Edgar Filing: SHINHAN FINANCIAL GROUP CO LTD

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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 March 2011

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

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 þ

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

Summary of 1Q 2011 Business Report

On May 30, 2011, Shinhan Financial Group (“SFG”) filed its 1Q 2011 Business Report (the “Business Report”) with the Financial Supervisory Service of the Republic of Korea (“Korea”) pursuant to the Financial Investment Services and Capital Market 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 International Financial Reporting Standards.

Table of Contents


1. Introduction of the Group			3
2. Business Results			6
3. Independent Auditor			14
4. Directors, Executive Officers and Employees			15
5. Major Shareholder and Market Price Information of Our Common Shares and ADRs			17
6. Related Party Transactions			18
EX-99.1
EX-99.2

Exhibit 99-1

Independent Auditor’s Review Report (Separate Financial Statements) of Shinhan Financial Group as of March 31, 2011

Exhibit 99-2

Independent Auditor’s Review Report (Consolidated Financial Statements) of Shinhan Financial Group and subsidiaries as of March 31, 2011

1. Introduction of the Group

Company History in 2009 through 2011

	§		January 2009: Shinhan BNP Paribas Asset Management launched through the merger of Shinhan BNP Paribas ITMC and SH Asset Management

	§		June 2009 : SH&C separated from SFG after SFG consummated share transfers of SH&C

	§		Sep. 2009 : SBJ became an indirect subsidiary of SFG

	§		Oct. 2009 : Shinhan Vietnam Bank became an indirect subsidiary of SFG

	§		Nov. 2009 : Liquidated Shinhan Finance Ltd. , an indirect subsidiary of SFG

	§		Dec. 2009 : Shinhan Capital Petra PEF became an indirect subsidiary of SFG

	§		Jan. 2010 : Shinhan Data System became a subsidiary of SFG

	§		June 2010 : CHB Valuemeet 2001 First SPC was disaffiliated from SFG

	§		June 2010 : CHB Valuemeet 2001 Second SPC and CHB Valuemeet 2002 First SPC were disaffiliated from SFG

	§		Aug. 2010 : Shinhan Macquarie Financial Advisory was disaffiliated from SFG

	§		Oct. 2010 : Shinhan Maritime Private Equity Fund I became a subsidiary of SFG

	§		Dec. 2010 : KOFC Shinhan Frontier Champ 2010-4 PEF Investment Corp. became an indirect subsidiary of SFG

	§		Feb. 2011 : Shinhan BNP Paribas Asset Management (Hong Kong) Limited became an indirect subsidiary of SFG

Change in Management

On March 23, 2011 the Board of Directors of Shinhan Financial Group appointed
Mr. Dong Woo Han as Chairman and CEO of the Group and Mr. Hoon Namkoong as the Chairman of
the Board of Directors.

Principal Subsidiaries under Korean Law (as of March 31, 2011)

Direct Subsidiaries


Subsidiaries	Ownership by SFG
Shinhan Bank		100.0	%
Shinhan Card		100.0	%
Shinhan Investment Corp.		100.0	%
Shinhan Life Insurance		100.0	%
Shinhan Capital		100.0	%
Jeju Bank ¹⁾		68.9	%
Shinhan BNP Paribas Asset Management		65.0	%
Shinhan Data System		100.0	%
Shinhan Credit Information		100.0	%
Shinhan Private Equity		100.0	%
SHC Management		100.0	%


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

Indirect subsidiaries held through direct subsidiaries


		Ownership by the
Direct Subsidiaries	Indirect Subsidiaries	Parent
Shinhan Bank	Shinhan Asia Limited		100.0	%
	Shinhan Bank America		100.0	%
	Shinhan Bank Europe		100.0	%
	Shinhan Vina Bank		50.0	%
	Shinhan Khmer Bank Limited		90.0	%
	Shinhan Bank Kazakhstan		100.0	%
	Shinhan Bank China Limited		100.0	%
	Shinhan AITAS		89.6	%
	Shinhan Bank Canada		100.0	%
	Shinhan Bank Japan		100.0	%
	Shinhan Vietnam Bank		100.0	%

Shinhan Card	Shinhan-KT Mobile Card		50.0	%

Shinhan Investment Corp.	Shinhan Investment Corporation Europe Ltd.		100.0	%
	Shinhan Investment Corporation USA Inc.		100.0	%
	Shinhan Investment Corporation Asia Ltd.		100.0	%
	Shinhan Maritime Private Equity Fund I		7.1	%
	KOFC Shinhan Frontier Champ 2010-4 PEF Investment Corp ³⁾		8.5	%

Shinhan Capital	PETRA PEF		23.8	%

Shinhan BNP Paribas Asset Management	Shinhan BNP Paribas Asset Management (Hong Kong) Limited		100.0	%

Shinhan Private Equity	Shinhan NPS Private Equity Fund 1st		5.0	% 1)
	Shinhan Private Equity Fund 2nd		2.2	% 2)


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

2)		Shinhan Financial Group and its subsidiaries currently own 32.6% of Shinhan Private Equity Fund 2nd.

3)		Shinhan Capital currently owns 6.5% of KOFC Shinhan Frontier Champ 2010-4 PEF Investment Corp.

Number of Shares (as of March 31, 2011)


Types of Shares	Number of Shares
Common Shares		474,199,587
Redeemable Preferred Shares		28,990,000
Redeemable Convertible Preferred Shares		14,721,000

Total		517,910,587


Note)		On April 2011, a total of 11,100,000 shares of 12^th series Redeemable Preferred Shares were issued through a 3^rd party assignment. Please refer to the Form 6-K filed on April 7, 2011 for detail of the terms and conditions of these shares.

2. Business Results


Operation Results		(KRW billion)


	2011		2010
	(Jan.1~Mar.31)		(Jan.1~Mar.31)
Operating income		1,257.2		1,263.8
Equity in income(loss) of equity method accounted investments		12.8		1.7
Earnings before income tax		1,270.1		1,265.5
Income taxes		301.7		303.4
Consolidated net income		968.4		962.1
Net income in majority interest		924.3		917.5
Net income in minority interest		44.0		44.6


F		Some of the totals may not sum due to rounding.

Source and Use of Funds

Source of Funds


		2011								2010
		Jan. 1 ~ Mar. 31								Jan. 1 ~ Mar. 31
								Interest								Interest
		Average		Ratio		Interest		Rate		Average		Ratio		Interest		Rate
(In KRW billion, %)		Balance		(%)		Paid		(%)		Balance		(%)		Paid		(%)
Source	Deposits		152,252		61.87		948		2.49		147,400		62.40		999		2.71
	Borrowings		18,610		7.56		96		2.07		17,020		7.21		77		1.80
	Debentures		39,928		16.22		465		4.66		40,600		17.19		520		5.12
	Other Liabilities		35,307		14.35		—		—		31,190		13.20		—		—
	Total Liabilities		246,098		100.00		—		—		236,209		100.00		—		—
	Stockholder’s Equity		27,385		—		—		—		25,026		—		—		—

Use	Currency & Due from Banks		14,135		5.17		57		1.60		14,670		5.62		42		1.14
	Loans		182,290		66.65		2,662		5.84		170,003		65.08		2,600		6.12
	Loan in KRW		139,783		51.11		1,927		5.51		133,991		51.29		1,904		5.68
	Loan in Foreign Currency		9,058		3.31		90		3.99		8,252		3.16		90		4.34
	Credit Card Accounts		17,466		6.39		462		10.57		15,541		5.95		418		10.75
	Others		15,982		5.84		183		4.59		12,220		4.68		189		6.18
	HTM Assets		12,563		4.59		163		5.20		13,134		5.03		173		5.27
	Other Assets		64,496		23.58		—		—		63,429		24.28		—		—
	Total Assets		273,483		100.00		—		—		261,236		100.00		—		—


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

Other Financial Information

Financial information for Mar.31, 2011 contained in this section are provisional figures.



*Group BIS Ratio*		(KRW billion)


	Mar. 31, 2011			Dec. 31, 2010
Aggregate Amount of Equity Capital (A)		24,162.5			23,369.7
Risk-Weighted Assets (B)		187,928.8			188,785.7
BIS Ratio (A/B) ¹⁾		12.86	%		12.38	%


1)		In accordance with the amendments in the Financial Holding Company Guidelines of the Financial Service Commission (“FSC”), the Group BIS Ratio under BASEL I is used as an index for measuring capital adequacy.

2)		BIS ratio for Dec. 31, 2010 based on K GAAP is 12.77%



*Won Liquidity Ratio*		(KRW billion)


	Mar. 31, 2011			Dec. 31, 2010
Won Assets due within 1 months (A)		2,084.9			972.6
Won Liabilities due within 1 months (B)		651.2			246.0
Won Liquidity Ratio (A/B)		320.18	%		395.31	%



*Liabilities to Equity Ratio*		(KRW billion)


	Mar. 31, 2011			Dec. 31, 2010
Liabilities (A)		7,802.7			6,907.6
Equity (B)		21,217.4			20,753.0
Liabilities to Equity Ratio (A/B)		36.77	%		33.29	%

Capital Adequacy Ratio and Other Ratios of Major Subsidiaries

(1) BIS Capital Adequacy Ratio (%) ¹⁾


	Mar. 31, 2011		Dec. 31, 2010
Shinhan Bank ²⁾		15.49		15.47
Jeju Bank		12.76		13.40


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%. Basel II FIRB Approach was applied in calculating BIS Capital Adequacy Ratios

2)		BIS ratio for Dec. 31, 2010 based on K GAAP is 15.93%

(2) Adjusted Equity Capital Ratio (%)


	Dec. 31, 2010		Dec. 31, 2010
Shinhan Card		24.20		25.18
Shinhan Capital		14.06		14.23


1)		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. Under these guidelines, Shinhan Card and Shinhan Capital are required to maintain a minimum adjusted equity capital ratio of 8%.

(3) Net Capital Ratio (%)


	Mar. 31, 2011		Dec. 31, 2010
Shinhan Investment Corp.		610.24		658.31
Shinhan BNP Paribas Asset Management		740.40		708.31


*		Net Capital Ratio is computed in accordance with the guidelines issued by the FSC. Under these guidelines, Shinhan Investment Corporation is required to maintain a minimum net capital ratio of 100%.

(4) Solvency Margin Ratio (%)


	Mar. 31, 2011		Dec. 31, 2010
Shinhan Life Insurance		361.42		397.93


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

(6) Liability to Equity Ratio (%)


	Mar. 31, 2011		Dec. 31, 2010
Shinhan Private Equity		233.3		216.2

Non- Performing Loans of Certain Subsidiaries ¹⁾



(1) Non- Performing Loans		(KRW billion)


	Mar. 31, 2011				Dec. 31, 2010
	Balance of		NPL to total		Balance of		NPL to total
	NPL		Loans (%)		NPL		Loans (%)
Shinhan Bank ¹⁾		1,630.3		1.04		1,410.0		0.91
Jeju Bank¹⁾		35.7		1.61		28.5		1.28
Shinhan Card ²⁾		316.6		1.59		325.9		1.60
Shinhan Investment ²⁾		132.7		11.28		186.9		16.27
Shinhan Life Insurance		5.9		0.23		6.0		0.24
Shinhan Capital		82.1		2.63		76.5		2.39


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 Shinhan Investment, and Shinhan Card includes loans classified as “substandard,” “doubtful,” and “estimated loss.”

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

(KRW billion)


		Jan. 1, 2011~		Jan. 1, 2010~
		Mar. 31, 2011		Dec. 31, 2010
Shinhan Bank	Allowance for Possible Loan Losses		1,912.6		1,805.1
	Allowance for losses on guarantees and acceptances		163.0		208.7
	Allowance for unused credit committments		86.9		85.8
	Other Allowances		104.8		111.8
	Allowance for Valuation of Bonds		1.1		1.0
	Total		2,268.2		2,212.4
	Write-offs		89.4		709.8
Jeju Bank	Allowance for Possible Loan Losses		39.6		39.7
	Allowance for losses on guarantees and acceptances		0.1		0.2
	Allowance for unused credit committments		1.7		1.7
	Other Allowances		0		0
	Total		41.4		41.6
	Write-offs		0.3		10.6
Shinhan Card	Allowance for Possible Loan Losses		675.4		703.8
	Allowance for reward on credit card use		23.8		25.2
	Allowance for unused credit committments		362.1		367.5
	Other Allowances		8.9		8.8
	Total		1,070.1		1,105.3
	Write-offs		106.2		494.4
Shinhan Investment Corp.	Allowance for Possible Loan Losses		115.9		151.3
	Other Allowances		25.2		25.3
	Total		141.1		176.6
	Write-offs		0		8.0
Shinhan Life Insurance	Allowance for Possible Loan Losses		29.2		29.0
	Total		29.2		29.0
	Write-offs		0		6.8
Shinhan Capital	Allowance for Possible Loan Losses		88.1		61.5
	Total		88.1		61.5
	Write-offs		12.7		35.8



*Twenty Largest Exposures by Borrower*		(KRW billion)


			Loans in				Guarantees
As of Mar. 31, 2011	Loans in		Foreign				and				Total
Consolidated basis	Won		Currency		Securities		Acceptancss		Others		Exposures
Ministry of Strategy & Finance		0		0		9,451		0		0		9,451
Bank of Korea		2,500		0		6,471		0		0		8,971
Korea Land & Housing Corporation		0		0		2,676		0		0		2,676
Hyundai Heavy Industries Co., Ltd.		71		210		682		1,558		0		2,521
Korea Deposit Insurance Corporation		0		0		2,046		0		0		2,046
Industrial Bank of Korea		511		38		1,486		0		0		2,035
Korea Development Bank		18		22		1,694		0		0		1,734
Hana Bank		17		114		1,381		0		0		1,513
Woori Bank		59		22		1,371		2		0		1,455
Samsung Heavy Industries Co., LTd.		0		100		1		1,266		0		1,367
Songdo Cosmopolitan City Development Inc.		1,012		0		250		0		0		1,262
National Agricultural Cooperative Federation		46		28		1,155		3		0		1,231
Kookmin Bank		39		1		1,122		3		0		1,165
POSCO		7		88		1,014		41		1		1,151
Korea Finance Corporation		0		0		1,096		0		0		1,096
Hyundai Samho Heavy Industries Co., Ltd.		3		56		10		1,011		0		1,080
Samsung Electronics Co., Ltd.		0		882		25		0		0		907
Hynix		0		277		452		92		0		821
KEPCO		20		0		797		0		0		817
SH Corporation		240		0		572		0		0		813
Total		4,543		1,838		33,751		3,977		1		44,109


*Exposure to Main Debtor Groups*		(KRW billion)


			Loans in				Guarantees
As of Mar. 31, 2011			Foreign				and				Total
Consolidated basis	Loans in Won		Currency		Securities		Acceptances		Others		Exposures
Hyundai Heavy Industries		125		342		747		3,179		0		4,393
Samsung		232		1,271		1,047		1,557		1		4,108
Hyundai Motors		947		1,122		723		296		0		3,089
SK		311		473		856		792		0		2,432
LG		1,169		699		87		197		1		2,153
POSCO		158		271		1,028		382		1		1,841
Lotte		532		58		296		108		1		996
GS		249		63		185		353		0		851
STX		122		174		21		518		0		835
Hynix		0		277		452		92		0		821
Total		3,846		4,750		5,443		7,476		5		21,520



*Loan Concentration by Industry*		(KRW billion)


As of Mar. 31, 2011	Total Exposures
Consolidated basis	Amount		Weight (%)
Finance and insurance		21,480		10.93	%
Manufacturing		31,940		16.25	%
Retail and wholesale		11,219		5.71	%
Real Estate, leasing and service		15,779		8.03	%
Construction		4,687		2.38	%
Hotel and leisure		3,142		1.60	%
Others		20,761		10.56	%
Consumers		87,566		44.55	%
Total		196,574		100.00	%


*Top Twenty Non-Performing Loans*		(KRW billion)


		Gross Principal		Allowance for Loan
Borrower	Industry	Outstanding		Losses
A	Finance and insurance		65		14
B	Mining Industry		50		48
C	Real estate and leasing service		50		25
D	Art, sports and leisure service		37		24
E	Art, sports and leisure service		28		9
F	Manufacturing		21		1
G	Manufacturing		18		13
H	Real estate and leasing service		15		4
I	Real estate and leasing service		14		7
J	Manufacturing		13		0
K	Transportation		13		6
L	Real estate and leasing service		12		5
M	Manufacturing		12		11
N	Construction		12		11
O	Real estate and leasing service		11		1
P	Manufacturing		11		1
Q	Transportation		10		0
R	Real estate and leasing service		9		1
S	Real estate and leasing service		8		0
T	Others		8		2
Total			417		184


1)		Consolidated basis as of March 31, 2011.

2)		Non-Performing Loans are defined as loans past due longer than 90 days.

3. Independent Auditor

Audit Opinion for the last 3 years


	1Q FY 2011	FY 2010	FY 2009
Audit Opinion	—	Unqualified	Unqualified


*		For the 1^st quarter 2011, the independent accountant conducted a review for our financial statements instead of auditing them.

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
1Q 2011	KPMG Samjong Accounting Corp.	487	Review/Audit of Financial Statements	1,960 hours
2010	KPMG Samjong Accounting Corp.	366	Review/Audit of Financial Statements	4,650 hours
2009	KPMG Samjong Accounting Corp.	355	Review/Audit of Financial Statements	4,595 hours


*		Payment for the 1^st quarter 2011 covers the full year of 2011.

4. Directors, Executive Officers and Employees

Directors and Executive Officers

1) Executive Directors


	Month and Year
Name	of Birth	Position	Service Term
Dong Woo Han	Nov. 1948	Chairman and CEO of Shinhan Financial Group Board Steering Committee chair	3 years starting from March 23, 2011

2) Non-Executive Directors

Currently, 11 non-executive directors are in office, 10 of which outside directors who are nominated by our Outside Director Recommendation Committee and appointed pursuant to the approval of general shareholders’ meeting on March 23, 2011.

Our non-executive directors are as follows:


	Month and Year	Outside
Name	of Birth	Director	Sub-Committees	Service Term
Jin Won Suh	April 1951	X	—	1 years starting from March 23, 2011
Taeeun Kwon	January 1941	O	Audit Committee member	2 years starting from March 23, 2011
Kee Young Kim	October 1937	O	Risk Management Committee chair Compensation Committee member	2 years starting from March 23, 2011
Seok Won Kim	April 1947	O	Compensation Committee chair Audit Committee member	2 years starting from March 23, 2011
Hoon Namkoong	June 1947	O	Chairman of Board of Directors Board Steering Committee member Risk Management Committee member	2 years starting from March 23, 2011
Jaekun Yoo	August 1941	O	—	2 years starting from March 23, 2011
Ke Sop Yun	May 1945	O	Audit Committee chair Board Steering Committee member	1 years starting from March 23, 2011
Jung Il Lee	August 1952	O	Board Steering Committee member	1 years starting from March 23, 2011
Sun Tae Hwang	October 1948	O	Audit Committee member Compensation Committee member	2 years starting from March 23, 2011
Haruki Hirakawa	November 1964	O	—	1 years starting from March 23, 2011
Philippe Aguignier	September 1957	O	Risk Management Committee member	1 years starting from March 23, 2011

For personal profiles of the outside directors, please refer to our Form 6-K filed on February 22, 2011.

3) Executive Officers

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


	Month and Year
Name	of Birth	Position	In charge of
Buhmsoo Choi	Aug. 1956	Deputy President	- Strategic Planning Team
			- Global Business Strategy Team
			- Shinhan FSB Research Institute
Jae-Gwang Soh	Aug. 1961	Executive Vice-President	- Synergy Management Team
			- Information & Technology Planning Team
			- Audit Team
Jung Kee Min	Mar. 1959	Executive Vice-President & Chief Financial Officer	- Finance Management Team
			- Investor Relations Team
			- Business Management Team
Dong Hwan Lee	Sept. 1959	Executive Vice-President	- Public Relations Team
			- CSR & Culture Management Team
			- General Affairs Team
Yee Yong Jo	Feb. 1957	Managing Director	- Compliance Team
Sam Yong Lee	June 1953	Managing Director	- Risk Management Team


*Stock Options*		(as of April 30, 2011)


	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 2005		2,620,331		1,063,190		251,300		1,305,841		28,006
Granted in 2006		3,206,173		417,680		480,300		2,308,193		38,829
Granted in 2007		1,231,169		0		205,313		1,025,856		54,560
Granted in 2008		805,174		0		185,396		619,778		49,053


Note		1) The weighted-average exercise price of outstanding exercisable options as of April 30, 2011 is KRW 40,660.

2)		The closing price of our common stock was KRW 52,500 on April 30, 2011.



*Employees*		(As of March 31, 2011)


			Total Salaries and wages paid in	Average Payment
	Number of		1^st quarter of 2011	per person
Gender	Employees	Average length of Service	(KRW million)	(KRW million)
Male	118	1 yrs 9 mths	2,931	23
Female	22	2 yrs 9 mths	324	13
Total	140	2 yrs 2 mths	3,255	22

5. Major Shareholders and Market Price Information of our Common Shares and ADRs

Major Shareholders¹⁾ of Shinhan Financial Group as of March. 31, 2011


Name	No. of Common Shares owned		Ownership
BNP Paribas Group		30,106,276		6.35	%
National Pension Service	28,957,592 ²⁾		6.11% ²⁾


1)		Shareholders who own beneficial ownership of 5% or more.

2)		As of December 31, 2010

Share ownership of Employee Stock Ownership Association


Beginning Balance			Ending Balance	Ownership
(Jan.1, 2011)	Increase	Decrease	(Mar. 31, 2011)	(Mar. 31, 2011)
17,005,029	577,283	1,093,912	16,488,400	3.48%



*Common Share Traded on the Korea Exchange*		(KRW, number of shares)


		Oct. 2010		Nov. 2010		Dec. 2010		Jan. 2011		Feb. 2011		Mar. 2011
Price per share	High		47,850		44,700		53,600		53,800		51,600		50,900
	Low		43,550		41,950		44,750		49,500		47,100		46,350
	Avg.		45,338		43,618		49,859		51,540		48,915		48,850
Trading Volume			52,563,124		42,003,206		46,027,719		35,567,942		28,003,566		38,231,286
Highest Daily Trading Volume			5,909,348		4,612,237		3,958,956		3,427,084		2,504,871		3,283,176
Lowest Daily Trading Volume			1,368,202		1,028,379		881,250		1,010,676		926,689		913,976



*American Depositary Shares traded on the New York Stock Exchange*		(USD, number of shares)


		Oct. 2010		Nov. 2010		Dec. 2010		Jan. 2011		Feb. 2011		Mar. 2011
Price per share	High		86.76		81.19		93.82		95.65		94.52		91.09
	Low		77.55		73.38		79.30		89.03		83.56		82.76
	Avg.		81.19		77.43		86.86		92.03		88.55		87.27
Trading Volume			1,305,987		699,240		1,042,042		964,589		810,077		858,087
Highest Daily Trading Volume			165,478		86,105		93,024		149,733		86,100		73,114
Lowest Daily Trading Volume			13,811		11,694		10,738		14,989		18,996		15,543


*		1 ADR = 2 Common Shares

6. Related Party Transactions

Loans to Subsidiaries

(As of March 31, 2011, KRW billion)


		Origination	Maturity	Lending			Beginning Balance						Ending Balance
Subsidiary	Loan Type	Date	Date	Rate			(Jan. 1, 2011)		Decrease		Increase		(Mar.31, 2011)
Shinhan Investment Corp.	Loans in KRW	2006-07-31	2012-01-31		5.64	%		100		—		—		100
Shinhan Card	Loans in KRW	2007-11-27	2012-11-27		6.41	%		100		—		—		100
	Loans in KRW	2007-12-18	2012-12-18		6.86	%		50		—		—		50
	Loans in KRW	2008-02-21	2011-02-21		5.66	%		150		150		—		—
	Loans in KRW	2008-03-12	2011-03-12		5.84	%		200		200		—		—
	Loans in KRW	2008-06-27	2011-06-27		6.53	%		200		—		—		200
	Loans in KRW	2008-07-31	2011-07-31		6.90	%		100		—		—		100
	Loans in KRW	2010-10-29	2015-10-29		4.37	%		100		—		—		100
	Loans in KRW	2011-01-28	2016-01-28		4.91	%		—		—		100		100
	Loans in KRW	2011-02-24	2016-02-24		4.82	%		—		—		250		250
Shinhan Capital	Loans in KRW	2006-09-26	2011-09-26		4.99	%		50		—		—		50
	Loans in KRW	2007-03-23	2012-03-23		5.48	%		50		—		—		50
	Loans in KRW	2007-06-08	2012-06-08		5.95	%		50		—		—		50
	Loans in KRW	2008-01-23	2011-01-23		6.60	%		50		50		—		—
	Loans in KRW	2008-01-23	2013-01-23		6.60	%		50		—		—		50
	Loans in KRW	2008-03-12	2011-03-12		5.84	%		50		50		—		—
	Loans in KRW	2008-07-31	2011-07-31		6.90	%		50		—		—		50
	Loans in KRW	2010-09-28	2013-09-28		4.12	%		100		—		—		100
	Loans in KRW	2011-01-28	2014-01-28		4.53	%		—		—		50		50
Shinhan PE	Loans in KRW	2010-08-13	2011-08-12		3.64	%		5		—		—		5
Total	—	—	—		—			1,455		450		400		1,405

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/ Jung Kee Min Name: Jung Kee Min
		Title: Chief Financial Officer

Date: May 30, 2011