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Related parties

12 Months Ended

Dec. 31, 2025

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

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
The Group	Structured entities	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

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.