Amendment of Regulations	Approved

		- Board Regulations, Management Operation Regulations, and Subsidiary Management Committee Regulations

		3. Determination of Director Remuneration	Approved

		- Amendment of Director Remuneration Plan

6	Aug. 26, 2005	1. Cancellation of Stock Option - To cancel 51,800 shares previously granted to 8 people	Approved

		2. Exclusion of e-Shinhan from Shinhan Financial Group	Approved

		- liquidation of e-Shinhan

		3. Set-up of Bank Merger Committee	Approved

		- To be launched in September or October 2005, consisting of 7 members including a chairperson

		4. Set-up of Credit Card Business Competency Enhancement Committee	Approved

		- To be launched in September or October 2005, consisting of 5 members including a chairperson

		5. Appointment of Non-Director Executive Officers	Approved

		- Mr. Byung Jae Cho (re-appointed) and Mr. Jae Woon Yoon (newly appointed)

7	Sep. 27, 2005	1. Acquisition of 100% of Shinhan Life Insurance through a Small-Scale Share Swap - To include Shinhan Life Insurance as the Group’s subsidiary through a small scale share swap by the end of December 2005	Approved


	Date	Agenda
8	Nov. 4, 2005	1. Appointment of Sub-Committee members - Board Steering Committee: Mr. Sang Yoon Lee - Risk Management Committee: Mr. Shee Yul Ryoo	Approved

Meetings of Board Steering Committee


	Date	Agenda

1	Feb. 2, 2005	1. Recommendation of Members for Outside Director Recommendation Committee - Byung Hun Park, Eung Chan Ra, Pyung Joo Kim, Dong Hyun Kwon, and Yoon Soo Yoon	Approved

2	Feb. 22, 2005	1. Recommendation of Members for Audit Committee - Il Sup Kim, Dong Hyun Kwon, Young Seok Choi, Sang Yoon Lee, and Si Jong Kim	Approved

		2. Decision of Compensation Scheme for Non-executive Directors and Outside Directors	Approved

		- Expenses required for directors’ activities and stock option grant

		3. Deliberation on Stock Option Grant to Outside Directors with Professional Expertise	Approved

		- Stock options to purchase 50,000 shares in total (10,000 shares per person)

3	May 17, 2005	1. Adoption of Code of Ethics for Finance Officers and Employees - Purpose, Application, Conduct Guidelines and etc.	Approved

		2. Recommendation of Sub Committees Members	Approved

		- Board Steering Committee: Young Hwi Choi (dismissal) and In Ho Lee (appointment)

		- Compensation Committee: Pyung Joo Kim, Il Sup Kim, Sang Yoon Lee, Yoon Soo Yoon, and Shee Yul Ryoo to be appointed

4	Aug. 26, 2005	1. Deliberation on Candidates for Non-Director Executive Officers - Candidates for Senior Executive Vice President: Byung Jae Cho(Re-appointment) and Jae Woon Yoon (New Appointment)	Approved

5	Nov. 4, 2005	1. Recommendation of Members for Sub-Committees - Board Steering Committee: Mr. Sang Yoon Lee - Risk Management Committee: Mr. Shee Yul Ryoo	Approved

Meetings of Risk Management Committee


	Date	Agenda

1	Feb 22, 2005	- Approval item: Minimum Capital Adequacy Ratio and Plan for Risk Management by each Type in 2005	Approved

		- Reporting item: 2004 Capital Adequacy Ratio of the Group and Plan for Risk Management by each Type	—

2	May 17, 2005	- Reporting item: 2005 1^st quarter Capital Adequacy Ratio of the Group and Plan for Risk Management by each Type	—

3	Sep. 5, 2005	- Reporting item: 2005 2^nd quarter Capital Adequacy Ratio of the Group and Plan for Risk Management by each Type	—

4	Nov. 6, 2005	- Approval item: Appointment of Head of Risk Management Committee (Mr. Shee Yul Ryoo)	Approved

		- Reporting item: 2005 3^rd quarter Capital Adequacy Ratio of the Group and Plan for Risk Management by each Type	—

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

Date

Agenda

Feb. 22, 2005

1. 2005 Evaluation and Compensation Scheme for the Management

Approved

2. Setting 2005 Group KPI Target and MBO of the Management

Approved

3. 2005 Stock Option Grant to the Management

Approved

Oct. 7, 2005

1. Appointment of Head of Compensation Committee (Mr. Yoon Soo Yoon)

Approved

2. Payment of Special Compensation to Retiring Non-Director Executive Officer

Approved

Meetings of Audit Committee


	Date	Agenda

1	Feb. 22, 2005	1. Audit Results for the 4^th Fiscal Year	Approved

		- Confirmation of Audit Results for the 4^th 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 Accounting Control System for the Year 2004 — The internal accounting control system is properly operated.	Approved

		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 with KPMG Samjong)

		7. Audit of Approval Items for the FY 4 General Shareholders’ Meeting	Approved

		-The approval items are appropriate.

2	Mar. 30, 2005	1. Appointment of Independent Auditors for US GAAP	Approved

		- KPMC Samjong Accounting Corp. was appointed

		2. Approval of the Group Audit Plan for 2005	Approved

3	May 17, 2005	1. Appointment of Head of Audit Committee	Approved

		- Mr. Il Sup Kim

		2. Establishment of Insider Reporting System	Approved

		- Establishing Insider Reporting System and adopting relevant regulations

		3. Rectification of Subsidiaries’ Non audit Contracts	Approved

		1) 2005 Tax Adjustment and review (Chohung Bank with KPMG Samjong)

		2) Income Tax Advisory, Tax Adjustment, and Comfort letter on Important Items of Financial Statement (Shinhan Private Equity with KPMG Samjong)

4	June 29, 2005	1. Rectification of Subsidiaries’ Non audit Contracts	Approved

		- Comfort Letters regarding the issue of bond (Shinhan Bank with KPMG Samjong)

5	Aug. 26, 2005	1. Approval of appointment and dismissal of Head of Audit & Compliance Team	Approved

		- Newly appointed Head of Audit & Compliance Team: Mr. Eui Kwon Kwak

6	Nov 6, 2005	1. Establishment of a Guideline for Subsidiaries’ Audit Planning and Operation	Approved

Meetings of Outside Director Recommendation Committee


	Date	Agenda

1	Feb.2, 2005	1. Appointment of Head of Outside Director Recommendation Committee	Approved
		- Mr. Byung Hun Park
		1. Recommendation of Outside Director Candidates	Approved
2	Feb. 16, 2005	- Outside director candidates: Byung Hun Park, Dong Hyun Kwon , Young Hoon Choi, Si Jong Kim and Philippe Reynieix (5 candidates)
		- Outside director candidates with professional expertise: Pyung Joo Kim, Il Sup Kim,
		Sang Yoon Lee, Yoon Soo Yoon, and Shee Yul Ryoo (5 candidates)

6. Market Price Information of our Common Shares and ADRs

Common Share Traded on the Korea Exchange

(in Korean Won or number of shares)


		Apr. 2005		May 2005		June 2005		July 2005		Aug. 2005		Sep. 2005

Price per share	High		27,650		25,800		27,350		31,150		32,500		37,200
	Low		25,750		24,100		25,750		27,450		29,800		31,500
Trading Volume			22,456,054		24,124,382		18,826,402		25,926,004		27,075,097		22,816,559

American Depositary Shares traded on the New York Stock Exchange

Shinhan Financial Group listed its American Depositary Shares on the New York Stock Exchange on September 16, 2003.

(in US Dollars or number of shares)


		Apr. 2005		May 2005		June 2005		July 2005		Aug. 2005		Sep. 2005

Price per share	High		55.65		53.00		54.14		60.89		63.98		72.20
	Low		50.50		48.51		51.55		52.30		58.50		61.90
Trading Volume			234,600		214,600		206,000		132,500		272,600		362,500

7. Related Party Transactions

Loans to Subsidiaries


					(As of September 30, 2005)
						Beginning			Ending
		Origination	Maturity	Funding	Lending	Balance			Balance
Borrower	Loan Type	date	date	Rate	Rate	Jan.1 2005	Increase	Decrease	Sep.30,2005

Good Morning Shinhan Securities	Loans in KRW	31-Jan-05	31-Jul-10	4.59%	5.25%	—	700	—	700
Shinhan Bank	Privately Placed Bonds	21-Dec-01	21-Mar-08	7.12%	7.42%	500	—	—	500
Shinhan Card	Loans in KRW	21-Nov-02	21-Nov-05	5.60%	5.93%	1,000	—	—	1,000
Shinhan Card	Loans in KRW	16-Dec-02	16-Dec-05	5.65%	5.95%	1,000	—	—	1,000
Shinhan Card	Loans in KRW	24-Jan-03	24-Jan-05	5.04%	5.39%	500	—	500	—
Shinhan Card	Loans in KRW	24-Jan-03	24-Jan-06	5.19%	5.50%	500	—	—	500
Shinhan Card	Loans in KRW	26-Feb-03	26-Feb-05	4.89%	5.24%	1,000	—	1,000	—
Shinhan Card	Loans in KRW	26-Feb-03	26-Feb-06	4.99%	5.29%	2,000	—	—	2,000
Shinhan Card	Loans in KRW	23-Apr-03	23-Apr-09	5.47%	6.28%	1,000	—	—	1,000
Shinhan Card	Loans in KRW	23-May-03	23-May-05	5.11%	5.45%	500	—	500	—
Shinhan Card	Loans in KRW	23-May-03	23-May-06	5.29%	5.59%	500	—	—	500
Shinhan Card	Loans in KRW	24-Jun-03	24-Jun-06	5.43%	5.73%	1,500	—	—	1,500
Shinhan Card	Loans in KRW	24-Oct-03	24-Oct-06	4.63%	4.95%	1,000	—	—	1,000
Shinhan Card	Loans in KRW	18-Mar-05	18-Mar-07	4.13%	4.49%	—	500	—	500
Shinhan Card	Loans in KRW	18-Mar-05	18-Mar-08	4.23%	4.54%	—	500	—	500
Shinhan Capital	Loans in KRW	30-Jan-02	30-Jan-05	6.69%	7.34%	300	—	300	—
Shinhan Capital	Loans in KRW	29-Mar-02	04-Apr-07	7.47%	8.12%	200	—	—	200
Shinhan Capital	Loans in KRW	29-Apr-02	29-Apr-05	6.84%	7.49%	300	—	300	—
Shinhan Capital	Loans in KRW	26-Jun-02	26-Jun-05	6.30%	6.95%	300	—	300	—
Shinhan Capital	Loans in KRW	29-Jul-02	29-Jul-07	6.30%	6.65%	200	—	—	200
Shinhan Capital	Loans in KRW	21-Nov-02	21-Nov-07	5.88%	6.18%	200	—	—	200
Shinhan Capital	Loans in KRW	16-Dec-02	16-Dec-05	5.65%	5.95%	300	—	—	300
Shinhan Capital	Loans in KRW	16-Dec-02	16-Dec-07	5.96%	6.22%	200	—	—	200
Shinhan Capital	Loans in KRW	24-Jan-03	24-Jan-06	5.19%	5.54%	200	—	—	200
Shinhan Capital	Loans in KRW	23-Apr-03	23-Apr-05	5.28%	5.65%	500	—	500	—
Shinhan Capital	Loans in KRW	23-May-03	23-May-06	5.29%	5.59%	500	—	—	500
Shinhan Capital	Loans in KRW	24-Jun-03	24-Jun-08	5.69%	5.95%	300	—	—	300
Shinhan Capital	Loans in KRW	24-Jul-03	24-Jul-06	5.55%	5.85%	300	—	—	300
Shinhan Capital	Loans in KRW	24-Jul-03	24-Jul-08	5.87%	6.13%	200	—	—	200
Shinhan Capital	Loans in KRW	24-Mar-04	24-Mar-07	4.76%	5.16%	300	—	—	300
Shinhan Capital	Loans in KRW	24-Mar-04	24-Mar-09	5.11%	5.93%	200	—	—	200
Shinhan Capital	Loans in KRW	25-Jun-04	25-Jun-09	4.93%	5.22%	500	—	—	500
Shinhan Capital	Loans in KRW	31-Jan-05	31-Jan-08	4.21%	4.58%	—	300	—	300
Shinhan Capital	Loans in KRW	18-Mar-05	18-Mar-07	4.23%	4.49%	—	500	—	500
Shinhan Capital	Loans in KRW	09-May-05	09-May-08	3.99%	4.33%	—	500	—	500
Shinhan Capital	Loans in foreign Currency	13-Mar-02	13-Mar-05	6M Libor +100bp	6M Libor +120bp	313	—	313	—
Shinhan Capital	Loans in foreign Currency	13-Sep-02	13-Sep-05	6M Libor +85bp	6M Libor +114bp	312	—	312	—


					(As of September 30, 2005)
						Beginning			Ending
		Origination	Maturity	Funding	Lending	Balance			Balance
Borrower	Loan Type	date	date	Rate	Rate	Jan.1 2005	Increase	Decrease	Sep.30,2005

Shinhan Capital	Loans in foreign Currency	30-Dec-03	30-Dec-06	3M Libor +70bp	3M Libor +90bp	313		2	311
Shinhan Capital	Loans in foreign Currency	15-Jul-04	15-Jun-07	3M Libor +70bp	3M Libor +90bp	418	—	2	416
Jeju Bank	Privately Placed Bonds	30-Jun-01	30-Mar-07	6.26%	—	31	—	—	31
Jeju Bank	Privately Placed Bonds	20-May-02	20-Jan-08	7.25%	8.14%	200	—	—	200
Total	—	—	—	—	—	17,587	3,000	4,029	16,558

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 9 months ended on September 30, 2005.

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 : November 17, 2005