SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the Month of February 2011

SHINHAN FINANCIAL GROUP CO., LTD.

(Translation of registrant’s name into English)

120, 2-Ga, Taepyung-Ro, Jung-Gu, Seoul 100-102, Korea
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ     Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.

Yes o     No þ

     If “Yes” is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-                    .

 

 

Shinhan Financial Group
120, 2-Ga, Taepyungro, Jung Gu,
Seoul 100-102, Korea

February 21, 2011

Convocation Notice of the 10th Annual General Meeting of Shareholders

To our Shareholders:

Notice is hereby given that the 10th Annual General Meeting of Shareholders of Shinhan Financial Group will be held as described hereunder and your attendance is cordially requested.

Meeting Description

1. Date and Time		March 23, 2011     10 A.M., Seoul time.
2. Place		Auditorium, 20th floor, Shinhan Bank, 120, 2Ga, Taepyung-ro, Jung-gu, Seoul, Korea

Agendas to be voted on:

	1)		Approval of Financial Statements (Statement of Financial Position, Statement of Income and Statement of Appropriation of Retained Earnings) for fiscal year 2010 (January 1, 2010~ December 31, 2010)
	2)		Approval of Revision to Articles of Incorporation
	3)		Approval of Director Remuneration Limit

4)

Appointment of Directors (12 directors)

4-1) Executive Director Candidate: Mr. Dong Woo Han

4-2) Non-executive Director Candidate: Mr. Jin Won Suh

4-3) Outside Director Candidate: Mr. Taeeun Kwon

4-4) Outside Director Candidate: Mr. Kee Young Kim

4-5) Outside Director Candidate: Mr. Seok Won Kim

4-6) Outside Director Candidate: Mr. Hoon Namkoong

4-7) Outside Director Candidate: Mr. Jaekun Yoo

4-8) Outside Director Candidate: Mr. Ke Sop Yun

4-9) Outside Director Candidate: Mr. Jung Il Lee

4-10) Outside Director Candidate: Mr. Sun Tae Hwang

4-11) Outside Director Candidate: Mr. Haruki Hirakawa

4-12) Outside Director Candidate: Mr. Philippe Aguignier

5)

Appointment of Audit Committee Members (4 members)

5-1) Audit Committee Member Candidate: Mr. Taeeun Kwon

5-2) Audit Committee Member Candidate: Mr. Seok Won Kim

5-3) Audit Committee Member Candidate: Mr. Ke Sop Yun

5-3) Audit Committee Member Candidate: Mr. Sun Tae Hwang

For details of the agenda for the 10^th Annual General Meeting of Shareholders, please visit our website http://www.shinhangroup.co.kr/eng/main/main.html

Meeting Agendas

Agenda Item No. 1		Approval of Financial Statements (Statement of Financial Position, Statement of Income and Statement of Appropriation of Retained Earnings) for fiscal year 2010 (January 1, 2010 ~ December 31, 2010)

Please refer to Appendix A for financial statements of Shinhan Financial Group.

The dividends proposed by the Board of Directors for fiscal year 2010 is as follows

	1)		Dividend for Common Stocks: KRW 355,650 million (KRW 750 per share, 15% of par value and 1.45% of market price of Common Stock)
	2)		Dividend for Preferred Stocks: KRW 230,586 million
	3)		Total Dividend Amount: KRW 586,236 million

Agenda Item No. 2		Approval of Revision to Articles of Incorporaton

The following table sets forth a summary of the proposed amendments to the Articles of Incorporation;

Current Provisions				Proposed Amendments				Remarks
Article 1 (omitted)				Article 1 (not subject to amendment)
Article 2 (Objectives)				Article 2 (Objectives)
(1~3)		(omitted)		(1~3)		(not subject to amendment)
(4)		To develop and sell joint products with its subsidiary, etc., and to provide business support for the joint use of facility, computer system, etc. with its subsidiary, etc.		(4)		To develop and sell joint products with its subsidiary, etc., and to provide the necessary resources for the business operation of its subsidiary, etc.		To reflect the amendment to Article 11 of the Enforcement Decree of the Financial Holding Company Act relating to business objectives.
(new)				(5)		To provide business support including computer, legal, accounting support, etc., entrusted by its subsidiary, etc.
(5)		(omitted)		(6)		(not subject to amendment)		To change paragraph number.
Article 3 ~ 23 (omitted)				Article 3 ~ 23 (not subject to amendment)				—
Article 24 (Authority to Convene)				Article 24 (Authority to Convene)
(1)		The Representative Director-President of the Company shall convene the General Meeting of Shareholders in accordance with resolution of the Board of Directors, unless otherwise prescribed by applicable laws and ordinances.		(1)		The Representative Director-Chairman of the Company shall convene the General Meeting of Shareholders in accordance with resolution of the Board of Directors, unless otherwise prescribed by other laws and ordinances.		To reflect corporate governance structure change.
(2)		If the Representative Director-President is unable to perform his/her duties, the General Meeting of Shareholders shall be convened by a Director designated by the Board of Directors.		(2)		If the Representative Director-Chairman is unable to perform his/her duties, the General Meeting of Shareholders shall be convened by a Director designated by the Board of Directors.
Article 25~35 (omitted)				Article 25~35 (not subject to amendment)
Article 36 (Election of Director)				Article 36 (Election of Director)
(1~2)		(omitted)		(1~2)		(not subject to amendment)		—
(3)		(new)		(3)		The Directors other than Outside Directors shall be recommended by the Board Steering Committee pursuant to Article 47 of these Articles of Incorporation and elected at the General Meeting of Shareholders.		To clarify the appointment process of the Directors other than Outside Directors.
Article 37 (omitted)				Article 37 (not subject to amendment)
Article 38 (Eligibility of Outside Director)				Article 38 (Eligibility of Outside Director)
(1)		(omitted)		(1)		(not subject to amendment)
1.		a professional manager (it being noted that an individual who is or was an executive officer or served at an equivalent or more senior position, of a company that is subject to external audit according to the Act on External Audit of Stock Companies or similar foreign laws, provided that, even if such company does not meet the above eligibility requirement, an individual who has worked for five or more years at a company meeting the minimum size requirements prescribed by the Outside Director Recommendation Committee shall be regarded as a professional manager);		1.		a professional manager (it being noted that an individual who is or was an executive officer or served at an equivalent or more senior position, of a company that is subject to external audit according to the Act on External Audit of Stock Companies or similar foreign law, provided that, even if such company does not meet the above eligibility requirement, an individual who has worked for five or more years at a company meeting the minimum size requirements prescribed by the Outside Director Recommendation Committee equivalent or higher than an executive position shall be regarded as a professional manager);		To reflect recommendations from the FSS examination.
2.~8.		(omitted)		2.~8.		(not subject to amendment)
(2)		(omitted)		(2)		(not subject to amendment)
Article 39 (omitted)				Article 39 (not subject to amendment)
Article 40 (Appointment of Representative Director,                     et al.)				Article 40 (Appointment of Representative Director,                     et al.)

Current Provisions				Proposed Amendments				Remarks
		The Company may appoint one Representative Director-Chairman and one Representative Director-President, by resolution of the Board of Directors.				The Company shall appoint one Representative Director-Chairman, by resolution of the Board of Directors.		To reflect changes in the corporate governance structure.
Article 41 (Duties of Directors)				Article 41 (Duties of Directors)
(1)		The Representative Director-Chairman shall represent the Company and shall oversee the business operations of the Company.		(1)		The Representative Director-Chairman shall represent the Company, perform the matters resolved by the Board of Directors and oversee the business operations of the Company as determined by the Board of Directors.		To reflect changes in the corporate governance structure.
(2)		The Representative Director-Presidents shall also represent the Company and shall perform the matters resolved by the Board of Directors and oversee the business operations of the Company as determined by the Board of Directors.		(2)		(deleted)		To reflect changes in the corporate governance structure.
(3)		(omitted)		(2)		(not subject to amendment)		—
Article 42 (omitted)				Article 42 (not subject to amendment)
Article 43 (Composition and Convening of the                     Meeting of Board of Directors)				Article 43 (Composition and Convening of the                     Meeting of Board of Directors)
(1~2)		(omitted)		(1~2)		(not subject to amendment)
(3)		The Meeting of the Board of Directors shall be convened by the Representative Director-Chairman of the Director designated by the Board of Directors (if any) by giving notice to each Director at least seven (7) days prior to the scheduled date of such Meeting. However, such period may be reduced upon occurrence of urgent events, and the said procedures may be omitted with the consent thereon of all Directors.		(3)		The Meeting of the Board of Directors shall be convened by the Chairman of Board of Directors by giving notice to each Director at least seven (7) days prior to the scheduled date of such Meeting. However, such period may be reduced upon occurrence of urgent events, and the said procedures may be omitted with the consent thereon of all Directors.		To reflect changes in the corporate governance structure.
Article 44~53 (omitted)				Article 44~53 (not subject to amendment)
Article 54 (Preparation and Maintenance of Financial Statements and Business Reports)				Article 54 (Preparation and Maintenance of Financial Statements and Business Reports)
(1)		The Representative Director-President of the Company shall prepare the following documents to be submitted to the Ordinary General Meeting of Shareholders, together with supplementary data and business reports, and have such documents audited by the Audit Committee no later than six (6) weeks before the date of the Ordinary General Meeting of Shareholders:		(1)		The Representative Director-Chairman of the Company shall prepare the following documents to be submitted to the Ordinary General Meeting of Shareholders, together with supplementary data and business reports, and have such documents audited by the Audit Committee no later than six (6) weeks before the date of the Ordinary General Meeting of Shareholders:		To reflect changes in the corporate governance structure.
(a~c) (2)		(omitted) The Audit Committee shall submit an audit report to the Representative Director-President no later than one (1) week before the date of the Ordinary General Meeting of Shareholders.		(a~c)		(not subject to amendment) The Audit Committee shall submit an audit report to the Representative Director-Chairman no later than one (1) week before the date of the Ordinary General Meeting of Shareholders.		To reflect changes in the corporate governance structure.
(3)		The Representative Director-President shall keep file copies of the documents described in Paragraph (1) above, together with the business report and Audit Committee’s audit report thereon, at the head office of the Company for five (5) years, and certified copies of all of such documents at the branches of the Company for three (3) years, beginning from one (1) week before the date of the Ordinary General Meeting of Shareholders.		(3)		The Representative Director-Chairman shall keep file copies of the documents described in Paragraph (1) above, together with the business report and Audit Committee’s audit report thereon, at the head office of the Company for five (5) years, and certified copies of all of such documents at the branches of the Company for three (3) years, beginning from one (1) week before the date of the Ordinary General Meeting of Shareholders.		To reflect changes in the corporate governance structure.
(4)		Immediately upon obtaining the approval for the documents mentioned in Paragraph (1) above from the General Meeting of Shareholders, the Representative Director-President shall make a public notice of the balance sheet, income statement, consolidated balance sheet and income statement pursuant to the Act on External Audit of Stock Companies and the opinion of an external auditor. In doing so, notwithstanding the provisions of Article 4, the Company may use the means of electronic document as prescribed by Article 55.2 of the Financial Holding Company Act.		(4)		Immediately upon obtaining the approval for the documents mentioned in Paragraph (1) above from the General Meeting of Shareholders, the Representative Director-Chairman shall make a public notice of the balance sheet, income statement, consolidated balance sheet and income statement pursuant to the Act on External Audit of Stock Companies and the opinion of an external auditor. In doing so, notwithstanding the provisions of Article 4, the Company may use the means of electronic document as prescribed by Article 55.2 of the Financial Holding Company Act.		To reflect changes in the corporate governance structure.
Article 55~60 (omitted)				Article 55~60 (not subject to amendment)				—
(new)				Addenda 8				—
				Article 1 (Effective Date) These Articles of Incorporation shall become effective as of March 23, 2011.

Agenda Item No.3     Approval of Director Remuneration Limit

KRW 6.0 billion is proposed as the maximum amount of aggregate remuneration that may be disbursed to the 12 directors, including 10 outside directors, of the Company for fiscal year 2011. For your reference the limitation for fiscal year 2010 for 12 directors, including 8 outside directors, was KRW 8.5 billion.

Additionally, 71,000 performance shares are proposed to be granted as the maximum aggregate amount of shares that may be disbursed from April 2, 2010 to December 31, 2013 to the directors of Shinhan Financial Group as long-term incentives over the term of their office. The approval and ratification of awards, performance measure and allocation for these performance shares will be delegated to the Board of Directors.

Agenda Item No. 4		Appointment of Directors (12 directors)

Agenda Item No.4-1 Executive Director Candidate                     Mr. Dong Woo Han

1.		Date of Birth				November 10, 1948
2.		Nominator				Board Steering Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 13th AGM (3 year)
6.		Current Position				—
7.		New Appointment				Yes
		7-1 If incumbent, prior year BoD meeting attendence rate				N.A.
8.		Education				LL.B., College of Law, Seoul National University
9.		Main Work Experience
		2007 - 2009		Vice Chairman, Shinhan Life Insurance
		2002		Chief Executive Officer, Shinhan Life Insurance
		1999		Vice President, Shinhan Bank
		1995		Managing Director, Shinhan Bank
		1993		Director, Shinhan Bank
		1987		Head of Human Resources, Shinhan Bank
		1986		General Manager, Jong-No Branch, Shinhan Bank
		1983		Head of Planning & Coordination, Shinhan Bank
		1982		Founding Staff Member of Shinhan Bank
		1977		Joined Korea Credit Guarantee Fund
		1971		Joined Korea Trust Bank

Agenda Item No.4-2 Non-executive Director Candidate                    Mr. Jin Won Suh

1.		Date of Birth				April 20, 1951
2.		Nominator				Board Steering Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 11th AGM (1 year)
6.		Current Position				President & CEO of Shinhan Bank
7.		New Appointment				Yes
		7-1 If incumbent, prior year BoD meeting attendence rate				N.A.
8.		Education				BA in Historical Science, Korea University
9.		Main Work Experience
		2010 - current		President & CEO, Shinhan Bank
		2007		Chief Executive Officer, Shinhan Life Insurance
		2006		Deputy President, Shinhan Financial Group
		2004		Deputy President, Shinhan Bank
		2002		Deputy Head of the Retail Banking Division, Shinhan Bank
		2000		General Manager, Human Resource Department, Shinhan Bank
		1997		General Manager, Information & Technology Department, Shinhan Bank
		1995		General Manager, Pohang Branch
		1993		General Manager, Myeonmuk-Dong Branch
		1991		General Manager, Personnel Training Office, Shinhan Bank
		1983		Joined Shinhan Bank

Agenda Item No.4-3 Outside Director Candidate                    Mr. Taeeun Kwon

1.		Date of Birth				January 29, 1941
2.		Nominator				Outside Director Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 12th AGM (2 year)
6.		Current Position				Professor, Nagoya University of Foreign Studies
7.		New Appointment				Yes
		7-1 If incumbent, prior year BoD meeting attendance rate				N.A.
8.		Education				Ph.D. in Business Administration, Nanzan University
9.		Main Work Experience
		2010 - current		Dean, Department of Global Business, School of Contemporary International Studies, Nagoya University of Foreign Studies
		1983 - 2010		Chief Executive Officer, Nam Bu Ham Co., Ltd
		1997 - 2009		Committee member, Korean Residents’ Union HQ in Japan
		1991 - 2008		Counsel and Director, Korea Education Foundation
		2004		Professor, Department of Global Business, School of Contemporary
				International Studies, Nagoya University of Foreign Studies

Agenda Item No.4-4 Outside Director Candidate                    Mr. Kee Young Kim

1.		Date of Birth				October 7, 1937
2.		Nominator				Outside Director Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 12th AGM (2 year)
6.		Current Position				President, Kwangwoon University
7.		New Appointment				Yes
		7-1 If incumbent, prior year BoD meeting attendance rate				N.A.
8.		Education				Ph.D in Business Administration, Washington University
9.		Main Work Experience
		2009 - current		President, Kwangwoon University
		2004 - 2009		Outside Director, GS Holdings Corp.
		2003		Outside Director, KTB Networks, currently KTB Investment & Securities Co., Ltd.
		2000		Dean, Graduate School of Information, Yonsei University
		1979 - 2003		Professor, School of Business, Yonsei University

Agenda Item No.4-5 Outside Director Candidate                    Mr. Seok Won Kim

1.		Date of Birth				April 29, 1947
2.		Nominator				Outside Director Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 12th AGM (2 year)
6.		Current Position				Chairman, Credit Information Companies Association
7.		New Appointment				Yes
		7-1 If incumbent, prior year BoD meeting attendance rate				N.A.
8.		Education				Ph.D. in Economics, Kyung Hee University
9.		Main Work Experience
		2009 - current		Chairman, Credit Information Companies Association
		2006 - 2009		Chairman, Korea Federation of Savings Banks
		2005		Outside Director, Woori Bank
		2002 - 2005		Vice President, Korea Deposit Insurance Corporation
		1999 - 2001		Head of the Korea-OECD Multilateral Tax Center

Agenda Item No.4-6 Outside Director Candidate                    Mr. Hoon Namkoong

1.		Date of Birth				June 26, 1947
2.		Nominator				Outside Director Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 12th AGM (2 year)
6.		Current Position				Outside Director, Samsung Electro-Magnetics Co., Ltd
7.		New Appointment				Yes
		7-1 If incumbent, prior year BoD meeting attendance rate				N.A.
8.		Education				M.A. in public administration from University of Wisconsin at Madison
9.		Main Work Experience
		2009 - current		Outside Director, KORAMCO (Korea Real Asset Management Company)
		2005 - current		Outside Director, Samsung Electro-Magnetics Co., Ltd
		2005 - 2008		Chairman, Korea Life Insurance Association
		2000 - 2004		Member, Monetary Policy Committee, Bank of Korea
		1999 - 2000		Chairman and President, Korea Deposit Insurance Corporation

Agenda Item No.4-7 Outside Director Candidate                    Mr. Jaekun Yoo

1.		Date of Birth				August 24, 1941
2.		Nominator				Outside Director Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 12th AGM (2 year)
6.		Current Position				Chairman, Sankeihonsha Co., Ltd.
7.		New Appointment				Yes
		7-1 If incumbent, prior year BoD meeting attendance rate				N.A.
8.		Education				—
9.		Main Work Experience
		2003		Non-executive Director, Shinhan Financial Group
		1997 - 2003		Chairman of Korean-Japanese Chamber of Commerce in Tokyo
		1998		Non-executive Director, Shinhan Bank

Agenda Item No.4-8 Outside Director Candidate                    Mr. Ke Sop Yun

1.		Date of Birth				May 20, 1945
2.		Nominator				Outside Director Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 11th AGM (1 year)
6.		Current Position				Emeritus Professor, College of Business Administration, Seoul National University
7.		New Appointment				No
		7-1 If incumbent, prior year BoD meeting attendance rate				100% (attended all 8 BoD meetings held in FY 2010)
8.		Education				Ph.D in Business Administration, Seoul National University
9.		Main Work Experience
		2001 - current		Chairman, Seoul Economist Club
		1999 - 2001		Dean, College of Business Administration, Seoul National University
		1997 - 1998		Exchange professor of London Graduate School, England(LBS)
		1997		Member, Financial Renovation Committee

Agenda Item No.4-9 Outside Director Candidate                    Mr. Jung Il Lee

1.		Date of Birth				August 28, 1952
2.		Nominator				Outside Director Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 11th AGM (1 year)
6.		Current Position				CEO, Hirakawa Shoji Co., Ltd.
7.		New Appointment				Yes
		7-1 If incumbent, prior year BoD meeting attendance rate				N.A.
8.		Education				BA in Political Science & Economics, Meiji University
9.		Main Work Experience
		2009		Outside Director, Shinhan Financial Group
		1990		CEO, Hirakawa Shoji Co., Ltd

Agenda Item No.4-10 Outside Director Candidate                    Mr. Sun Tae Hwang

1.		Date of Birth				October 11, 1948
2.		Nominator				Outside Director Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 12th AGM (2 year)
6.		Current Position				Of Counsel, LOGOS Law, LLC
7.		New Appointment				Yes
		7-1 If incumbent, prior year BoD meeting attendance rate				N.A.
8.		Education				LL.M, Graduate School of Law, Seoul National University
9.		Main Work Experience
		2005 - 2010		Representative Attorney, LOGOS Law, LLC
		2004 - 2005		Chief Prosecutor, Seoul Eastern District Prosecutors’ Office
		2003 - 2004		Chief Prosecutor, Kwangju District Prosecutors’ Office
		2002 - 2003		Chief Prosecutor, Daejeon District Prosecutors’ Office
		2001 - 2002		Head of the Inspection Department, Supreme Prosecutors’ Office
		2000 - 2001		Chief Prosecutor, Cheonju District Prosecutors’ Office

Agenda Item No.4-11 Outside Director Candidate                    Mr. Haruki Hirakawa

1.		Date of Birth				November 7, 1964
2.		Nominator				Outside Director Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 11th AGM (1 year)
6.		Current Position				CEO, Kokusai Kaihatsu Co., Ltd
7.		New Appointment				Yes
		7-1 If incumbent, prior year BoD meeting attendance rate				N.A.
8.		Education				BA in Political Science & Economics, Kinki University
9.		Main Work Experience
		2008		CEO, Kokusai Kaihatsu Co., Ltd
		2006		CEO, Shinei Shoji Co., Ltd
		1994		CEO, Hirakawa Shoji Co., Ltd

Agenda Item No.4-12 Outside Director Candidate                    Mr. Philippe Aguignier

1.		Date of Birth				September 26, 1957
2.		Nominator				Outside Director Recommendation Committee
3.		Relation to the largest shareholder				Employee
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 11th AGM (1 year)
6.		Current Position				Head of Retail Banking for Asia, BNP Paribas
7.		New Appointment				No
		7-1 If incumbent, prior year BoD meeting attendance rate				100% (attended all 8 BoD meetings held in FY 2010)
8.		Education				Ph.D in Far Eastern Studies, Universite Paris III (Inalco)
9.		Main Work Experience
		2010 - current		Head of Retail Banking for Asia, BNP Paribas
		2006 - 2009		Vice-President, Bank of Nanjing Head of Retail Banking for China, BNP Paribas
		2002 - 2006		Head, BNP Paribas Group Investor Relations and Financial Information

Agenda Item No. 5		Appointment of Audit Committee Members (3 members)

Among the nominated outside director candidates, Messrs. Taeeun Kwon, Seok Won Kim, Ke Sop Yun and Sun Tae Hwang were recommended as candidates of Audit Committee Members for FY 2011 through the resolution of the Audit Committee Member Recommendation Committee.

Agenda Item No.5-1 Audit Committee Member Candidate                    Mr. Taeeun Kwon

1.		Date of Birth				January 29, 1941
2.		Nominator				Audit Committee Member Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 11th AGM (1 year)
6.		Current Position				Professor, Nagoya University of Foreign Studies
7.		Education				Ph.D. in Business Administration, Nanzan University
8.		Main Work Experience
		2010 - current		Dean, Department of Global Business, School of Contemporary International Studies, Nagoya University of Foreign Studies
		1983 - 2010		Chief Executive Officer, Nam Bu Ham Co., Ltd
		1997 - 2009		Committee member, Korean Residents’ Union HQ in Japan
		1991 - 2008		Counsel and Director, Korea Education Foundation
		2004		Professor, Department of Global Business, School of Contemporary International Studies, Nagoya University of Foreign Studies

Agenda Item No.5-2 Audit Committee Member Candidate                    Mr. Seok Won Kim

1.		Date of Birth				April 29, 1947
2.		Nominator				Audit Committee Member Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 11th AGM (1 year)
6.		Current Position				Chairman, Credit Information Companies Association
7.		Education				Ph.D. in Economics, Kyung Hee University
8.		Main Work Experience
		2009 - current		Chairman, Credit Information Companies Association
		2006 - 2009		Chairman, Korea Federation of Savings Banks
		2005		Outside Director, Woori Bank
		2002 - 2005		Vice President, Korea Deposit Insurance Corporation
		1999 - 2001		Head of the Korea-OECD Multilateral Tax Center

Agenda Item No.5-3 Audit Committee Member Candidate                    Mr. Ke Sop Yun

1.		Date of Birth				May 20, 1945
2.		Nominator				Audit Committee Member Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 11th AGM (1 year)
6.		Current Position				Emeritus Professor, College of Business Administration, Seoul National University
7.		Education				Ph.D in Business Administration, Seoul National University
8.		Main Work Experience
		2001 - current		Chairman, Seoul Economist Club
		1999 - 2001		Dean, College of Business Administration, Seoul National University
		1997 - 1998		Exchange professor of London Graduate School, England(LBS)
		1997		Member, Financial Renovation Committee

Agenda Item No.5-4 Audit Committee Member Candidate                    Mr. Sun Tae Hwang

1.		Date of Birth				October 11, 1948
2.		Nominator				Audit Committee Member Recommendation Committee
3.		Relation to the largest shareholder				None
4.		Business transaction with SFG during the last 3 years				None
5.		Term of Office				From Mar.23, 2011 until the 11th AGM (1 year)
6.		Current Position				Of Counsel, LOGOS Law, LLC
7.		Education				LL.M, Graduate School of Law, Seoul National University
8.		Main Work Experience
		2005 - 2010		Representative Attorney, LOGOS Law, LLC
		2004 - 2005		Chief Prosecutor, Seoul Eastern District Prosecutors’ Office
		2003 - 2004		Chief Prosecutor, Kwangju District Prosecutors’ Office
		2002 - 2003		Chief Prosecutor, Daejeon District Prosecutors’ Office
		2001 - 2002		Head of the Inspection Department, Supreme Prosecutors’ Office
		2000 - 2001		Chief Prosecutor, Cheonju District Prosecutors’ Office

Additional Information

1.		Number and Classification of Voting Shares
		The record date for exercising voting rights at the Annual General Meeting of Shareholders is December 31, 2010. As of the record date, there were 474,199,587 shares outstanding, all of which are valid shares for voting.
2.		Method of Resolutions
		Pursuant to the provisions of the Commercial Code, Agenda Item No. 1, 3, 4 and 5 shall be passed by a majority of the votes cast by the shareholders present at the meeting and at least one-fourth of the total shares that are entitled to vote. Agenda Item No. 2 shall be passed by at least two-thirds of the votes cast by the shareholders present at the meeting and at least one-third of total shares entitled to vote.

Appendix A. Financial Statements of Shinhan Financial Group

1) Statement of Financial Position

Non-Consolidated Statement of Financial Position

December 31, 2010 and December 31, 2009

(In millions of KRW)

Assets
I. Cash and Due from Banks							861,284								429,825
1. Due from Banks							861,284								429,825
II. Securities							27,024,517								25,035,976
1. Equity Method Investment Securities							27,024,517								25,035,976
III. Loans							1,447,725								1,567,125
Allowance for Loan Losses							(7,275	)							(7,875	)
1. Loans in Won							1,455,000								1,575,000
IV. Premises and Equipment							1,488								1,191
1. Equipment			2,018								1,673
Accumulated Depreciation			(1,603	)			415				(1,410	)			263
2. Others			3,721								3,169
Accumulated Depreciation			(2,648	)			1,073				(2,241	)			928
V. Other Assets							281,656								86,589
Allowance for Losses							(1,324	)							(375	)
1. Guarantee Deposits							12,474								8,974
2. Software							1,823								2,493
3. Accounts Receivable							241,651								51,358
4. Accrued Income							7,822								8,738
5. Advance Payments															10
6. Prepaid Expenses							680								11,567
7. Deferred Tax Asset							4,080
8. Derivative Assets							9,127
9. Sundry Assets							5,323								3,824
Total Assets							29,616,670								27,120,706
Liabilities
I. Borrowings							6,586,104								6,267,318
1. Borrowings in Won							5,000								674,000
2. Debentures in Won			6,370,000								5,400,000

Discounts			(12,223	)			6,357,777				(8,263	)			5,391,737
3. Debentures in Foreign Currency			223,533								202,051
Discounts			(206	)			223,327				(470	)			201,581
II. Other Liabilities							305,813								125,027
1. Taxes Withheld							3,076								2,516
2. Dividends Payable							2,920								2,631
3. Accounts Payable							4,287								5,056
4. Accrued Expenses							128,516								98,875
5. Unearned Revenues							111								122
6. Income Taxes Payable							165,871
7. Accrued Severance Benefits			5,163								3,741
Deposits with Insurance Company for Severance Benefits											(2,300	)
8.Pension for Retirement and Severance Benefits			(4,131	)			1,032								1,441
9. Derivative Liabilities															14,386
Total Liabilities							6,891,917								6,392,345
Stockholders’ Equity
I. Capital Stock							2,852,473								2,852,473
1.Common Stock							2,370,998								2,370,998
2. Preferred Stock							481,475								481,475
II. Capital Surplus							9,924,851								9,924,852
1. Paid-in Capital in excess of Par Value							9,533,986								9,533,986
2. Other Capital Surplus							390,865								390,866
III. Capital Adjustment							(390,916	)							(417,142	)
1. Other							(390,916	)							(417,142	)
IV. Accumulated Other Comprehensive Income							1,382,007								1,182,574
1. Unrealized Gain on Equity Method Accounted Investments							1,387,986								1,194,265
2. Unrealized Loss on Equity Method Accounted Investments							(4,277	)							(7,414	)
3. Valuation Loss on Derivatives							(1,702	)							(4,277	)
V. Retained Earnings							8,956,338								7,185,604
1. Legal Reserve							1,152,507								1,021,878
2. Unappropriated Retained Earnings							7,803,831								6,163,726
Total Stockholders’ Equity							22,724,753								20,728,361
Total Liabilities and Stockholders’ Equity							29,616,670								27,120,706

1) Income Statements

Non-Consolidated Statements of Income

Year ended December 31, 2010 and December 31, 2009

(In millions of KRW)

		For the year ended								For the year ended
		December 31, 2010								December 31, 2009
I. Operating Revenues							2,820,008								1,800,354
(1) Gain from Equity Method Accounted Investments							2,572,884								1,511,064
(2) Interest Income							104,359								138,472
1. Interest on Due from Banks			12,025								18,584
2. Interest on Loans			92,334								119,888
(3) Royalty							121,283								136,025
(4) Gain on Foreign Currency Transaction							—								10,818
(5) Gain on Derivatives Trading							21,482
(6) Other Operating Revenues							—								3,975
1.Reversal of Allowance for Possible Loan Losses			—								3,975				—
II. Operating Expenses							442,487								504,176
(1) Loss from Equity Method Accounted Investments							345								244
(2) Interest Expenses							341,604								421,627
1. Interest on Borrowings			12,891								64,518
2. Interest on Debentures			328,713								357,109
(3) Loss on Foreign Currency Transaction							21,482								—
(4) Loss on Derivatives Trading							—								10,818
(5) Commission Expenses							201								340
(6) Administrative Expenses							78,855								71,147
1. Salaries			28,187								26,479
2. Retirement Benefits			1,475								1,425
3. Employee Benefits			2,848								1,797
4. Rent			1,526								1,164
5. Entertainment			1,710								1,387
6. Depreciation			650								460
7. Amortization on Intangible Assets			731								433
8. Bad Debt Expense			349								—

		For the year ended								For the year ended
		December 31, 2010								December 31, 2009
9. Taxes and Dues			630								609
10. Advertising			26,186								18,788
11.Commissions			10,754								15,570
12. Other expenses			3,809								3,035
III. Operating Income							2,377,521								1,296,178
IV. Non-Operating Income							937								11,131
(1) Gain on Disposition of Equity Method Accounted Investments			—								10,509
(2) Gain on Sale of Premises and Equipment			1								40
(3) Miscellaneous			936								582
V. Non-Operating Expenses							811								1,030
(1) Loss on Deposition of Equity Method of Accounted Investment			—								—
(2) Loss on Sale of Premises and Equipment			1								2
(3) Contribution			799								631
(4) Miscellaneous			11								397
VI. Income Before Income Tax Expenses							2,377,647								1,306,279
VII. Income Tax Benefits							3,537								13
VIII. Net Income for Year							2,381,184								1,306,292
IX. Earnings per Share
(1) Basic Earnings per Share						KRW	4,525							KRW	2,305
(2) Diluted Earnings per Share						KRW	4,445							KRW	2,292

3) Statements of Appropriations of Retained Earnings

Non-Consolidated Statements of Appropriations of Retained Earnings (Draft)

Year ended December 31, 2010 and December 31, 2009

(In millions of KRW)

						Year ended								Year ended
						December 31, 2010								December 31, 2009
I. Unappropriated Retained Earnings											7,803,831								6,163,727
1. Unappropriated Retained Earnings carried over from prior years							5,422,444								4,861,736
2. Change in Retained Earnings of subsidiaries							203								(4,301	)
3. Redemption of Preferred Stock							2,381,184								1,306,292
4. Net Income for Period							5,422,444								4,861,736
II. Appropriation of Retained Earnings											824,354								741,283
1. Legal Reserve							238,118								130,629
2. Voluntary Reserve							—								182,794
3. Dividends							586,236								427,860
1) Cash Dividends on Common Stock							355,650								189,680
Dividend per share:		KRW 750 for 2010
		KRW 400 for 2009
2) Cash Dividends on Preferred Stock							230,586								238,180
Dividend per share
Series 5 :
KRW 730.674 (14.6135%) for 2009
Series 8 :
KRW 11,790 (235.8%) for 2009
Series 10 :
KRW 7,000 (140%) for 2010
KRW 7,000 (140%) for 2009
Series 11 :
KRW 1,878.695 (37.5739%) for 2010
KRW 1,878,695 (37.5739%) for 2009
III. Unappropriated Retained Earnings carried over to subsequent year											6,979,477								5,422,444

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 21, 2011