Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 323

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 323
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 any issuances of new shares by us from time to time, its shareholding percentage of not less than 3.5% of our issued common stock, we are required to call a meeting of our shareholders to recommend that one nominee of BNP Paribas be elected to our board of directors. In addition, under the alliance agreement, BNP Paribas has the right to subscribe for new issuances of our common shares in the event that such new issuances would result in the dilution of the shareholding percentage of BNP Paribas below 3.5%. As of December 31, 2023, BNP Paribas held 18,690,310 shares, or 3.65% of our total common stock. On March 27, 2024, BNP Paribas sold all of the shares it previously held, and accordingly we are no longer required to recommend a nominee of BNP Paribas to be elected to our board of directors. As of December 31, 2022, 2023 and 2024, we had principal loans outstanding to our directors, executive officers and their affiliates in the principal amount of W6.6 billion, W5.0 billion and W3.4 billion, which were made in the ordinary course of business on substantially the same terms, including interest rate and collateral, as those prevailing at the time for comparable transactions with other persons, and did not involve more than the normal risk of collectability or present other unfavorable features.

| ITEM 7.C. | Interests of Experts and Counsel |

Not applicable.

| ITEM 8. | FINANCIAL INFORMATION |

| ITEM 8.A. | Consolidated Statements and Other Financial Information |

See “Item 18. Financial Statements” and our consolidated financial statements included in this annual report. Legal Proceedings We and our subsidiaries are involved in various legal actions and regulatory proceedings arising from the normal course of business. As of December 31, 2024, we and our subsidiaries were defendants in pending lawsuits (including regulatory proceedings) in the aggregate claim amount of W1,191 billion, for which we 237

recorded a provision of W115 billion. We also recorded additional W5 billion for insurance contract liabilities (liability for incurred claims) for litigations, etc.

In 2021, the Financial Supervisory Service imposed a total of eight penalties against Shinhan Securities for regulatory violations, totaling W4,088 million in fines, which include a fine