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 December 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-                    .

 

 

Partial Cancelation of Stock Options

On December 8, 2008 the executive officers of Shinhan Financial Group (the “Group”) and its subsidiaries have signed an agreement in which they agree to voluntarily cancel 85,840 of stock options that were granted to them in 2008.

Following the cancellation, the total number of stock options outstanding decreased to 7,167,204 shares as of December 8, 2008.

The followings are the details of the cancelled stock options:

<Cancellation of granted stock options>

Company		Name		Position		Canceled Stock Options
Shinhan Financial Group		Eung Chan Ra		Chairman of the Board of Directors			16,500
		In Ho Lee		President and Chief Executive Officer			14,850
		Baek Soon Lee		Deputy President			1,100
		Buhmsoo Choi		Deputy President			1,100
		Sung Ho Wi		Deputy President			825
Shinhan Bank		Sang Hoon Shin		President & CEO			13,200
		Hyu Won Lee		Deputy President			1,100
		Nam Lee		Deputy President			1,100
		Chang Kee Hur		Deputy President			1,100
		Jeum Joo Gweon		Deputy President			1,100
		Sung Woo Kim		Deputy President			1,000
		Hak Joo Kim		Deputy President			1,000
		Joo Won Park		Deputy President			1,000
		Chan Park		Executive Vice President			825
		Jung Won Lee		Executive Vice President			825
		Chan Hee Jin		Executive Vice President			825
		Hyung Jin Kim		Executive Vice President			750
		Young Hoon Lee		Executive Vice President			750
Shinhan Card		Jae Woo Lee		President			4,400
		Hong Kyu Kang		Deputy CEO			825
		Doo Hwan Jun		Deputy CEO			825
		Soo Ik Park		Deputy CEO			750
		Hee Geon Kim		Deputy CEO			825
Good Morning Shinhan Securities		Dong Girl Lee		President & CEO			4,000
		Jin Kook Lee		Vice President			825
		Seung Hee Hyun		Vice President			750
Shinhan Life Insurance		Jin Won Suh		CEO			4,400
		Byung Chan Lee		Deputy President			825
		Keun Jong Lee		Deputy President			825
		Jung Kun Lee		Deputy President			750
		Ki Won Kim		Deputy President			660
Shinhan Captial		Do Heui Han		CEO			3,600
		Seung Keun Oh		Deputy President			720
		Jun Ki Eun		Deputy President			660
		Yung Sub Hwang		Executive Vice President			500
Shinhan Credit Information		Pan Am Lee		CEO			750
Total							85,840

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.

Date : December 8, 2008