Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 62

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 62
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 tariffs, the imposition of additional tariffs or any related developments may severely and adversely impact the global and Korean economies, which in turn would result in significant deterioration in the quality of our assets and accumulation of higher provisioning, allowance for credit losses on loans and charge-offs, or otherwise negatively affect our business, results of operations and financial condition.

Factors that determine economic and business cycles in the Korean or global economy are for the most part beyond our control and inherently uncertain. In addition to discussions of recent developments regarding the**

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global economic and market uncertainties and the risks relating to us as provided elsewhere in this section, factors that could have an adverse impact on Korea’s economy in the future include, among others:

| • |     | continued volatility or deterioration in Korea’s credit and capital markets; |

| • |     | difficulties in the financial sectors in Europe, China and elsewhere and increased sovereign default risks in select countries and the resulting adverse effects on the global financial markets, including possibility of global inflation and the spread of economic downturn to Europe as a result of geopolitical risks arising from Russia-Ukraine conflict; |

| • |     | declines in consumer confidence and a slowdown in consumer spending and corporate investments; |

| • |     | adverse changes or volatility in foreign currency reserve levels, commodity prices (including oil prices), exchange rates (including fluctuation of the U.S. Dollar, the Euro or the Japanese Yen exchange rates or revaluation of the Chinese Renminbi), increased exchange rate volatility as a result of government interventions, interest rates, inflation rates or stock markets; |

| • |     | increasing levels of household debt; |

| • |     | increasing delinquencies and credit defaults by retail and small- and medium-sized enterprise borrowers; |

| • |     | continuing adverse conditions in the economies of countries and regions that are important export markets for Korea, such as the United States, Europe, Japan and China, or in emerging market economies in Asia or elsewhere; |

| • |     | the economic impact of any pending or future free trade agreements; |

| • |     | tariffs introduced by countries, including the U.S., on goods imported and resulting volatility and uncertainty in the global economy, including the potential escalation of ongoing trade wars between the U.S., China and other countries; |

| • |     | social and labor unrest; |

| • |     | significant fluctuations or decreases in the market prices of Korean real estate; |

| • |     | a decrease in tax revenue and a substantial