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v3.26.1

Related parties | 12 Months Ended
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Dec. 31, 2025
Related parties [Abstract] |
Related parties |
50. | Related parties
Intra-group balances, and income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. In accordance with IAS 24, the Group defines the retirement benefit plans of the associates, key management and their families, the consolidation group and related parties as the scope of related parties. The amount of profit and loss, receivables and payables balance between the Group and the related parties are disclosed. For details of the associates and joint ventures, refer to ‘Note 16’.
| (a) | Balances with the related parties as of December 31, 2024 and 2025 are as follows:
Related party |  | Account |  |  | 2024 |  |  | 2025 |
Investments in associates: |  |  |  |  |  |  |  |  |  |  |  |
BNP Paribas Cardif Life Insurance |  |  | Credit card loans |  |  | W | 154 |  |  |  | 190 |
” |  |  | ACL |  |  |  | (1 | ) |  |  | (1 | )
” |  |  | Accrued income |  |  |  | 23 |  |  |  | 14 |
” |  |  | Deposits |  |  |  | 5,559 |  |  |  | 3,855 |
” |  |  | Allowance for Undrawn Commitment |  |  |  | 1 |  |  |  | 1 |
Incorporated association Finance Saving Information Center |  |  | Credit card loans |  |  |  | 2 |  |  |  | 1 |
” |  |  | Deposits |  |  |  | 3 |  |  |  | 4 |
Nomura-Rifa Private Real Estate Investment Trust 19 |  |  | Loans |  |  |  | 11,700 |  |  |  | 11,400 |
” |  |  | ACL |  |  |  | (247 | ) |  |  | (3,781 | )
” |  |  | Accrued income |  |  |  | — |  |  |  | 47 |
SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No.3 (*) |  |  | Accrued income |  |  |  | 71 |  |  |  | — |
Korea Finance Security Co., Ltd. |  |  | Deposits |  |  |  | 131 |  |  |  | 123 |
” |  |  | Credit card loans |  |  |  | 6 |  |  |  | 7 |
Korea Credit Bureau |  |  | Deposits |  |  |  | 24 |  |  |  | 1,671 |
” |  |  | Credit card loans |  |  |  | 616 |  |  |  | 907 |
” |  |  | ACL |  |  |  | (1 | ) |  |  | — |
Goduck Gangil1 PFV Co., Ltd. |  |  | Deposits |  |  |  | 4 |  |  |  | — |
SBC PFV Co., Ltd. |  |  | Loans |  |  |  | 984,600 |  |  |  | 519,800 |
” |  |  | ACL |  |  |  | (1,345 | ) |  |  | (3,990 | )
” |  |  | Accrued income |  |  |  | 89 |  |  |  | 93 |
” |  |  | Allowance for Undrawn Commitment |  |  |  | — |  |  |  | 771 |
” |  |  | Deposits |  |  |  | 105 |  |  |  | 1 |
Goduck Gangil10 PFV Co., Ltd. |  |  | Deposits |  |  |  | 11,899 |  |  |  | 340 |
EDNCENTRAL Co., Ltd. (*) |  |  | Loans |  |  |  | 25,400 |  |  |  | — |
” |  |  | ACL |  |  |  | (74 | ) |  |  | — |
” |  |  | Accrued income |  |  |  | 64 |  |  |  | — |
” |  |  | Deposits |  |  |  | 1,170 |  |  |  | — |
” |  |  | Provisions |  |  |  | 156 |  |  |  | — |
Shinhan Global Healthcare Fund 2 |  |  | Deposits |  |  |  | 1 |  |  |  | 1 |
Future-Creation Neoplux Venture Capital Fund |  |  | Account receivables |  |  |  | 3,600 |  |  |  | 3,600 |
Gyeonggi-Neoplux Superman Fund |  |  | Account receivables |  |  |  | 1,696 |  |  |  | — |
Shinhan-Neoplux Energy Newbiz Fund |  |  | Account receivables |  |  |  | 721 |  |  |  | 643 |
Related party |  | Account |  |  | 2024 |  |  | 2025 |
Investments in associates (continued): |  |  |  |  |  |  |  |  |  |  |  |
SHINHAN-NEO Core Industrial Technology Fund |  |  | Account receivables |  |  | W | 399 |  |  |  | 288 |
Neoplux No.3 Private Equity Fund |  |  | Account receivables |  |  |  | 7,532 |  |  |  | 9,240 |
Wave Technology |  |  | Deposits |  |  |  | 115 |  |  |  | 106 |
SHINHAN-NEO Market-Frontier 2nd Fund |  |  | Account receivables |  |  |  | 1,402 |  |  |  | 1,485 |
iPIXEL Co., Ltd. |  |  | Credit card loans |  |  |  | 14 |  |  |  | 10 |
” |  |  | ACL |  |  |  | (1 | ) |  |  | — |
” |  |  | Deposits |  |  |  | 717 |  |  |  | 74 |
” |  |  | Allowance for Undrawn Commitment |  |  |  | 1 |  |  |  | — |
NewWave 6th Fund |  |  | Account receivables |  |  |  | 877 |  |  |  | 791 |
DDI LVC Master Real Estate Investment Trust Co., Ltd. |  |  | Deposits |  |  |  | 852 |  |  |  | 784 |
Logisvalley Shinhan REIT Co., Ltd. |  |  | Loans |  |  |  | 33,000 |  |  |  | 33,000 |
” |  |  | ACL |  |  |  | (30 | ) |  |  | (29 | )
” |  |  | Accrued income |  |  |  | 75 |  |  |  | 75 |
” |  |  | Deposits |  |  |  | 1,340 |  |  |  | 932 |
Shinhan-Albatross tech investment Fund |  |  | Deposits |  |  |  | 4,339 |  |  |  | 2,331 |
Shinhan VC tomorrow venture fund 1 |  |  | Account receivables |  |  |  | 2,474 |  |  |  | 2,992 |
JS Shinhan Private Equity Fund |  |  | Accrued income |  |  |  | — |  |  |  | 289 |
Shinhan Time 1st Investment fund |  |  | Deposits |  |  |  | 64 |  |  |  | — |
NH-J&-IBKC Label Technology Fund |  |  | Deposits |  |  |  | 59 |  |  |  | 44 |
SH K-REITs Infra Real Estate Investment Trust (FoFs) |  |  | Accrued income |  |  |  | 5 |  |  |  | 5 |
Shinhan-CJ TechInnovation Fund 1st |  |  | Deposits |  |  |  | 3,100 |  |  |  | 3,500 |
SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] |  |  | Accrued income |  |  |  | 12 |  |  |  | 14 |
SH Prestige High Dividend Security Feeder No.1[Equity] |  |  | Accrued income |  |  |  | 14 |  |  |  | 34 |
Shinhan General Private Real Estate Investment Trust No.3 |  |  | Accrued income |  |  |  | 44 |  |  |  | 50 |
Capstone REITs No.26 |  |  | Loans |  |  |  | 20,000 |  |  |  | 20,000 |
” |  |  | ACL |  |  |  | (21 | ) |  |  | (21 | )
” |  |  | Accrued income |  |  |  | 90 |  |  |  | 93 |
Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd. |  |  | Accrued income |  |  |  | 145 |  |  |  | 146 |
Shinhan-GB FutureFlow Fund L.P. |  |  | Account receivables |  |  |  | 41 |  |  |  | — |
Related party |  | Account |  |  | 2024 |  |  | 2025 |
Investments in associates (continued): |  |  |  |  |  |  |  |  |  |  |  |
LB Scotland Amazon Fulfillment Center Fund 29 |  |  | Derivative assets |  |  | W | 503 |  |  |  | — |
Shinhan AIM FoF Fund 1-A |  |  | Derivative assets |  |  |  | 3,511 |  |  |  | — |
PineStreet Global Corporate FoF XIII-2 |  |  | Derivative assets |  |  |  | 104 |  |  |  | 469 |
” |  |  | Derivative liabilities |  |  |  | — |  |  |  | 17 |
CASCADETECH INC |  |  | Deposits |  |  |  | 35 |  |  |  | 11 |
Songpa biz cluster PFV Co., Ltd. |  |  | Loans |  |  |  | 22,424 |  |  |  | 70,272 |
” |  |  | ACL |  |  |  | (119 | ) |  |  | (521 | )
” |  |  | Accrued income |  |  |  | 26 |  |  |  | 129 |
” |  |  | Allowance for Undrawn Commitment |  |  |  | 95 |  |  |  | — |
STIC ALT Global II Private Equity Fund |  |  | Deposits |  |  |  | 2,207 |  |  |  | 805 |
TECHFIN RATINGS Co., Ltd. |  |  | Credit card loans |  |  |  | 13 |  |  |  | 28 |
” |  |  | ACL |  |  |  | (2 | ) |  |  | — |
” |  |  | Deposits |  |  |  | 21,611 |  |  |  | 13,548 |
” |  |  | Allowance for Undrawn Commitment |  |  |  | 7 |  |  |  | 1 |
Nomura-Rifa Private Real Estate Investment Trust 31 |  |  | Loans |  |  |  | 14,000 |  |  |  | 13,860 |
” |  |  | ACL |  |  |  | (27 | ) |  |  | (54 | )
Pacific Private Placement Real Estate Fund No.40 |  |  | Loans |  |  |  | 14,000 |  |  |  | 14,000 |
” |  |  | ACL |  |  |  | (75 | ) |  |  | (99 | )
” |  |  | Accrued income |  |  |  | 124 |  |  |  | 152 |
Shinhan-DS Mezzanine Fund 1 |  |  | Unearned revenue |  |  |  | 93 |  |  |  | 88 |
Shinhan-Csquared Mezzanine Fund 1 |  |  | Unearned revenue |  |  |  | 19 |  |  |  | 19 |
KR Seocho Co., Ltd. |  |  | Loans |  |  |  | 11,871 |  |  |  | 11,871 |
” |  |  | ACL |  |  |  | (213 | ) |  |  | (228 | )
” |  |  | Accrued income |  |  |  | 573 |  |  |  | 1,691 |
KB Distribution Private Real Estate 3-1 |  |  | Loans |  |  |  | 2,000 |  |  |  | — |
” |  |  | ACL |  |  |  | (4 | ) |  |  | — |
” |  |  | Accrued income |  |  |  | 17 |  |  |  | — |
Shinhan-Dev healthcare Fund I |  |  | Unearned revenue |  |  |  | — |  |  |  | 8 |
Credila Financial Services |  |  | Loans |  |  |  | — |  |  |  | 19,895 |
” |  |  | ACL |  |  |  | — |  |  |  | (78 | )
” |  |  | Deposits |  |  |  | — |  |  |  | 3,196 |
Shinhan Rio Green Private Equity Fund |  |  | Account receivables |  |  |  | — |  |  |  | 79 |
D2U 12th Fund |  |  | Deposits |  |  |  | — |  |  |  | 400 |
Related party |  | Account |  |  | 2024 |  |  | 2025 |
Investments in associates (continued): |  |  |  |  |  |  |  |  |  |  |  |
Finflow |  |  | Deposits |  |  | W | — |  |  |  | 574 |
Fireant Media and Digital Service Joint Stock Company |  |  | Deposits |  |  |  | — |  |  |  | 4 |
SH US Long Term Treasury Plus Security Feeder Investment Trust(H)[Bond-FoFs] |  |  | Accrued income |  |  |  | — |  |  |  | 4 |
IGIS Yongsan Office General Private Real Estate Investment Trust 518 |  |  | Loans |  |  |  | 20,000 |  |  |  | 20,000 |
” |  |  | ACL |  |  |  | (107 | ) |  |  | (141 | )
” |  |  | Accrued income |  |  |  | 140 |  |  |  | 140 |
Shinhan-BNK Global Fund I |  |  | Unearned revenue |  |  |  | — |  |  |  | 44 |
Key management personnel and their immediate relatives: |  |  | Loans |  |  |  | 3,402 |  |  |  | 4,558 |
|  |  | Assets |  |  |  | 1,185,307 |  |  |  | 753,419 |
|  |  | Liabilities |  |  |  | 53,707 |  |  |  | 33,253 |
| (*) | Excluded from the associates due to disposal and liquidation for the year ended December 31, 2025.
| (b) | Transactions with the related parties for the years ended December 31, 2023, 2024 and 2025 are as follows:
Related party |  | Account |  | 2023 |  |  | 2024 |  |  | 2025 |
Investments in associates |  |  |  |  |  |  |  |  |  |  |  |  |  |
BNP Paribas Cardif Life Insurance |  | Fees and commission income |  | W | 4,125 |  |  |  | 1,312 |  |  |  | 1,669 |
” |  | Provision for credit loss |  |  | (2 | ) |  |  | — |  |  |  | — |
” |  | Interest expense |  |  | (57 | ) |  |  | (12 | ) |  |  | (12 | )
Shinhan-Albatross tech investment Fund |  | Fees and commission income |  |  | 115 |  |  |  | 1,047 |  |  |  | 514 |
” |  | Interest expense |  |  | (4 | ) |  |  | (12 | ) |  |  | (7 | )
Shinhan-Nvestor Liquidity Solution Fund |  | Fees and commission income |  |  | 173 |  |  |  | 192 |  |  |  | 174 |
Shinhan-PS Investment Fund No.1 |  | Fees and commission income |  |  | 25 |  |  |  | 20 |  |  |  | 8 |
Nomura-Rifa Private Real Estate Investment Trust 19 |  | Interest income |  |  | 568 |  |  |  | 588 |  |  |  | 574 |
” |  | Reversal of (provision for) credit loss allowance |  |  | — |  |  |  | 223 |  |  |  | (3,533 | )
SH MAIN Professional Investment Type Private Mixed Asset Investment Trust No.3 (*3) |  | Fees and commission income |  |  | 1,262 |  |  |  | 886 |  |  |  | 176 |
Related party |  | Account |  |  | 2023 |  |  | 2024 |  |  | 2025 |
Investments in associates (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Korea Finance Security Co., Ltd. |  |  | Fees and commission income |  |  | W | 4 |  |  |  | 4 |  |  |  | 3 |
” |  |  | Other administrative expense |  |  |  | — |  |  |  | (145 | ) |  |  | (145 | )
ShinHan – Soo Young Entrepreneur Investment Fund No.1 |  |  | Fees and commission income |  |  |  | 589 |  |  |  | 3,122 |  |  |  | 2,072 |
Kiwoom-Shinhan Innovation Fund I |  |  | Fees and commission income |  |  |  | 140 |  |  |  | 148 |  |  |  | 28 |
FuturePlay-Shinhan TechInnovation Fund 1 |  |  | Fees and commission income |  |  |  | 56 |  |  |  | 158 |  |  |  | 179 |
Korea Credit Bureau |  |  | Fees and commission income |  |  |  | 14 |  |  |  | 1,753 |  |  |  | 3,803 |
” |  |  | Fees and commission expense |  |  |  | — |  |  |  | (4,830 | ) |  |  | (5,060 | )
” |  |  | Other administrative expense |  |  |  | — |  |  |  | (91 | ) |  |  | (1,093 | )
” |  |  | Reversal of allowance for credit losses |  |  |  | — |  |  |  | — |  |  |  | 1 |
” |  |  | Interest expense |  |  |  | — |  |  |  | — |  |  |  | (10 | )
Goduck Gangil1 PFV Co., Ltd. |  |  | Interest income |  |  |  | 143 |  |  |  | — |  |  |  | — |
” |  |  | Reversal of allowance for credit losses |  |  |  | 20 |  |  |  | — |  |  |  | — |
SBC PFV Co., Ltd. |  |  | Fees and commission income |  |  |  | — |  |  |  | 7,839 |  |  |  | 29,145 |
” |  |  | Interest income |  |  |  | — |  |  |  | 36,957 |  |  |  | 45,135 |
” |  |  | Interest expense |  |  |  | (13 | ) |  |  | (13 | ) |  |  | — |
” |  |  | Provision for credit losses |  |  |  | — |  |  |  | (679 | ) |  |  | (2,645 | )
” |  |  | Provision for unused commitments |  |  |  | — |  |  |  | — |  |  |  | (771 | )
Goduck Gangil10 PFV Co., Ltd. |  |  | Interest income |  |  |  | 69 |  |  |  | 30 |  |  |  | — |
” |  |  | Interest expense |  |  |  | (647 | ) |  |  | (295 | ) |  |  | (78 | )
” |  |  | Reversal of allowance for credit losses |  |  |  | 4 |  |  |  | 17 |  |  |  | — |
Korea Omega-Shinhan Project Fund I |  |  | Fees and commission income |  |  |  | 166 |  |  |  | 146 |  |  |  | 3,756 |
Sparklabs-Shinhan Opportunity Fund 1 |  |  | Fees and commission income |  |  |  | 39 |  |  |  | 18 |  |  |  | 1 |
EDNCENTRAL Co., Ltd. |  |  | Interest income |  |  |  | — |  |  |  | 615 |  |  |  | 587 |
” |  |  | Fees and commission income |  |  |  | — |  |  |  | — |  |  |  | 18 |
” |  |  | Interest expense |  |  |  | — |  |  |  | (2 | ) |  |  | (29 | )
” |  |  | Provision for credit losses |  |  |  | — |  |  |  | (74 | ) |  |  | (43 | )
” |  |  | Provision for unused commitments |  |  |  | — |  |  |  | — |  |  |  | (32 | )
Kakao-Shinhan 1 st TNYT Fund |  |  | Fees and commission income |  |  |  | 386 |  |  |  | 338 |  |  |  | 265 |
Related party |  | Account |  |  | 2023 |  |  | 2024 |  |  | 2025 |
Investments in associates (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Future-Creation Neoplux Venture Capital Fund |  |  | Interest income |  |  | W | 86 |  |  |  | 76 |  |  |  | 72 |
Neoplux Market-Frontier Secondary Fund |  |  | Fees and commission income |  |  |  | 592 |  |  |  | — |  |  |  | — |
Gyeonggi-Neoplux Superman Fund |  |  | Fees and commission income |  |  |  | 551 |  |  |  | 522 |  |  |  | 315 |
Shinhan-Neoplux Energy Newbiz Fund |  |  | Fees and commission income |  |  |  | 906 |  |  |  | 706 |  |  |  | 643 |
NewWave 6 th Fund |  |  | Fees and commission income |  |  |  | 984 |  |  |  | 877 |  |  |  | 791 |
SHINHAN-NEO Core Industrial Technology Fund |  |  | Fees and commission income |  |  |  | 496 |  |  |  | 401 |  |  |  | 288 |
KTC-NP Growth Champ 2011-2 Private Equity Fund (*1) |  |  | Interest income |  |  |  | 36 |  |  |  | — |  |  |  | — |
Neoplux No.3 Private Equity Fund |  |  | Fees and commission income |  |  |  | 2,676 |  |  |  | — |  |  |  | 1,707 |
Shinhan Smilegate Global PEF I (*3) |  |  | Fees and commission income |  |  |  | — |  |  |  | 238 |  |  |  | — |
SHINHAN-NEO Market-Frontier 2 nd Fund |  |  | Fees and commission income |  |  |  | 1,596 |  |  |  | 1,402 |  |  |  | 1,485 |
SWK-Shinhan New Technology Investment Fund 1 st |  |  | Fees and commission income |  |  |  | 61 |  |  |  | 61 |  |  |  | 61 |
Ulmus SHC innovation investment fund |  |  | Fees and commission income |  |  |  | 91 |  |  |  | 69 |  |  |  | 67 |
iPIXEL Co., Ltd. |  |  | Interest expense |  |  |  | — |  |  |  | (1 | ) |  |  | — |
” |  |  | Reversal of allowance for credit losses |  |  |  | — |  |  |  | — |  |  |  | 1 |
” |  |  | Reversal of provision for unused commitments |  |  |  | — |  |  |  | — |  |  |  | 1 |
CJL No.1 Private Equity Fund (*3) |  |  | Interest expense |  |  |  | (10 | ) |  |  | (2 | ) |  |  | — |
Reverent-Shinhan Vista Fund |  |  | Fees and commission income |  |  |  | 80 |  |  |  | 80 |  |  |  | 80 |
Kiwoom-Shinhan Innovation Fund 2 |  |  | Fees and commission income |  |  |  | 268 |  |  |  | 120 |  |  |  | 96 |
ETRI Holdings-Shinhan 1 st Unicorn Fund |  |  | Fees and commission income |  |  |  | 100 |  |  |  | 93 |  |  |  | 78 |
Shinhan-Time mezzanine blind Fund (*3) |  |  | Fees and commission income |  |  |  | 226 |  |  |  | 300 |  |  |  | — |
Shinhan VC tomorrow venture fund 1 |  |  | Fees and commission income |  |  |  | 3,280 |  |  |  | 2,474 |  |  |  | 2,992 |
Related party |  | Account |  |  | 2023 |  |  | 2024 |  |  | 2025 |
Investments in associates (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
JS Shinhan Private Equity Fund |  |  | Fees and commission income |  |  | W | 600 |  |  |  | 600 |  |  |  | 600 |
Stonebridge-Shinhan Unicorn Secondary Fund |  |  | Fees and commission income |  |  |  | 444 |  |  |  | 722 |  |  |  | 14 |
Shinhan-Kunicorn first Fund |  |  | Fees and commission income |  |  |  | 232 |  |  |  | 261 |  |  |  | 261 |
Shinhan-Quantum Startup Fund |  |  | Fees and commission income |  |  |  | 153 |  |  |  | 153 |  |  |  | 124 |
Shinhan Simone Fund I |  |  | Fees and commission income |  |  |  | 78 |  |  |  | 78 |  |  |  | 23 |
ShinhanFitrin 1 st Technology Business Investment Association |  |  | Fees and commission income |  |  |  | 85 |  |  |  | 82 |  |  |  | 76 |
DDI LVC Master Real Estate Investment Trust Co., Ltd. |  |  | Interest expense |  |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | )
Logisvalley Shinhan REIT Co., Ltd. |  |  | Interest income |  |  |  | 1,841 |  |  |  | 1,703 |  |  |  | 1,643 |
” |  |  | Fees and commission income |  |  |  | 163 |  |  |  | 143 |  |  |  | 150 |
” |  |  | Interest expense |  |  |  | (2 | ) |  |  | (2 | ) |  |  | (2 | )
” |  |  | Reversal of (provision for) allowance for credit losses |  |  |  | (8 | ) |  |  | — |  |  |  | 1 |
Shinhan-Dev healthcare Fund I |  |  | Fees and commission income |  |  |  | 77 |  |  |  | 82 |  |  |  | 67 |
Shinhan-Cognitive Start-up Fund L.P. |  |  | Fees and commission income |  |  |  | 188 |  |  |  | 222 |  |  |  | 120 |
Global Commerce Fund |  |  | Fees and commission income |  |  |  | 30 |  |  |  | 38 |  |  |  | 22 |
Shinhan-HGI Social Enterprise Fund |  |  | Fees and commission income |  |  |  | 63 |  |  |  | 47 |  |  |  | 51 |
Shinhan-WWG Energy Fund New Technology Venture Investment Fund |  |  | Fees and commission income |  |  |  | 45 |  |  |  | 45 |  |  |  | 57 |
IGIS-Shinhan New Technology Fund 1 |  |  | Fees and commission income |  |  |  | 36 |  |  |  | 36 |  |  |  | 36 |
Shinhan-G.N.Tech Smart Innovation Fund |  |  | Fees and commission income |  |  |  | 260 |  |  |  | 195 |  |  |  | 260 |
SH Global Net Zero Solution Security Investment Trust (*2) |  |  | Fees and commission income |  |  |  | 75 |  |  |  | 17 |  |  |  | — |
SH 1.5years Maturity Investment Type Security Investment Trust No.2 (*2) |  |  | Fees and commission income |  |  |  | 16 |  |  |  | 4 |  |  |  | — |
Shinhan Global Active REIT Co., Ltd. (*2), (*4) |  |  | Interest income |  |  |  | — |  |  |  | 3,982 |  |  |  | — |
Related party |  | Account |  |  | 2023 |  |  | 2024 |  |  | 2025 |
Investments in associates (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
” |  |  | Fees and commission income |  |  | W | 17 |  |  |  | 2,498 |  |  |  | — |
” |  |  | Derivative-related income |  |  |  | — |  |  |  | 8,220 |  |  |  | — |
” |  |  | Interest expense |  |  |  | (2 | ) |  |  | (4 | ) |  |  | — |
” |  |  | Reversal of allowance for credit losses |  |  |  | — |  |  |  | 533 |  |  |  | — |
DS SHINHAN Content Investment Fund 1 |  |  | Fees and commission income |  |  |  | 18 |  |  |  | 18 |  |  |  | 18 |
Shinhan Time 1 st Investment fund |  |  | Fees and commission income |  |  |  | 26 |  |  |  | 26 |  |  |  | 26 |
SHINHAN SGC ESG Fund No.1 |  |  | Fees and commission income |  |  |  | 115 |  |  |  | 115 |  |  |  | 110 |
Shinhan-Sneak Peek Bio&Healthcare Bounce Back Fund |  |  | Fees and commission income |  |  |  | 125 |  |  |  | 125 |  |  |  | 124 |
Shinhan-iSquare Venture PEF 1 |  |  | Fees and commission income |  |  |  | 100 |  |  |  | 100 |  |  |  | 100 |
Shinhan-Gene and New Normal First Mover Venture Investment Equity Fund 1 st |  |  | Fees and commission income |  |  |  | 42 |  |  |  | 207 |  |  |  | 207 |
DS-Shinhan-JBWoori New Media New Technology Investment Fund No.1 |  |  | Fees and commission income |  |  |  | 216 |  |  |  | 216 |  |  |  | 216 |
NH-J&-IBKC Label Technology Fund |  |  | Interest expense |  |  |  | (12 | ) |  |  | (6 | ) |  |  | (1 | )
Bonanza-Shinhan GIB Innovative Semiconductor Investment Fund |  |  | Fees and commission income |  |  |  | 55 |  |  |  | 55 |  |  |  | 55 |
2023 Shinhan-JB Woori-Daeshin Listed Companies New Technology Fund |  |  | Fees and commission income |  |  |  | 113 |  |  |  | 214 |  |  |  | 176 |
Shinhan M&A-ESG Investment fund |  |  | Fees and commission income |  |  |  | 726 |  |  |  | 1,083 |  |  |  | 1,072 |
Shinhan-JW Mezzanin New Technology Fund 1st (*2) |  |  | Fees and commission income |  |  |  | 46 |  |  |  | 7 |  |  |  | — |
MAN Global Strategy Bond(H) |  |  | Fees and commission income |  |  |  | 2 |  |  |  | 5 |  |  |  | — |
SH US Buyback&High Dividend Security Feeder Investment Trust(H)[Equity] |  |  | Fees and commission income |  |  |  | — |  |  |  | 18 |  |  |  | 75 |
Related party |  | Account |  |  | 2023 |  |  | 2024 |  |  | 2025 |
Investments in associates (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SH Prestige High Dividend Security Feeder No.1[Equity] |  |  | Fees and commission income |  |  | W | — |  |  |  | 24 |  |  |  | 104 |
Shinhan time secondary blind new technology investment trust |  |  | Fees and commission income |  |  |  | 71 |  |  |  | 200 |  |  |  | 163 |
Shinhan-openwater pre-IPO Investment Trust 1 |  |  | Fees and commission income |  |  |  | 36 |  |  |  | 100 |  |  |  | 100 |
Shinhan-CJ TechInnovation Fund 1st |  |  | Fees and commission income |  |  |  | 88 |  |  |  | 200 |  |  |  | 200 |
” |  |  | Interest expense |  |  |  | — |  |  |  | (25 | ) |  |  | (72 | )
Shinhan-Eco Venture Fund 2 nd |  |  | Fees and commission income |  |  |  | 49 |  |  |  | 100 |  |  |  | 100 |
Heungkuk-Shinhan the1 st Visionary Technology Investment Trust no. 1 |  |  | Fees and commission income |  |  |  | 87 |  |  |  | 200 |  |  |  | 200 |
Hantoo Shinhan Lake K-beauty Technology Investment Trust |  |  | Fees and commission income |  |  |  | 94 |  |  |  | 237 |  |  |  | 115 |
Shinhan HB Wellness 1 st Investment Trust |  |  | Fees and commission income |  |  |  | 35 |  |  |  | 77 |  |  |  | 77 |
Shinhan J&Wave Investment Fund |  |  | Fees and commission income |  |  |  | 2 |  |  |  | 18 |  |  |  | 11 |
Shinhan General Private Real Estate Investment Trust No.3 |  |  | Fees and commission income |  |  |  | 13 |  |  |  | 135 |  |  |  | 210 |
Shinhan-Timefolio Bio Accelerator Fund |  |  | Fees and commission income |  |  |  | 163 |  |  |  | 310 |  |  |  | — |
Shinhan DS Secondary Investment Fund |  |  | Fees and commission income |  |  |  | 139 |  |  |  | 303 |  |  |  | 303 |
Fortress-shinhan New Tech Fund No.1 |  |  | Fees and commission income |  |  |  | 27 |  |  |  | 101 |  |  |  | 6 |
Shinhan-Ulmus Sobujang hyeokshin Enterprise Investment Association No.7 |  |  | Fees and commission income |  |  |  | 18 |  |  |  | 94 |  |  |  | 94 |
Shinhan Mid and Small-Sized Office Value-Added MO REIT Co., Ltd. |  |  | Fees and commission income |  |  |  | 25 |  |  |  | 208 |  |  |  | 496 |
Shinhan-GB FutureFlow Fund L.P. |  |  | Fees and commission income |  |  |  | — |  |  |  | 279 |  |  |  | 296 |
F-320
Related party |  | Account |  |  | 2023 |  |  | 2024 |  |  | 2025 |
Investments in associates (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
LB Scotland Amazon Fulfillment Center Fund 29 |  |  | Derivative-related income |  |  | W | — |  |  |  | 503 |  |  |  | — |
” |  |  | Other expense |  |  |  | — |  |  |  | (2 | ) |  |  | — |
Shinhan AIM FoF Fund 1-A |  |  | Derivative-related income |  |  |  | — |  |  |  | 3,331 |  |  |  | — |
” |  |  | Derivative-related expense |  |  |  | — |  |  |  | (232 | ) |  |  | — |
” |  |  | Other income |  |  |  | — |  |  |  | 22 |  |  |  | — |
” |  |  | Interest expense |  |  |  | — |  |  |  | (12 | ) |  |  | — |
PineStreet Global Corporate FoF XIII-2 |  |  | Derivative-related income |  |  |  | — |  |  |  | 96 |  |  |  | 365 |
” |  |  | Derivative-related expense |  |  |  | — |  |  |  | — |  |  |  | (17 | )
Shinhan-Regent Fund I |  |  | Fees and commission income |  |  |  | — |  |  |  | 23 |  |  |  | 84 |
Shinhan-soo secondary Fund |  |  | Fees and commission income |  |  |  | — |  |  |  | 247 |  |  |  | 169 |
The E&Shinhan New Growth Up Fund |  |  | Fees and commission income |  |  |  | — |  |  |  | 216 |  |  |  | 160 |
CASCADETECH INC |  |  | Reversal of allowance for credit losses |  |  |  | — |  |  |  | 6 |  |  |  | — |
TECHFIN RATINGS Co., Ltd. (*5) |  |  | Fees and commission income |  |  |  | — |  |  |  | 2 |  |  |  | 4 |
” |  |  | Interest expense |  |  |  | — |  |  |  | (726 | ) |  |  | (525 | )
” |  |  | Fees and commission expense |  |  |  | — |  |  |  | — |  |  |  | (1 | )
” |  |  | Reversal of allowance for credit losses |  |  |  | — |  |  |  | — |  |  |  | 2 |
” |  |  | Reversal of provision for unused commitments |  |  |  | — |  |  |  | — |  |  |  | 6 |
Songpa biz cluster PFV Co., Ltd. |  |  | Interest income |  |  |  | — |  |  |  | 356 |  |  |  | 2,810 |
” |  |  | Fees and commission income |  |  |  | — |  |  |  | 9,178 |  |  |  | 1 |
Songpa biz cluster PFV Co., Ltd. |  |  | Interest expense |  |  |  | — |  |  |  | (1 | ) |  |  | — |
” |  |  | Provision for credit losses |  |  |  | — |  |  |  | — |  |  |  | (402 | )
” |  |  | Reversal of provision for unused commitments |  |  |  | — |  |  |  | — |  |  |  | 95 |
STIC ALT Global II Private Equity Fund |  |  | Interest expense |  |  |  | — |  |  |  | (3 | ) |  |  | (1 | )
Nomura-Rifa Private Real Estate Investment Trust 31 |  |  | Interest income |  |  |  | — |  |  |  | 746 |  |  |  | 749 |
” |  |  | Provision for credit losses |  |  |  | — |  |  |  | (27 | ) |  |  | (27 | )
Pacific Private Placement Real Estate Fund No.40 |  |  | Interest income |  |  |  | — |  |  |  | 825 |  |  |  | 589 |
” |  |  | Provision for credit losses |  |  |  | — |  |  |  | — |  |  |  | (24 | )
Shinhan-DS Mezzanine Fund 1 |  |  | Fees and commission income |  |  |  | — |  |  |  | 172 |  |  |  | 270 |
Related party |  | Account |  |  | 2023 |  |  | 2024 |  |  | 2025 |
Investments in associates (continued) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shinhan-Csquared Mezzanine Fund 1 |  |  | Fees and commission income |  |  | W | — |  |  |  | 20 |  |  |  | 40 |
Shinhan Time BM sobujang Fund |  |  | Fees and commission income |  |  |  | — |  |  |  | 110 |  |  |  | 82 |
KR Seocho Co., Ltd. |  |  | Interest income |  |  |  | — |  |  |  | 1,287 |  |  |  | 1,430 |
” |  |  | Provision for credit losses |  |  |  | — |  |  |  | — |  |  |  | (15 | )
Shinhan Market-Frontier Fund III |  |  | Fees and commission income |  |  |  | — |  |  |  | 1,022 |  |  |  | 1,568 |
SH K-REITs Infra Real Estate Investment Trust (FoFs) |  |  | Fees and commission income |  |  |  | 25 |  |  |  | 50 |  |  |  | 63 |
KB Distribution Private Real Estate 3-1 |  |  | Interest income |  |  |  | — |  |  |  | 103 |  |  |  | 83 |
” |  |  | Reversal of (provision for) credit loss allowance |  |  |  | — |  |  |  | (4 | ) |  |  | 4 |
Capstone REITs No.26 |  |  | Interest income |  |  |  | — |  |  |  | 589 |  |  |  | 1,000 |
” |  |  | Provision for credit losses |  |  |  | — |  |  |  | (21 | ) |  |  | — |
Wave Technology |  |  | Fees and commission expense |  |  |  | — |  |  |  | (300 | ) |  |  | (300 | )
Credila Financial Services |  |  | Interest income |  |  |  | — |  |  |  | — |  |  |  | 1,918 |
” |  |  | Fees and commission income |  |  |  | — |  |  |  | — |  |  |  | 9 |
” |  |  | Provision for credit losses |  |  |  | — |  |  |  | — |  |  |  | (78 | )
” |  |  | Interest expense |  |  |  | — |  |  |  | — |  |  |  | (84 | )
Shinhan Rio Green Private Equity Fund |  |  | Fees and commission income |  |  |  | — |  |  |  | — |  |  |  | 131 |
” |  |  | Interest expense |  |  |  | — |  |  |  | — |  |  |  | (31 | )
Startup Korea Vision 2024 Fund |  |  | Fees and commission income |  |  |  | — |  |  |  | — |  |  |  | 801 |
Shinhan-soo Investment Green Wiz Fund |  |  | Fees and commission income |  |  |  | — |  |  |  | — |  |  |  | 412 |
Shinhan-Time Premier Fund |  |  | Fees and commission income |  |  |  | — |  |  |  | — |  |  |  | 120 |
Finflow (*5) |  |  | Other non-operating income |  |  |  | — |  |  |  | — |  |  |  | 2,652 |
D2U 12th Fund |  |  | Interest expense |  |  |  | — |  |  |  | — |  |  |  | (7 | )
Fireant Media and Digital Service Joint Stock Company |  |  | Interest expense |  |  |  | — |  |  |  | — |  |  |  | (1 | )
” |  |  | Fees and commission income |  |  |  | — |  |  |  | — |  |  |  | 4 |
Meta TB ESG Private Equity Fund I |  |  | Interest expense |  |  |  | — |  |  |  | — |  |  |  | (9 | )
Reverent-Shinhan Root Fund |  |  | Fees and commission income |  |  |  | — |  |  |  | — |  |  |  | 88 |
SH US Long Term Treasury Plus Security Feeder Investment Trust(H)[Bond-FoFs] |  |  | Fees and commission income |  |  |  | — |  |  |  | — |  |  |  | 11 |
Related party |  | Account |  |  | 2023 |  |  | 2024 |  |  | 2025 |
IGIS Yongsan Office General Private Real Estate Investment Trust 518 |  |  | Interest income |  |  | W | — |  |  |  | — |  |  |  | 1,205 |
” |  |  | Provision for credit losses |  |  |  | — |  |  |  | — |  |  |  | (34 | )
Key management personnel and their immediate relatives |
|  |  | Interest income |  |  |  | 242 |  |  |  | 133 |  |  |  | 233 |
|  |  |  |  |  | W | 26,270 |  |  |  | 98,783 |  |  |  | 107,012 |
| (*1) | Excluded from associates due to the loss of significant influence through disposal, liquidation, or other means for the year ended December 31, 2023.
| (*2) | Excluded from associates due to the loss of significant influence through disposal, liquidation, or other means for the year ended December 31, 2024.
| (*3) | Excluded from the associates due to disposal and liquidation for the year ended December 31, 2025.
| (*4) | The transaction details between the associate and its subsidiary are included during the year ended December 31, 2024.
| (*5) | During the year ended December 31, 2025, the Group acquired shares of Finflow through an in-kind contribution, and a disposal gain of W 2,652 million arising from the in-kind contribution is included in other non-operating income.
| (c) | Key management personnel compensation
Key management personnel compensation for the years ended December 31, 2023, 2024 and 2025 are as follows:
|  | 2023 |  |  | 2024 |  |  | 2025 |
Short-term employee benefits |  | W | 25,007 |  |  |  | 21,963 |  |  |  | 21,268 |
Severance benefits |  |  | 809 |  |  |  | 824 |  |  |  | 701 |
Share-based payment transactions (*) |  |  | 11,862 |  |  |  | 12,478 |  |  |  | 24,840 |
|  | W | 37,678 |  |  |  | 35,265 |  |  |  | 46,809 |
| (*) | The above share-based compensation expenses are costs related to share-based compensation arrangements that are still within the vesting period.
| (d) | The guarantees and purchase agreement provided between the related parties as of December 31, 2024 and 2025 are as follows:
|  |  |  | Amount of guarantees |  |  |
Guarantor |  | Guaranteed Parties |  | 2024 |  |  | 2025 |  |  | Account
Shinhan Bank |  | SBC PFV Co., Ltd. |  | W | 65,400 |  |  |  | 1,226,300 |  |  | Unused credit commitment
” |  | Key Management Personnel |  |  | 2,801 |  |  |  | 989 |  |  | Unused credit commitment
Shinhan Life Insurance Co., Ltd. |  | SBC PFV Co., Ltd. |  |  | — |  |  |  | 171,700 |  |  | Unused credit commitment
Shinhan Securities Co., Ltd. |  | SBC PFV Co., Ltd. |  |  | — |  |  |  | 4,100 |  |  | Unused credit commitment
” |  | Songpa biz cluster PFV Co., Ltd. |  |  | — |  |  |  | 30,000 |  |  | Unused credit commitment
Shinhan Capital |  | SBC PFV Co., Ltd. |  |  | — |  |  |  | 61,300 |  |  | Unused credit commitment
Shinhan Card Co., Ltd. |  | BNP Paribas Cardif Life Insurance |  |  | 846 |  |  |  | 810 |  |  | Unused credit line
The Group |  | Structured entities |  |  | 204,035 |  |  |  | 131,704 |  |  | Purchase agreement
| 31,440 |  |  | 6,286 |  |  | Derivatives agreement
|  |  |  | W | 304,522 |  |  |  | 1,633,189 |  |  |
| (e) | Details of collaterals provided by the related parties as of December 31, 2024 and 2025 are as follows:
|  |  |  |  |  | Amount of assets pledged |
Provided to |  | Provided by |  | Pledged assets |  | 2024 |  |  | 2025 |
Shinhan Bank |  | Logisvalley Shinhan REIT Co., Ltd. |  | Collateral trust |  | W | 39,600 |  |  |  | 39,600 |
|  | Nomura-Rifa Private Real Estate Investment Trust 31 |  | Collateral trust |  |  | 16,800 |  |  |  | 16,632 |
|  | SBC PFV Co., Ltd. |  | Collateral trust |  |  | 960,000 |  |  |  | 1,440,000 |
|  | ” |  | Shares |  |  | — |  |  |  | 7,529 |
|  |  |  |  |  |  | 960,000 |  |  |  | 1,447,529 |
|  | Key Management Personnel |  | Properties |  |  | 6,799 |  |  |  | 9,103 |
|  | ” |  | Deposits, etc. |  |  | 1,466 |  |  |  | 1,783 |
|  | ” |  | Guarantee |  |  | 2,132 |  |  |  | 980 |
|  |  |  |  |  |  | 10,397 |  |  |  | 11,866 |
|  |  |  |  |  | W | 1,026,797 |  |  |  | 1,515,627 |
| (f) | Significant loans and financing transactions with related parties
| i) | Details of significant loan and collection transactions with related parties for the years ended December 31, 2024 and 2025 are as follows:
|  |  |  | 2024 |
Classification |  | Company |  | Beginning |  |  | Loan |  |  | Collection |  |  | Others (*1) |  |  | Ending |
Investments in associates |  | Nomura-Rifa Private Real Estate Investment Trust 19 |  | W | 11,529 |  |  |  | — |  |  |  | (300 | ) |  |  | 471 |  |  |  | 11,700 |
| Shinhan Global Active REIT Co., Ltd. (*2) |  |  | — |  |  |  | 165,400 |  |  |  | (125,700 | ) |  |  | (39,700 | ) |  |  | — |
| SBC PFV Co., Ltd. |  |  | — |  |  |  | 1,169,700 |  |  |  | (185,100 | ) |  |  | — |  |  |  | 984,600 |
| Goduck Gangil10 PFV Co., Ltd. |  |  | 1,100 |  |  |  | — |  |  |  | (1,100 | ) |  |  | — |  |  |  | — |
| Logisvalley Shinhan REIT Co., Ltd. |  |  | 33,000 |  |  |  | 34,175 |  |  |  | (34,175 | ) |  |  | — |  |  |  | 33,000 |
| CASCADETECH INC |  |  | — |  |  |  | 66 |  |  |  | (66 | ) |  |  | — |  |  |  | — |
| Nomura-Rifa Private Real Estate Investment Trust 31 |  |  | — |  |  |  | 28,000 |  |  |  | (14,000 | ) |  |  | — |  |  |  | 14,000 |
| Pacific Private Placement Real Estate Fund No.40 |  |  | — |  |  |  | 14,000 |  |  |  | — |  |  |  | — |  |  |  | 14,000 |
| KR Seocho Co., Ltd. |  |  | — |  |  |  | 11,871 |  |  |  | (7,000 | ) |  |  | 7,000 |  |  |  | 11,871 |
| Songpa biz cluster PFV Co., Ltd. |  |  | — |  |  |  | 22,424 |  |  |  | — |  |  |  | — |  |  |  | 22,424 |
| KB Distribution Private Real Estate 3-1 |  |  | — |  |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | 2,000 |
| Capstone REITs No.26 |  |  | — |  |  |  | 20,000 |  |  |  | — |  |  |  | — |  |  |  | 20,000 |
| EDNCENTRAL Co., Ltd. |  |  | — |  |  |  | 25,400 |  |  |  | — |  |  |  | — |  |  |  | 25,400 |
| IGIS Yongsan Office General Private Real Estate Investment Trust 518 |  |  | 20,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,000 |
Key Management Personnel |  |  |  |  | 5,005 |  |  |  | 1,493 |  |  |  | (3,095 | ) |  |  | — |  |  |  | 3,403 |
|  |  |  | W | 70,634 |  |  |  | 1,494,529 |  |  |  | (370,536 | ) |  |  | (32,229 | ) |  |  | 1,162,398 |
(*1) | The effect on changes in allowance for credit loss is included.
(*2) | Excluded from associates due to the loss of significant influence during the year ended December 31, 2024, and the year-end balance has been reclassified under ‘Others’.
|  |  |  | 2025 |
Classification |  | Company |  | Beginning |  |  | Loan |  |  | Collection |  |  | Others (*) |  |  | Ending |
Investments in associates |  | Nomura-Rifa Private Real Estate Investment Trust 19 |  | W | 11,700 |  |  |  | — |  |  |  | (300 | ) |  |  | — |  |  |  | 11,400 |
| SBC PFV Co., Ltd. |  |  | 984,600 |  |  |  | 1,270,300 |  |  |  | (1,735,100 | ) |  |  | — |  |  |  | 519,800 |
| Logisvalley Shinhan REIT Co., Ltd. |  |  | 33,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 33,000 |
| Nomura-Rifa Private Real Estate Investment Trust 31 |  |  | 14,000 |  |  |  | — |  |  |  | (140 | ) |  |  | — |  |  |  | 13,860 |
| Pacific Private Placement Real Estate Fund No.40 |  |  | 14,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,000 |
| KR Seocho Co., Ltd. |  |  | 11,871 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,871 |
| Songpa biz cluster PFV Co., Ltd. |  |  | 22,424 |  |  |  | 47,848 |  |  |  | — |  |  |  | — |  |  |  | 70,272 |
| KB Distribution Private Real Estate 3-1 |  |  | 2,000 |  |  |  | — |  |  |  | (2,000 | ) |  |  | — |  |  |  | — |
| Capstone REITs No.26 |  |  | 20,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,000 |
| EDNCENTRAL Co., Ltd. |  |  | 25,400 |  |  |  | 7,930 |  |  |  | — |  |  |  | (33,330 | ) |  |  | — |
| Credila Financial Services |  |  | — |  |  |  | 26,567 |  |  |  | (6,672 | ) |  |  | — |  |  |  | 19,895 |
| IGIS Yongsan Office General Private Real Estate Investment Trust 518 |  |  | 20,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,000 |
Key Management Personnel |  |  |  |  | 3,403 |  |  |  | 3,747 |  |  |  | (2,591 | ) |  |  | — |  |  |  | 4,559 |
|  |  |  | W | 1,162,398 |  |  |  | 1,356,392 |  |  |  | (1,746,803 | ) |  |  | (33,330 | ) |  |  | 738,657 |
(*) | Excluded from associates due to the loss of significant influence during the year ended December 31, 2025, and the year-end balance has been reclassified under ‘Others’.
| ii) | Details of significant borrowing and repayment transactions with related parties for the years ended December 31, 2024 and 2025 are as follows:
|  |  |  |  |  | 2024 |
Liabilities |  | Classification |  | Company |  | Beginning |  |  | Borrowing |  |  | Repayment |  |  | Ending |
Deposits (*) |  | Investments in associates |  | NH-J&-IBKC Label Technology Fund |  | W | 248 |  |  |  | 522 |  |  |  | (711 | ) |  |  | 59 |
| TECHFIN RATINGS Co., Ltd. |  |  | — |  |  |  | 46,000 |  |  |  | (28,000 | ) |  |  | 18,000 |
| CJL No.1 Private Equity Fund |  |  | 265 |  |  |  | 282 |  |  |  | (547 | ) |  |  | — |
| Shinhan-CJ TechInnovati- on Fund 1st |  |  | — |  |  |  | 3,100 |  |  |  | — |  |  |  | 3,100 |
|  |  |  | W | 513 |  |  |  | 49,904 |  |  |  | (29,258 | ) |  |  | 21,159 |
|  |  |  |  |  |  | 2025 |
Liabilities |  | Classification |  |  | Company |  | Beginning |  |  | Borrowing |  |  | Repayment |  |  | Ending |
Deposits (*) |  |  | Investments in associates |  |  | NH-J&-IBKC Label Technology Fund |  | W | 59 |  |  |  | — |  |  |  | (59 | ) |  |  | — |
| Shinhan Rio Green Private Equity Fund |  |  | — |  |  |  | 4,600 |  |  |  | (4,600 | ) |  |  | — |
| TECHFIN RATINGS Co., Ltd. |  |  | 18,000 |  |  |  | 24,500 |  |  |  | (29,000 | ) |  |  | 13,500 |
| Shinhan-CJ TechInnovation Fund 1st |  |  | 3,100 |  |  |  | 14,500 |  |  |  | (14,100 | ) |  |  | 3,500 |
|  |  |  |  |  | D2U 12th Fund |  |  | — |  |  |  | 900 |  |  |  | (500 | ) |  |  | 400 |
|  |  |  |  |  | Meta TB ESG Private Equity Fund I |  |  | — |  |  |  | 300 |  |  |  | (300 | ) |  |  | — |
|  |  |  |  |  | Korea Credit Bureau |  |  | — |  |  |  | 1,000 |  |  |  | — |  |  |  | 1,000 |
|  |  |  |  | W | 21,159 |  |  |  | 45,800 |  |  |  | (48,559 | ) |  |  | 18,400 |
(*) | Settlement balances between related parties and payable deposits with frequent movements are excluded.

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