Shinhan Bank Co., Ltd.

Native name	주식회사 신한은행
Company type	Subsidiary
Industry	Banking
Predecessor	Chohung Bank
Founded	February 1897; 126 years ago (1897-02)
Headquarters	20, Sejong-daero 9-gil, Jung-gu, Seoul , South Korea
Area served	Worldwide
Products	Retail banking, corporate banking, mortgage loans, private banking, wealth management
Parent	Shinhan Financial Group
Website	Shinhan Bank

Shinhan Bank Co., Ltd. (Korean: 주식회사 신한은행; RR: Jusik Hoesa Sinan Eunaeng) is a bank headquartered in Seoul, South Korea. Historically it was the first bank in Korea, established under the name Hanseong Bank in 1897. The bank was reestablished in 1982. It is part of the Shinhan Financial Group, along with Jeju Bank. Chohung Bank merged with Shinhan Bank on April 1, 2006.

Shinhan Bank started as a small enterprise with a capital stock of KRW 25.0 billion, 279 employees, and three branches on July 7, 1982. Today, it has transformed itself into a large bank, boasting total assets of KRW 176.9 trillion, equity capital of KRW 9.7 trillion, 10,741 employees, and 1,026 branches as of 2006. As of June 30, 2016, Shinhan Bank had total assets of ₩298.945 trillion (equivalent to ₩304.658 trillion or US$269.507 billion in 2017)^[1] , total deposits of ₩221.047 trillion (equivalent to ₩225.271 trillion or US$199.28 billion in 2017)^[1] and loans of ₩212.228 trillion (equivalent to ₩216.283 trillion or US$191.329 billion in 2017)^[1]. Shinhan Bank is the main subsidiary of Shinhan Financial Group (SFG).^[2]

History

Shinhan Bank is the descendant of Hanseong Bank, the first modern bank in Korea. It was established by Kim Jong-Han in 1897, but began operating around 1900. It was originally located in a small house with only two rooms. One room was for the president, Yi Jae-Won, and the other room was for the staff. The bank operated by borrowing money from Japanese banks at low interest rates and then loaning it out for twice the rate to the Korean market. The Bank was successful because despite lending out money at twice the rate it borrowed it at, the bank's interest rates were still far lower than what could be obtained elsewhere in Korea at that time.^[3]

In an anecdotal story the bank's first property to use as collateral on a loan happened to be a donkey. The bank staff were challenged to feed and care for their collateral as the loan was out.^[3]

In March 2013, the Financial Services Commission of South Korea said that Shinhan Bank reported that its Internet banking servers had been temporarily blocked.^[4] The South Korean government asserted a North Korean link in the March cyberattacks, which has been denied by Pyongyang.^{[5] [6]}