Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 557

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 557
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         |  6,738 |

<div align='center'>F-1 72</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) |

|                                                                                                              |     |      2023 |         |     |            |          |   |     |        |        |   |     |               |   |     |            |         |   |     |         |         |
| Investees                                                                                                    |     | Beginning 
   balance |         |     | Investment 
 and        
 dividend   |          |   |     | Equity 
 method 
 income 
 (loss) |        |   |     | Change in     
 other         
 comprehensive 
 income        |   |     | Impairment 
 loss       |         |   |     | Ending  
 balance |         |
| Goduck Gangil1 PFV Co., Ltd.                                                                                 |     |         W |      60 |     |            |        — |   |     |        |    120 |   |     |               | — |     |            | —       |   |     |         |     180 |
| SBC PFV Co., Ltd.                                                                                            |     |           |  28,468 |     |            |    3,750 |   |     |        | (1,444 | ) |     |               | — |     |            | —       |   |     |         |  30,774 |
| NH-amundi global infra private fund 16                                                                       |     |           |  56,211 |     |            |   (1,299 | ) |     |        | (4,260 | ) |     |               | — |     |            | —       |   |     |         |  50,652 |
| IMM Global Private Equity Fund                                                                               |     |           | 147,384 |     |            | (147,384 | ) |     |        |      — |   |     |               | — |     |            | —       |   |     |         |       — |
| SH BNCT Professional Investment Type Private Special Asset Investment Trust                                  |     |           | 263,052 |     |            |  (32,093 | ) |     |        | 13,