Shinhan Bank Co., Ltd. () is a

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

headquartered Headquarters (commonly referred to as HQ) denotes the location where most, if not all, of the important functions of an organization are coordinated. In the United States, the corporate headquarters represents the entity at the center or the top ...

Seoul Seoul (; ; ), officially known as the Seoul Special City, is the capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the Democratic People's Republic of Korea (North Korea) as stated iArticle 103 ...

South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...

. 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 Shinhan Financial Group Co., Ltd. () is a financial holding company headquartered in Seoul, South Korea. Its subsidiaries provide a full range of financial services, including banking, securities, life insurance, and investment banking. It is one ...

, along with Jeju Bank.

Chohung Bank Chohung Bank Co., Ltd. (CHB; ) was a bank company headquartered in Seoul, South Korea. It is one of the oldest banks in Korea, having been established on February 1, 1897. Its first loan was against living donkey in same year. The bank was nation ...

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 ''Trillion'' is a number with two distinct definitions: * 1,000,000,000,000, i.e. one million million, or (ten to the twelfth power), as defined on the short scale. This is now the meaning in both American and British English. * 1,000,000,000,0 ...

, 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 , total deposits of and loans of . Shinhan Bank is the main subsidiary of Shinhan Financial Group (SFG).

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.The Dawn of Modern Korea. Lankov, Andrei. EunHaeng NaMu. 2007. 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. In March 2013, the Financial Services Commission of South Korea said that Shinhan Bank reported that its Internet banking servers had been temporarily blocked. The South Korean government asserted a

North Korea North Korea, officially the Democratic People's Republic of Korea (DPRK), is a country in East Asia. It constitutes the northern half of the Korea, Korean Peninsula and shares borders with China and Russia to the north, at the Yalu River, Y ...

n link in the March cyberattacks, which has been denied by Pyongyang. Shinhan Bank in Kazakhstan, finances, licenses, risk factors
/ref>

References

External links

Official Website
{{Authority control Banks of South Korea Companies based in Seoul Banks established in 1897 South Korean brands 1897 establishments in Korea

History

See also

References

External links