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

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 2007 3Q Business Report

On November 14, 2007, Shinhan Financial Group (“SFG”) filed the 2007 3Q 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. Activities of Board of Directors and Sub-committees

6. Market Price Information of Our Common Shares and ADRs

7. Related Party Transactions

EX-99 INDEPENDENT ACCOUNTANT'S REVIEW REPORT

Exhibit 99

Independent Accountant’s Review Report (Non Consolidated Financial Statements) of Shinhan Financial Group as of September 30, 2007

1. Introduction of the Group

Company History in 2007

	•		March 2007: LG Card joined Shinhan Financial Group as subsidiary
	•		July 2007: Good Morning Shinhan Securities Asia Ltd., an overseas subsidiary of Good Morning Shinhan Securities, joined Shinhan Financial Group as indirect subsidiary
	•		August 2007: Shinhan Khmer Bank Limited joined Shinhan Financial Group as indirect subsidiary
	•		September 2007: LG Card became a wholly-owned subsidiary of Shinhan Financial Group through a small-scale share swap
	•		October 2007: The integrated Shinhan Card was launched

Principal Subsidiaries under Korean Law as of September 30, 2007

Direct Subsidiaries

Subsidiaries		Ownership by SFG
Shinhan Bank			100.0	%
LG Card 1)			100.0	%
Good Morning Shinhan Securities			100.0	%
Shinhan Life Insurance			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	%
Shinhan Macquarie Financial Advisory			51.0	%
Shinhan Credit Information			100.0	%
Shinhan Private Equity			100.0	%

Indirect subsidiaries held through direct subsidiaries

(As of September 30, 2007)

				Ownership by
Direct Subsidiaries		Indirect Subsidiaries		the Parent

				Ownership by
Direct Subsidiaries		Indirect Subsidiaries		the Parent
Shinhan Bank		Shinhan Data System			100.00	%
		Shinhan Finance Ltd.(Hong Kong)1)			100.00	%
		SH Asset Management			99.97	%
		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 1st Securitization			50.00	%
		CHB Valuemeet 2001 year 2nd Securitization			50.00	%
		CHB Valuemeet 2002 year 1st Securitization			50.00	%
		Shinhan Khmer Bank 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 1st			5.00	%2)

Number of Shares by Type

Number of issued and outstanding shares of the Group as of September 30, 2007

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)

ESOA Share Ownership per company

(As of September 30, 2007, Unit: shares)

Company		Association Accounts				Employee Accounts				Total Balance
Shinhan Financial Group			26,302				33,387				59,689
Shinhan Bank			1,198,512				3,646,354				4,844,866
Good Morning Shinhan Securities			—				20,280				20,280
Shinhan Capital			11,560				40,913				52,473
Shinhan Card			—				74,898				74,898
Shinhan Life Insurance			—				53,355				53,355
SH&C Life Insurance			—				947				947
Shinhan Credit Information			—				1,074				1,074
Shinhan Data System			—				2,457				2,457
Total			1,236,374				3,873,665				5,110,039

2. Business Results

Operational Results

(KRW million)

		2007 3Q				2006				2005
		(Jan.1~Sept. 30)				(Jan.1~Dec.31)				(Jan.1~Dec.31)
Operating Revenue			2,425,905				2,003,752				1,718,950
Gain using the equity method of accounting			2,326,312				1,917,268				1,618,314
Interest income			99,501				79,151				95,812
Gain on Foreign Currency Transaction			92				5,838				3,451
Other income			—				1,495				1,373
Operating Expense			277,020				182,889				158,321
Loss using the equity method of accounting			458				—				1,047
Interest Expense			233,803				129,644				114,544
Loss on Foreign Currency Transaction			93				5,838				3,449
Commission Expense			111				269				124
SG&A Expense			42,555				47,138				39,157
Operating Income			2,148,885				1,820,863				1,560,629

Source and Use of Funds

Source of Funds

(KRW million)

		2007 3Q								2006								2005
		(Jan.1~Sept. 30)								(Jan.1~Dec.31)								(Jan.1~Dec.31)
		Average				Ratio				Average				Ratio				Average				Ratio
		Balance 1)				(%)				Balance 1)				(%)				Balance 1)				(%)
Stockholders’ Equity			14,480,025				72.43				10,376,235				76.70				8,463,137				77.35
Capital Stock			2,316,523				11.59				2,170,758				16.05				2,100,646				19.20
Capital Surplus			6,624,908				33.14				4,360,100				32.23				3,846,957				35.16
Capital Adjustment			26,009				0.13				25,520				0.19				11,475				0.10
Comprehensive Income			1,445,521				7.23				840,704				6.21				345,178				3.16
Retained Earnings			4,067,064				20.34				2,979,153				22.02				2,158,881				19.73
Liabilities			5,510,610				27.57				3,152,497				23.30				2,477,425				22.65
Borrowings			5,318,560				26.61				2,769,824				20.47				2,230,681				20.39
Other liabilities			192,050				0.96				382,673				2.83				246,744				2.26
Total			19,990,635				100.00				13,528,732				100.00				10,940,562				100.00

Use of Funds

(KRW million)

		2007 3Q								2006								2005
		(Jan.1~Sept. 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			18,051,566				90.30				11,646,253				86.09				9,060,179				82.82
Shinhan Bank			10,358,417				51.82				8,997,565				66.50				7,591,397				69.39
LG Card			4,353,650				21.78				—				—				—				—
Shinhan Card			922,250				4.61				639,038				4.72				197,754				1.81
Good Morning Shinhan Securities			1,286,399				6.44				943,203				6.97				867,403				7.93
Shinhan Life Insurance			801,568				4.01				768,599				5.68				147,558				1.35
Shinhan Capital			192,031				0.96				170,264				1.26				139,108				1.27
Jeju Bank			72,692				0.36				66,809				0.49				57,606				0.53
Shinhan Credit Information			10,706				0.05				9,179				0.07				8,198				0.07
Shinhan Private Equity			9,476				0.05				8,987				0.07				9,300				0.09
Shinhan BNP Paribas ITMC			25,212				0.13				24,152				0.18				23,139				0.21
SH&C Life Insurance			18,325				0.09				17,322				0.13				14,879				0.14
Shinhan Macquarie FA			840				0.00				1,135				0.01				1,641				0.01
E-Shinhan			—				—				—				—				2,197				0.02
Loans			1,175,504				5.88				1,299,633				9.61				1,667,537				15.24
Fixed Assets			721				0.00				959				0.01				1,296				0.01
Cash Deposit in bank			588,538				2.94				422,201				3.12				177,313				1.62
Other Assets			174,306				0.87				159,686				1.18				34,237				0.31
Total			19,990,635				100.00				13,528,732				100.00				10,940,562				100.00

Other Financial Information

Group BIS Ratio

(KRW million)

		2007 3Q (E)
Aggregate Amount of Equity Capital (A)			17,208,457
Risk-Weighted Assets (B)			156,389,362
BIS Ratio (A/B) 1)			11.00	%

Won Liquidity Ratio

(KRW million)

		2007 3Q				2006				2005
Won Assets due within 3 months (A)			544,195				605,415				341,547
Won Liabilities due within 3 months (B)			529,720				248,661				332,746
Won Liquidity Ratio (A/B) 1)			102.73	%			243.47	%			102.65	%

Liabilities to Equity Ratio

(KRW million)

		2007 3Q				2006				2005
Liabilities (A)			3,061,396				3,642,105				2,325,114
Equity (B)			10,897,232				11,361,526				10,137,017
Liabilities to Equity Ratio (A/B)			28.09	%			32.06	%			22.94	%

Capital Adequacy Ratio and Other Ratios of Certain Subsidiaries

(1) BIS Capital Adequacy Ratio (%) ¹⁾

		2007 3Q					2006				2005
Shinhan Bank 2)			12.57				12.01				10.94
Jeju Bank			10.90				11.26				11.71

(2) Net Capital Ratio (%)

		Sept 30 2007				Mar.31 2007				Mar.31 2006
Good Morning Shinhan Securities			511.99				451.69				558.60

(3) Solvency Margin Ratio (%)

		Sept. 30 2007				Mar.31 2007				Mar.31 2006
Shinhan Life Insurance			230.09				224.7				230.8

(4) Adjusted Equity Capital Ratio (%)

		2007 3Q					2006				2005
LG Card			34.01				34.25				25.55
Shinhan Card			15.72				17.47				17.68

Non- Performing Loans of Certain Subsidiaries ¹⁾

(1) Non- Performing Loans

(KRW million)

		Sept. 30,2007								Dec.31.2006								Dec.31. 2005
		Balance of				NPL to total				Balance of				NPL to total				Balance of				NPL to total
		NPL				Loans (%)				NPL				Loans (%)				NPL				Loans (%)
Shinhan Bank 2)			863,675				0.67				729,655				0.62				531,349				1.15
Jeju Bank			17,230				0.85				13,120				0.74				16,287				1.15
LG Card 3)			384,178				3.96				493,236				6.05				544,705				8.22
Shinhan Card 3)			67,389				1.91				111,770				3.50				33,420				2.71

Sept. 30,2007

March 31, 2007

March 31, 2006

Balance of

NPL to total

Balance of

NPL to total

Balance of

NPL to total

NPL

Loans (%)

NPL

Loans (%)

NPL

Loans (%)

GMS Securities 3)

26,732

2.37

25,888

2.54

26,943

5.68

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

(KRW million)

										Jan. 1, 2007~				Jan. 1, 2006~				Jan. 1, 2005~
										Sept 30, 2007				Dec. 31, 2006				Dec. 31, 2005
Shinhan Bank		Loan Loss				Domestic					2,065,429				1,911,843				905,000
		Allowance				Overseas					65,917				59,758				27,600
						Total					2,131,346				1,971,601				932,600
		Write-offs									151,998				160,636				571,500
Jeju Bank		Loan Loss				Domestic					31,508				26,313				25,329
		Allowance				Overseas					—				—				—
						Total					31,508				26,313				25,329
		Write-offs									9,078				8,325				19,145
LG Card		Loan Loss				Domestic					674,023				894,173				911,739
		Allowance				Overseas					—				—				—
						Total					674,023				894,173				911,739
		Write-offs									349,503				533,403				1,528,629
Shinhan Card		Loan Loss				Domestic					142,480				148,724				46,269
		Allowance				Overseas					—				—				—
						Total					142,480				148,724				46,269
		Write-offs									92,564				179,351				117,583

										Apr. 1, 2007~				Apr. 1, 2006~				Apr. 1, 2005~
										Sept. 30, 2007				Mar. 31, 2007				Mar. 31, 2006
GM Shinhan Securities		Loan Loss Allowance				Domestic					34,647				30,776				28,900
						Overseas					—				—				—
						Total					34,647				30,776				28,900
		Write-offs									—				1,117				2,300

3. Independent Auditor

Audit Opinion for the last 3 years

2007 3Q

FY 2006

FY 2005

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 mil.)		Details		Working hours
2007 3Q		KPMG Samjong Accounting Corp.		341 (annual)		Review/Audit of Financial Statements		2,465 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		3,150 hours
2005		KPMG Samjong Accounting Corp.		288		Review/Audit of Financial Statements		3,073 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 Head		3 years starting from March 20, 2007
In Ho Lee		Nov. 2, 1943		President & CEO Board Steering Committee member		2 years starting from March 20, 2007

2) Non-Executive Directors

     Currently, 13 non-executive directors are in office, of which 12 members are outside directors, nominated by our Outside Director Recommendation Committee and appointed pursuant to the approval of general shareholders’ meeting on March 20, 2007.

     Our non-executive directors are as follows:

				Outside
Name		Date of Birth		Director		Sub-Committees		Service Term
Sang Hoon Shin		July 1, 1948		X		—		1 year starting from March 20, 2007
Si Jong Kim		Apr. 16, 1937		O		—		1 year starting from March 20, 2007
Young Woo Kim		May 1, 1952		O		Audit Committee member		1 year starting from March 20, 2007
Byung Hun Park		Sept. 10, 1928		O		Board Steering Committee member		1 year starting from March 20, 2007
Yong Woong Yang		Aug. 4, 1948		O		—		1 year starting from March 20, 2007
Haeng Nam Chung		Mar. 15.1941		O		—		1 year starting from March 20, 2007
Young Hoon Choi		Nov. 8, 1928		O		—		1 year starting from March 20, 2007
Philippe Reynieix		Jun. 24, 1949		O		Risk Management Committee member		1 year starting from March 20, 2007
Pyung Joo Kim		Feb. 6, 1939		O		Board Steering Committee member Risk Management Committee Head Compensation Committee member		1 year starting from March 20, 2007
Shee Yul Ryoo		Sept. 5, 1938		O		Board Steering Committee member Risk Management Committee member Compensation Committee Head		1 year starting from March 20, 2007
Yoon Soo Yoon		Mar. 5, 1946		O		Audit Committee member Compensation Committee member		1 year starting from March 20, 2007
Sang Yoon Lee		Sept. 13, 1942		O		Audit Committee member Compensation Committee member		1 year starting from March 20, 2007
Sung Bin Chun		Jan. 21, 1953		O		Audit Committee Head Compensation Committee member		1 year starting from March 20, 2007

     For personal profiles of the outside directors, please refer to our Form 6-K filed on February 21, 2007.

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		July 22, 1951		Deputy President		Synergy Management Team, Information & Technology Planning Team, Risk Management Team, Audit & Compliance Team
Buhmsoo Choi		August 8, 1956		Deputy President and Chief Financial Officer		Finance Management Team, Investor Relations Team, Strategic Planning Team

Stock Options (as of November 6, 2007)

				Number of Changes
				No. of				No. of Exercised				No. of Cancelled				No. of Exercisable
Guarantee				Granted Options				Options				Options				Options
Granted in 2002		Management, Head of Department			864,576				551,825				0				312,751
Granted in 2003		Management, Head of Department			1,020,416				566,261				11,600				442,555
Granted in 2004		Management, Head of Department			1,258,923				511,884				15,200				731,839
Granted in 2005		Management, Head of Department, Outside Directors			2,620,331				0				251,300				2,369,031
Granted in 2006		Management, Head of Department, Outside Directors			3,296,200				0				166,800				3,129,400
Granted in 2007		Management, Head of Department, Outside Directors			1,301,050				0				7,500				1,293,550
Total					10,361,496				1,629,970				452,400				8,279,126

Employees

(As of Sept. 30, 2007)

						Total Salaries and wages		Average Payment
		Number of				paid in recent 9 months		per person
		Employees		Average length of Service		(KRW million)		(KRW million)
Male		85		2yrs 5mths		5,911		70
Female		15		3yrs 2mths		443		30
Total		100		2yrs 9mths		6,354		64

5. Activities of Board of Directors and sub-committees during 2007 3Q

1) Meetings of Board of Directors

Date		Agenda
Aug. 28, 2007		1. Incorporation of Shinhan PE’s new Private Equity Fund as SFG’s Indirect Subsidiary		Approved
		— Inclusion of Shinhan Private Equity‘s PEF as SFG’s indirect subsidiary, following its establishment
		2. Corporate Bond Issuance		Approved
		— 44th issue of corporate bond to provide working capital to Shinhan Card and secure operating capital for SFG.
		3. Cancellation of Stock Option Grant		Approved
		— Cancellation of stock options granted to those who retired from or left one’s company voluntarily or retired from or left the company for reasons attributable to themselves within 2 years of the grant
		4. Appointment of Non-Director Executives		Approved
		— Appointment of Deputy President (Baek Soon Lee, Jae Woon Yoon)
Oct. 30, 2007		1. Sixth Amendment to the Guidelines on Personal Credit Data Provision and Use		Approved
		— Elimination of LG Card from a list of companies subject to provision and use of personal credit data within the Group poses a need to amend relevant provisions in the “Guidelines on Personal Credit Data Provision and Use”
		2. Corporate Bond Issuance		Approved
		— 45th and 46th corporate bond issuance to provide operating capital support to Shinhan Card and Shinhan Capital

2) Board Steering Committee

Date		Agenda
Aug. 28, 2007		1. Appointment of Non-Director Executives Candidates — Appointment of Deputy President (Baek Soon Lee, Jae Woon Yoon)		Approved

3) Risk Management Committee

Date		Agenda
Aug. 28, 2007		1. Alterations of Shinhan Bank’s risk limits by type for 2007		Approved
		Reporting item: 2007 2Q Group’s Capital Adequacy Ratio and Risk Limit maintenance status

4) Meetings of Audit Committee

Date		Agenda
Aug. 28, 2007		1. Service fees relating to 2007 US GAAP audit and attestations for Internal Control over Financial Reporting		Approved
		— Approval on service fee amount
		2. Ratification of the Company and its subsidiaries’ Audit and Non-audit Contracts		Approved
		— Engagement contract of independent auditor
		: Shinhan BNPP ITMC, SH&C Life Insurance, Shinhan Macquarie Financial Advisory
		— Corporate Tax settlement service contract:
		: SFG, GMSH Securities, Shinhan Capital, Jeju Bank, SH Asset Mgmt., Shinhan PE
		— Hong Kong branch, Shinhan Bank : Corporate tax reporting service contract
		— SH&C Life Insurance : 2007 Audit contract of special account
		— GMSH Securities’ overseas subsidiary in Hong Kong : 2007 Audit contract

5) Compensation Committee

Date		Agenda
Sept. 12, 2007		1. Re-establishment of executive MBO for 2007		Approved

6. Market Price Information of our Common Shares and ADRs

Common Share Traded on the Korea Exchange

(KRW, number of shares)

						Apr. 2007				May 2007				June 2007				July 2007				Aug. 2007				Sept. 2007
Price per share		High					56,600				57,300				59,200				66,200				60,800				60,300
		Low					52,100				50,600				54,600				56,300				52,800				53,400
Trading Volume							27,055,056				34,202,457				46,235,370				34,082,039				34,467,487				22,284,348

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.

(USD, number of shares)

						Apr. 2007				May 2007				June 2007				July 2007				Aug. 2007				Sept. 2007
Price per share		High					122.75				123.06				129.90				148.29				132.80				131.68
		Low					112.16				110.08				119.49				124.50				113.10				114.49
Trading Volume							511,500				477,100				632,600				849,200				972,500				722,600

7. Related Party Transactions

Loans to Subsidiaries

(As of Sept. 30, 2007, Unit: KRW 100 million)

Subsidiary		Loan Type		Origination Date		Maturity Date		Funding Rate				Lending Rate				Beginning Balance				Increase				Decrease				Ending Balance
Shinhan Capital		Loans in KRW		2002-03-29		2007-04-04			7.47	%			8.12	%			200				—				200				—
Shinhan Capital		Loans in KRW		2002-07-29		2007-07-29			6.30	%			6.65	%			200				—				200				—
Shinhan Capital		Loans in KRW		2002-11-21		2007-11-21			5.88	%			6.18	%			200				—				—				200
Shinhan Capital		Loans in KRW		2002-12-16		2007-12-16			5.96	%			6.22	%			200				—				—				200
Shinhan Card		Loans in KRW		2003-04-23		2009-04-23			5.47	%			6.28	%			1,000				—				—				1,000
Shinhan Capital		Loans in KRW		2003-06-24		2008-06-24			5.69	%			5.95	%			300				—				—				300
Shinhan Capital		Loans in KRW		2003-07-24		2008-07-24			5.87	%			6.13	%			200				—				—				200
Shinhan Capital		Loans in KRW		2004-03-24		2009-03-24			5.11	%			5.93	%			200				—				—				200
Shinhan Capital		Loans in KRW		2004-03-24		2007-03-24			4.76	%			5.16	%			300				—				300				—
Shinhan Capital		Loans in KRW		2004-06-25		2009-06-25			0.0493				0.0522				500				—				—				500
Shinhan Capital		Loans in Foreign Currency		2004-07-15		2007-06-15		3M Libor + 0.70%				3M Libor + 0.90%					372				—				372				—
Shinhan Capital		Loans in KRW		2005-01-31		2008-01-31			4.21	%			4.58	%			300				—				—				300
GMSH Securities		Loans in KRW		2005-01-31		2010-07-31			4.59	%			5.25	%			700				—				—				700
Shinhan Card		Loans in KRW		2005-03-18		2007-03-18			4.13	%			4.49	%			500				—				500				—
Shinhan Card		Loans in KRW		2005-03-18		2008-03-18			4.23	%			4.54	%			500				—				—				500
Shinhan Capital		Loans in KRW		2005-03-18		2007-03-18			4.23	%			4.49	%			500				—				500				—
Shinhan Capital		Loans in KRW		2005-05-09		2008-05-09			3.99	%			4.33	%			500				—				—				500
Shinhan Capital		Loans in KRW		2005-12-16		2008-12-16			5.48	%			5.67	%			400				—				—				400
Shinhan Card		Loans in KRW		2006-01-24		2009-01-24			5.24	%			5.41	%			500				—				—				500
Shinhan Capital		Loans in KRW		2006-01-24		2009-01-24			5.24	%			5.41	%			500				—				—				500
Shinhan Card		Loans in KRW		2006-02-27		2009-02-27			5.07	%			5.23	%			1000				—				—				1,000
Shinhan Card		Loans in KRW		2006-04-24		2009-04-24			5.09	%			5.22	%			1000				—				—				1,000
GMSH Securities		Loans in KRW		2006-07-31		2012-01-31			5.16	%			5.64	%			1000				—				—				1,000
Shinhan Capital		Loans in KRW		2006-09-26		2011-09-26			4.91	%			4.99	%			500				—				—				500
Shinhan Capital		Loans in Foreign Currency		2006-12-29		2009-12-29		3ML+0.25%				3ML+0.38%					279				—				279				—
Shinhan Capital		Loans in KRW		2007-03-23		2012-03-23			5.28	%			5.48	%			—				500				—				500
Shinhan Capital		Loans in KRW		2007-04-13		2010-04-13			5.24	%			5.38	%			—				500				—				500
Shinhan Capital		Loans in KRW		2007-06-08		2012-06-08			5.54	%			5.95	%			—				500				—				500
Shinhan Private Equity		Loans in KRW		2007-06-28		2008-06-27			5.31	%			5.51	%			—				50				—				50
Shinhan Card		Loans in KRW		2007-09-27		2010-09-27			5.91	%			6.05	%			—				1,000				—				1,000
																	11,851				2,550				2,351				12,050

Exhibit 99 Independent Accountant’s Review Report (Non Consolidated Financial Statements) of Shinhan Financial Group as of Sept. 30, 2007

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.