Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 228

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 228
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 serving in a trustee business or a custodian business and simultaneously serving in a general office administrator business in accordance with the Financial Investment Services and Capital Markets Act; |

| • |     | prohibitions against the joint use or sharing of computer equipment or office equipment; and |

| • |     | prohibitions against the sharing of information by and among officers, directors and employees engaged in the different business operations. |

A bank which qualifies and operates as a collective investment business entity may engage in the sale of beneficiary certificates of investment trusts which are managed by such bank. However, such bank is prohibited from engaging in the following activities:

| • |     | acting as trustee of an investment trust managed by such bank; |

| • |     | purchasing with such bank’s own funds beneficiary certificates of an investment trust managed by such bank; |

| • |     | using in its sales activities of other collective investment securities information relating to the trust property of an investment trust managed by such bank; |

| • |     | selling through other banks established under the Banking Act beneficiary certificates of an investment trust managed by such bank; |

| • |     | establishing a short-term financial collective investment vehicle; and |

| • |     | establishing a mutual fund. |

**Laws and Regulations Governing Other Business Activities To enter the foreign exchange business, a bank must register with the Minister of the Ministry of Strategy and Finance. The foreign exchange business is governed by the Foreign Exchange Transaction Law. To enter the securities business, a bank must obtain the approval of the Financial Services Commission. The securities 160

business is governed by regulations under the Financial Investment Services and Capital Markets Act. Pursuant to the above-mentioned laws, banks are permitted to engage in the foreign exchange business and the underwriting business for government and other public bonds.

In 2018, regulatory authorities are encouraging financial institutions to lower the ATM usage fees in order to decrease the financial expense burden on consumers. Further, in light of the increasing household debt, regulatory authorities are encouraging financial institutions to gradually increase the proportion of the principal of retail loans that are subject to the fixed interest rates from 14% in 2012 to 45% by 2017.

Principal Regulations Applicable to Credit Card Companies

General

Any person, including a bank, wishing to engage in the credit card business must obtain a license from the Financial Services Commission. In addition, in order to enter the credit card business, a bank must obtain a license from the Financial Services Commission (hereinafter, a bank which