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Interests in unconsolidated structured entities

12 Months Ended

Dec. 31, 2025

Disclosure of unconsolidated structured entities [abstract]

Interests in unconsolidated structured entities

51.	Interests in unconsolidated structured entities

(a)

The nature and extent of interests in unconsolidated structured entities

The Group is involved in asset-backed securitization, structured financing, beneficiary certificates (primarily investment funds) and other structured entities and characteristics of these structured entities are as follows:


		Description
Asset-backed securitization		Securitization vehicles are established to buy assets from originators and issue asset-backed securities in order to facilitate the originators’ funding activities and enhance their financial soundness. The Group is involved in the securitization vehicles by purchasing (or committing to purchase) the asset-backed securities issued and/or providing other forms of credit enhancement. The Group does not consolidate a securitization vehicle if (i) the Group is unable to make or approve decisions as to the modification of the terms and conditions of the securities issued by such vehicle or disposal of such vehicles’ assets, (ii) (even if the Group is so able) if the Group does not have the exclusive or primary power to do so, or (iii) if the Group does not have exposure, or right, to a significant amount of variable returns from such entity due to the purchase (or commitment to purchase) of asset-backed securities so issued or subordinated obligations or by providing other forms of credit support.

Structured financing		Structured entities for structured financing are established to raise funds and invest in a specific project such as M&A (mergers and acquisitions), BTL (build-transfer-lease), shipping finance, etc. The Group is involved in the structured entities by originating loans, investing in equity, or providing credit enhancement.

Investment fund		Investment fund means an investment trust, a PEF (private equity fund) or a partnership which invests in a group of assets such as stocks or bonds by issuing a type of beneficiary certificates to raise funds from the general public, and distributes its income and capital gains to their investors. The Group manages assets by investing in shares of investment fund or playing a role of an operator or a GP (general partner) of investment fund, on behalf of other investors.

The size of unconsolidated structured entities as of December 31, 2024 and 2025 are as follows:


	2024		2025
Total assets:
Asset-backed securitization	W	193,570,970		180,681,470
Structured financing		506,473,200		567,491,062
Investment fund		508,704,815		603,354,883

	W	1,208,748,985		1,351,527,415

(b)

Nature of risks

i) The carrying amounts of the assets and liabilities relating to its interests in unconsolidated structured entities as of December 31, 2024 and 2025 are as follows:


	2024
	Asset-backed securitization		Structured financing		Investment fund		Total
Assets under consolidated financial statements:
Loans at FVTPL	W	11,669		600,796		—		612,465
Loan at amortized cost		2,326,196		18,660,200		93,296		21,079,692
Securities at FVTPL		4,233,165		255,936		14,902,327		19,391,428
Derivative assets		16,012		—		—		16,012
Securities at FVOCI		4,124,742		176,273		—		4,301,015
Securities at amortized cost		4,879,484		—		93		4,879,577
Other assets		13,700		73,981		28,076		115,757

	W	15,604,968		19,767,186		15,023,792		50,395,946

Liabilities under consolidated financial statements:
Derivative liabilities	W	3,130		220		—		3,350
Other liabilities		510		4,295		3		4,808

	W	3,640		4,515		3		8,158


	2025
	Asset-backed securitization		Structured financing		Investment fund		Total
Assets under consolidated financial statements:
Loans at FVTPL	W	4,622		746,038		—		750,660
Loan at amortized cost		2,971,101		19,410,662		150,857		22,532,620
Securities at FVTPL		4,491,692		322,481		16,428,693		21,242,866
Derivative assets		9,286		—		—		9,286
Securities at FVOCI		3,721,496		138,153		—		3,859,649
Securities at amortized cost		4,089,597		—		80		4,089,677
Other assets		12,665		101,058		2,439		116,162

	W	15,300,459		20,718,392		16,582,069		52,600,920

Liabilities under consolidated financial statements:
Derivative liabilities	W	2,101		—		—		2,101
Other liabilities		315		6,481		—		6,796

	W	2,416		6,481		—		8,897

ii) The maximum risk exposure of the Group relating to its interests in unconsolidated structured entities as of December 31, 2024 and 2025 are as follows:


	2024
	Asset-backed securitization		Structured financing		Investment fund		Total
Assets held	W	15,604,968		19,767,186		15,023,792		50,395,946
ABS and ABCP purchase agreements		1,125,400		224,184		2,246,239		3,595,823
Loan commitments		327,367		916,236		41,656		1,285,259
Guarantees		111,150		8,900		—		120,050
Others		—		383,071		—		383,071

	W	17,168,885		21,299,577		17,311,687		55,780,149


	2025
	Asset-backed securitization		Structured financing		Investment fund		Total
Assets held	W	15,300,459		20,718,392		16,582,069		52,600,920
ABS and ABCP purchase agreements		1,802,241		277,917		2,203,699		4,283,857
Loan commitments		256,038		1,458,320		67,807		1,782,165
Guarantees		31,450		6,000		—		37,450
Others		—		263,836		—		263,836

	W	17,390,188		22,724,465		18,853,575		58,968,228