Company: SHG
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001193125-25-089950
Chunk: 76

Company: SHINHAN FINANCIAL GROUP CO LTD
Filing Date: 2025-04-23
Form: 20-F
Chunk 76
---
 agreement, we seek to complete the acquisition by acquiring the remaining 40.0% shares in Asia Trust Co. Ltd. by 2022. The acquisition was approved by the Financial Services Commission on February 17, 2019 and closed on May 2, 2019. Upon closing, Asia Trust Co. Ltd. became our direct subsidiary. In May 2022, Asia Trust Co. Ltd. changed its name to Shinhan Asset Trust Co., Ltd.(7)On July 15, 2024, we announced the liquidation and dissolution of Shinhan AI. Co., Ltd., and accordingly Shinhan AI. Co., Ltd. is no longer a subsidiary of SFG.(8)On September 29, 2020, we acquired a 96.8% interest in Neoplux, a venture capital company formerly under the Doosan Group. On December 30, 2020, we acquired the remaining interest in Neoplux by effecting a small-scale stock exchange under Article360-10of the Korean Commercial Code, and hence Neoplux became our wholly owned subsidiary as of such date. On January 11, 2021, Neoplux changed its legal name to Shinhan Venture Investment.(9)On January 15, 2021, we acquired the remaining 35% interest in Shinhan BNP Paribas Asset Management from BNP Paribas Asset Management Holding and changed its legal name to Shinhan Asset Management, and hence Shinhan Asset Management became our wholly-owned subsidiary as of such date.(10)On June 30, 2022 we acquired 94.54% interest in BNP Paribas Cardif General Insurance, which then changed its name to Shinhan EZ General Insurance, Ltd. Subsequently in November 2022, Shinhan EZ General Insurance, Ltd. conducted apaid-incapital increase and our shares decreased to 85.1%.45
| ITEM 4.B. | Business Overview |

Unless otherwise specifically mentioned, the following business overview is presented on a consolidated basis under IFRS. Our Principal Activities We provide comprehensive financial services, principally consisting of the following:

| • |     | commercial banking services provided through the following four business sub-segments: |

| • |     | channel, primarily focused on retail banking services and corporate banking services, which includes providing loans to and receiving deposits from individuals, corporations (other than large corporations) and wealth management (“WM”) customers; |

| • |     | capital