Shinhan Bank

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Shinhan Bank Co., Ltd.
Native name
주식회사 신한은행
TypeSubsidiary
IndustryBanking
PredecessorCHB Bank
Founded1897; 124 years ago (1897)
Headquarters20, Sejong-daero 9-gil, Jung-gu, ,
Area served
Worldwide
ProductsRetail banking, corporate banking, mortgage loans, private banking, wealth management
ParentShinhan Financial Group
WebsiteShinhan Bank
Korean name
Hangul
Hanja
Revised RomanizationSinhan Eunhaeng
McCune–ReischauerShinhan Ŭnhaeng

Shinhan Bank Co., Ltd. (Korean주식회사 신한은행; RRJusik Hoesa Sinhan Eunhaeng) is a bank headquartered in Seoul, South Korea. Historically it was the first bank in Korea, established under the name Hanseong Bank in 1897. The bank was reestablished in 1982. It is part of the Shinhan Financial Group, along with Jeju Bank. Chohung Bank merged with Shinhan Bank on April 1, 2006.

Shinhan Bank started as a small enterprise with a capital stock of KRW 25.0 billion, 279 employees, and three branches on July 7, 1982. Today, it has transformed itself into a large bank, boasting total assets of KRW 176.9 trillion, equity capital of KRW 9.7 trillion, 10,741 employees, and 1,026 branches as of 2006. As of June 30, 2016, Shinhan Bank had total assets of 298.945 trillion (equivalent to ₩304.658 trillion or US$269.507 billion in 2017)[1] , total deposits of 221.047 trillion (equivalent to ₩225.271 trillion or US$199.28 billion in 2017)[1] and loans of 212.228 trillion (equivalent to ₩216.283 trillion or US$191.329 billion in 2017)[1]. Shinhan Bank is the main subsidiary of Shinhan Financial Group (SFG).[2]

History[edit]

Shinhan Bank is the descendant of Hanseong Bank, the first modern bank in Korea. It was established by Kim Jong-Han in 1897, but began operating around 1900. It was originally located in a small house with only two rooms. One room was for the president, Yi Jae-Won, and the other room was for the staff. The bank operated by borrowing money from Japanese banks at low interest rates and then loaning it out for twice the rate to the Korean market. The Bank was successful because despite lending out money at twice the rate it borrowed it at, the bank's interest rates were still far lower than what could be obtained elsewhere in Korea at that time.[3]

In an anecdotal story the bank's first property to use as collateral on a loan happened to be a donkey. The bank staff were challenged to feed and care for their collateral as the loan was out.[3]

In March 2013, the Financial Services Commission of South Korea said that Shinhan Bank reported that its Internet banking servers had been temporarily blocked.[4] The South Korean government asserted a North Korean link in the March cyberattacks, which has been denied by Pyongyang.[5]

See also[edit]

References[edit]

  1. ^ a b c 1906 to 1911: Williamson J., Nominal Wage, Cost of Living, Real Wage and Land Rent Data for Korea 1906-1939 1912 to 1939: Mizoguchi, T. (1972). CONSUMER PRICES AND REAL WAGES IN TAIWAN AND KOREA UNDER JAPANESE RULE. Hitotsubashi Journal of Economics, 13(1), 40-56. Retrieved May 21, 2021. Afterwards, consumer Price index from Statistics Korea. Consumer Price Index by year. Retrieved 3 April 2018
  2. ^ "Shinhan Bank". www.relbanks.com.
  3. ^ a b The Dawn of Modern Korea. Lankov, Andrei. EunHaeng NaMu. 2007.
  4. ^ Choe Sang-Hun, "Computer Networks in South Korea Are Paralyzed in Cyberattacks", The New York Times, 20 March 2013.
  5. ^ Lee Minji (April 10, 2013). "(2nd LD) Gov't confirms Pyongyang link in March cyber attacks". Yonhap News.

External links[edit]