Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 555

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 555
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 |      |         | Korea     |     |      | December 31   |     |               |     — |     | 22.37 |

<div align='center'>F-16 9</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 16. | Investments in associates (continued) |

| (*3) | As a managing partner, the Group has a significant influence over the investees. |

| (*4) | As a limited partner, the Group does not have an ability to participate in policy-making processes to obtain economic benefit from the investees that would allow the Group to control the entity. |

| (*5) | Excluded from the investments in associates due to full or partial disposal of shares, or loss of significant influence. |

| (*6) | Although the ownership percentages are more than 50%, the Group applies the equity method accounting as the Group does not have an ability to participate in the financial and operating policy-making process. |

| (*7) | Although the ownership percentages are less than 20%, the Group applies the equity method accounting since it participates in policy-making processes and therefore can exercise significant influence on investees. |

| (*8) | The rate of Group’s voting rights is4.65%. |

| (*9) | Although the Group has a significant influence with ownership percentage more than 50%, the contribution was classified as investments in associates as the Group is not exposed to variable returns due to the payment guarantee for the entire investment amount. |

| (*10) | The rate of Group’s voting rights is19.86%. |

| (*11) | Douzon3 TECHFIN Co., Ltd. has changed its name to TECHFIN RATINGS Co., Ltd. |

| (*12) | HDFC Credila Financial Services has changed its name to Credila Financial Services. |

F-1 70

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 16. | Investments in associates (continued) |

|                                                                 |     |      2023 |        |     |            |         |   |     |        |       |   |     |               |       |