Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 7

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 7
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 we may take this factor into account. |

| • |     | The Government may also encourage investments in certain institutions in furtherance of policy objectives, and we may not recoup our investments therein in a timely or otherwise commercially reasonable manner. |

| • |     | The level and scope of government oversight of our retail lending business, particularly regarding mortgage and home equity loans, may change depending on the economic or political climate. |

| • |     | We have engaged in limited settlement transactions involving Iran and also in limited business in and related to Russia which may subject us to legal or reputational risks. |

| • |     | Evolving regulatory framework for artificial intelligence and machine learning technology, may have an adverse impact on our business, financial condition and results of operations. |

| • |     | Risks Relating to Korea |

| • |     | Unfavorable financial and economic conditions in Korea and globally may have a material adverse impact on our asset quality, liquidity and financial performance. |

| • |     | Tensions with North Korea could have an adverse effect on us, the price of our common shares and our American depositary shares. |

| • |     | Risks Relating to Our American Depositary Shares |

| • |     | There are restrictions on withdrawal and deposit of common shares under the depositary facility. |

| • |     | Ownership of our shares is restricted under Korean law. |

| • |     | Holders of our ADSs will not have preemptive rights in certain circumstances. |

| • |     | Holders of our ADSs will not be able to exercise dissent and appraisal rights unless they have withdrawn the underlying shares of our common stock and become our direct stockholders. |

| • |     | The market value of your investment in our ADSs may fluctuate due to the volatility of the Korean securities market. |

| • |     | Your dividend payments and the amount you may realize upon a sale of your ADSs will be affected by fluctuations in the exchange rate between the U.S. Dollar and the Won. |

| • |     | If the Government deems that certain emergency circumstances are likely to occur, it may restrict the depositary bank from converting and remitting dividends in Dollars. |

| • |     | Other Risks |

| • |     | We are generally subject to Korean corporate governance and disclosure standards, which differ in significant respects from those in other countries. |

| • |     | You may not be able to enforce a judgment of a foreign court against