<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>9
<FILENAME>u98617exv8w1.txt
<DESCRIPTION>EX-8.1 LIST OF ALL SUBSIDIARIES OF SFG
<TEXT>
<PAGE>
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                                                                     EXHIBIT 8.1

                SUBSIDIARIES OF SHINHAN FINANCIAL GROUP CO., LTD.

<TABLE>
<CAPTION>
                                                                 JURISDICTION OF
NAME                                                              INCORPORATION
----                                                             ---------------
<S>                                                              <C>
Shinhan Bank                                                          Korea
Chohung Bank                                                          Korea
Shinhan Card Co., Ltd.                                                Korea
Shinhan Capital Co., Ltd.                                             Korea
Goodmorning Shinhan Securities Co., Ltd.                              Korea
</TABLE>

</TEXT>
</DOCUMENT>
