Shinhan Bank, the oldest bank in South Korea, opens in Seoul.
Shinhan Bank Co., Ltd. (Korean: 주식회사 신한은행; RR: Jusik 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) , total deposits of ₩221.047 trillion (equivalent to ₩225.271 trillion or US$199.28 billion in 2017) and loans of ₩212.228 trillion (equivalent to ₩216.283 trillion or US$191.329 billion in 2017). Shinhan Bank is the main subsidiary of Shinhan Financial Group (SFG).