Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 497

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 497
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 Securities loaned

If the securities owned by the Group are loaned, the ownership of the securities is transferred, but is required to be returned at the end of the loan period. Therefore, the Group continues to recognize the entire securities loaned as it holds most of the risks and compensation of the securities.

<div align='center'>F- 10 5</div>

SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES

Notes to the Consolidated Financial Statements

(In millions of won)

December 31, 2023 and 2024

| 5. | Financial risk management (continued) |

Securities loaned as of December 31, 2023 and 2024 are as follows:

|                              |     | 2023 |            |     | 2024 |            |     | Borrowers                        |
| Government bonds             |     |    W | 15,340,768 |     |      | 13,611,571 |     | Korea Securities Depository,etc. |
| Financial institutions bonds |     |      |    398,252 |     |      |    607,175 |     | Korea Securities Depository,etc. |
| Corporation bonds            |     |      |    221,435 |     |      |    465,211 |     | BNP Paribas Securities Corp.     |
| Equity securities            |     |      |     48,004 |     |      |     15,826 |     | Korea Securities Depository      |
| Beneficiary certificate      |     |      |     40,890 |     |      |          — |     | Korea Securities Depository      |
|                              |     |      |          W |     |      | 14,699,783 |     |                                  |

i-3) Securitization of financial assets

The Group uses the securitization of financial assets as a means of financing and to transfer risk. Generally, these securitization transactions result in the transfer of contractual cash flows to the debt securities holders issued from the financial asset portfolio. The Group recognizes debt securities issued without derecognition of assets under individual agreements, partially recognizes assets to the extent of the Group’s level of involvement in assets, or recognizes rights and obligations arising from the derecognition and transfer of assets as separate assets and liabilities. The Group derecognizes the entire asset only if it transfers contractual rights to the cash flows