UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934
For the Month of May 2018
SHINHAN FINANCIAL GROUP CO., LTD.
(Translation of registrant's name into English)
20, Sejong-daero 9-gil, Jung-gu, Seoul 04513, Korea
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F √ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): _______
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): _______
Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes No___√___
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- n/a .
Summary of FY2018 1Q Business Report
On May 15, 2018, Shinhan Financial Group (“SFG”) filed its FY2018 1Q Business Report (the “Business Report”) with the Financial Services Commission of Korea and the Korea Exchange pursuant to the Financial Investment Services and Capital Market Act of Korea. This is the summary of the Business Report translated into English. Non-material or previously disclosed information are omitted or abridged.
The financial information in this report has been prepared in accordance with Korean International Financial Reporting Standards.
Table of Contents
1. Introduction of the Group
2. Business Results
3. Independent Auditor
4. Major Shareholder and Market Price Information of our Common Shares and ADRs
5. Directors, Executive Officers and Employees
6. Related Party Transactions
2
1. Introduction of the Group
Company History in 2010 through 2018
|
|
▪ |
Jan. 2010 : Shinhan Data System became a direct subsidiary of SFG |
|
|
▪ |
Aug. 2010 : Shinhan Macquarie Financial Advisory was disaffiliated from SFG |
|
|
▪ |
Feb. 2011 : Shinhan BNP Paribas Asset Management (Hong Kong) Limited became an indirect subsidiary of SFG |
|
|
▪ |
Nov. 2011 : Shinhan Bank Vietnam was merged with Shinhan Vina Bank |
|
|
▪ |
Dec. 2011 : Shinhan Savings Bank became a direct subsidiary of SFG |
|
|
▪ |
Nov. 2012 : Shinhan AITAS Co., Ltd. joined SFG as a direct subsidiary |
|
|
▪ |
Jan. 2013 : Yehanbyoul Savings Bank joined SFG as a direct subsidiary |
|
|
▪ |
Apr. 2013 : Shinhan Savings Bank merged with Yehanbyoul Savings Bank. As a result of the integration, Shinhan Savings Bank has been liquidated and Yehanbyoul Savings Bank now exists under the name of “Shinhan Savings Bank” as an existing legal entity |
|
|
▪ |
Nov. 2014 : LLP MFO Shinhan Finance (Kazakhstan) became an indirect subsidiary of SFG |
|
|
▪ |
Jul. 2015 : Shinhan Securities Vietnam Co., Ltd became an indirect subsidiary of SFG |
|
|
▪ |
Oct. 2015 : Banco Shinhan de Mexico became an indirect subsidiary of SFG |
|
|
▪ |
Nov. 2015 : PT Bank Shinhan Indonesia became an indirect subsidiary of SFG |
|
|
▪ |
Dec. 2015 : PT. Shinhan Indo Finance became an indirect subsidiary of SFG |
|
|
▪ |
Dec. 2015 : PT Centratama Nasional Bank became an indirect subsidiary of SFG |
|
|
▪ |
Mar. 2016 : Shinhan Microfinance Co., Ltd. became an indirect subsidiary of SFG |
|
|
▪ |
Jul. 2016 : PT Shinhan Securities Indonesia became an indirect subsidiary of SFG |
|
|
▪ |
Dec. 2016 : Launched new integrated PT Bank Shinhan Indonesia |
|
|
▪ |
Oct. 2017 : Established Shinhan REITs(Real Estate Investment Trusts) Management Co.,Ltd. as SFG subsidiary |
|
|
▪ |
Dec. 2017 : Shinhan K REITs became an indirect subsidiary of SFG |
3
Principal Subsidiaries under Korean Law (as of Mar. 31, 2018)
Direct Subsidiaries
|
Subsidiaries |
|
Ownership by SFG |
|
Shinhan Bank |
|
100.0% |
|
Shinhan Card |
|
100.0% |
|
Shinhan Investment Corp. |
|
100.0% |
|
Shinhan Life Insurance |
|
100.0% |
|
Shinhan BNP Paribas Asset Management |
|
65.0% |
|
Shinhan Capital |
|
100.0% |
|
Jeju Bank 1) |
|
68.9% |
|
Shinhan Savings Bank 2) |
|
100.0% |
|
Shinhan Data System |
|
100.0% |
|
Shinhan AITAS 3) |
|
99.8% |
|
Shinhan Credit Information |
|
100.0% |
|
Shinhan Alternative Investment Management |
|
100.0% |
|
Shinhan REITs Management |
|
100.0% |
|
SHC Management 4) |
|
100.0% |
|
|
1) |
Jeju Bank is currently listed on the Korea Exchange. |
|
|
2) |
On January 30, 2013, Yehanbyoul Savings Bank joined SFG as a direct subsidiary. |
On April 1, 2013, Shinhan Savings Bank merged with Yehanbyoul Savings Bank, both of which were
direct subsidiaries of Shinhan Financial Group. As a result of the integration of the two savings banks,
the previous Shinhan Savings Bank has been liquidated and is thus no longer a subsidiary of Shinhan
Financial Group and instead, Yehanbyoul Savings Bank now exists under the name of “Shinhan Savings
Bank” as an existing legal entity constituting a member of Shinhan Financial Group.
|
|
3) |
On November 30, 2012, Shinhan AITAS Co., Ltd. joined SFG as a direct subsidiary. Prior to November 30, 2012, Shinhan AITAS was an indirect subsidiary of SFG under Shinhan Bank, a wholly-owned bank subsidiary of SFG. |
|
|
4) |
Currently in liquidation proceedings |
4
Indirect subsidiaries held through direct subsidiaries (as of Mar. 31, 2018)
|
Direct Subsidiaries |
|
Indirect Subsidiaries |
|
Ownership by the Parent |
|
Shinhan Bank |
|
Shinhan Asia Limited |
|
100.0% |
|
|
Shinhan Bank America |
|
100.0% |
|
|
|
Shinhan Bank Japan |
|
100.0% |
|
|
|
Shinhan Bank Europe |
|
100.0% |
|
|
|
Shinhan Bank Cambodia |
|
97.5% |
|
|
|
Shinhan Bank Kazakhstan |
|
100.0% |
|
|
|
Shinhan Bank China Limited |
|
100.0% |
|
|
|
Shinhan Bank Canada |
|
100.0% |
|
|
|
Shinhan Bank Vietnam |
|
100.0% |
|
|
|
|
Banco Shinhan de Mexico |
|
100.0% |
|
|
|
PT Bank Shinhan Indonesia |
|
99.0% |
|
Shinhan Card |
|
LLP MFO Shinhan Finance |
|
100.0% |
|
|
PT. Shinhan Indo Finance |
|
50.0% |
|
|
|
Shinhan Microfinance Co., Ltd. |
|
100.00% |
|
|
Shinhan Investment Corp. |
|
Shinhan Investment Corp. USA Inc. |
|
100.0% |
|
|
Shinhan Investment Corp. Asia Inc. |
|
100.0% |
|
|
|
Shinhan Securities Vietnam Co., Ltd |
|
100.0% |
|
|
|
PT Shinhan Sekuritas Indonesia |
|
99.0% |
|
|
|
KOFC Shinhan Frontier Champ 2010-4 PEF1) |
|
8.5% |
|
|
Shinhan Praxis K-Growth Global Private Equity Fund 2) |
|
14.1% |
||
|
Shinhan BNP Paribas Asset Management |
|
Shinhan BNP Paribas Asset Management (Hong Kong) Limited |
|
100.0% |
|
Shinhan Alternative Investment Management |
|
Shinhan NPS Private Equity Fund 1st 3) |
|
5.0% |
|
|
Shinhan Private Equity Fund 2nd 4) |
|
2.2% |
|
|
|
Shinhan-Stonebridge Petro Private Equity Fund 5) |
|
0.6% |
|
|
Shinhan REITs Management |
|
Shinhan Alpha REIT Co., Ltd. |
|
100.0% |
1) Shinhan Financial Group and its subsidiaries currently own 34.6% of KOFC Shinhan Frontier Champ 2010-4
PEF Investment Corp.
2) Shinhan Financial Group and its subsidiaries currently own 18.9% of Shinhan Praxis K-Growth Global Private
Equity Fund.
3) Shinhan Financial Group and its subsidiaries currently own 36.7% of Shinhan NPS Private Equity Fund 1st.
4) Shinhan Financial Group and its subsidiaries currently own 32.6% of Shinhan Private Equity Fund 2nd.
5) Shinhan Financial Group and its subsidiaries currently own 1.8% of Shinhan-Stonebridge Petro Private Equity Fund.
Number of Shares (as of Mar. 31, 2018)
|
Types of Shares |
|
Number of Shares |
|
Common Shares |
|
474,199,587 |
|
Total |
|
474,199,587 |
5
2. Business Results
Operation Results (KRW billion)
|
|
2018 1Q (Jan. 1 ~ Mar. 31) |
2017 1Q (Jan. 1 ~ Mar. 31) |
FY2017 (Jan. 1 ~ Dec. 31) |
FY2016 (Jan. 1 ~ Dec. 31) |
|
Operating income |
1,175.8 |
1,298.3 |
3,828.7 |
3,108.6 |
|
Equity method income |
13.6 |
-0.4 |
20.4 |
10.0 |
|
Other non-operating income |
4.6 |
7.9 |
-52.8 |
51.8 |
|
Profit before income taxes |
1,194.0 |
1,305.7 |
3,796.3 |
3,170.5 |
|
Income tax expense |
325.0 |
298.5 |
848.1 |
345.6 |
|
Consolidated net income |
869.0 |
1,007.3 |
2,948.1 |
2,824.9 |
|
Net income attributable to equity holders of the Group |
857.5 |
997.1 |
2,917.7 |
2,774.8 |
|
Net income attributable to non-controlling interest |
11.5 |
10.2 |
30.4 |
50.1 |
Notes :
|
▪ |
Some of the totals may not sum due to rounding. |
6
|
Consolidated Basis (KRW billion, %) |
2018 1Q |
FY2017 |
FY2016 |
||||||||||
|
Jan. 1 ~ Mar. 31 |
Jan. 1 ~ Dec. 31 |
Jan. 1 ~ Dec. 31 |
|||||||||||
|
Average Balance1) |
Proportions (%) |
Interest Paid |
Interest Rate (%) |
Average Balance1) |
Proportions (%) |
Interest Paid |
Interest Rate (%) |
Average Balance1) |
Proportions (%) |
Interest Paid |
Interest Rate (%) |
||
|
Source |
Deposits |
250,622.7 |
58.3 |
695.6 |
1.13 |
241,523.7 |
58.3 |
2,482.5 |
1.03 |
226,966.8 |
58.7 |
2,586.7 |
1.14 |
|
Borrowings |
18,142.9 |
4.2 |
65.6 |
1.47 |
17,479.8 |
4.2 |
217.3 |
1.24 |
15,047.2 |
3.9 |
176.4 |
1.17 |
|
|
Debt Securities Issued |
51,833.3 |
12.1 |
290.3 |
2.27 |
47,594.6 |
11.5 |
1,085.4 |
2.28 |
42,790.8 |
11.1 |
1,085.8 |
2.54 |
|
|
Other Liabilities |
75,808.0 |
17.7 |
- |
- |
74,788.5 |
18.1 |
- |
- |
70,504.9 |
18.2 |
- |
- |
|
|
Total Liabilities |
396,406.9 |
92.3 |
- |
- |
381,386.6 |
92.1 |
- |
- |
355,309.7 |
91.9 |
- |
- |
|
|
Total Stockholder's Equity |
33,162.4 |
7.7 |
- |
- |
32,750.5 |
7.9 |
- |
- |
31,499.5 |
8.1 |
- |
- |
|
|
Total Liabilities & SE |
429,569.3 |
100.0 |
- |
- |
414,137.1 |
100.0 |
- |
- |
386,809.3 |
100.0 |
- |
- |
|
|
Use |
Cash & Due from Banks |
20,876.6 |
4.9 |
41.3 |
0.80 |
21,609.4 |
5.2 |
167.8 |
0.78 |
20,933.1 |
5.4 |
185.5 |
0.89 |
|
Loans |
276,901.7 |
64.5 |
2,604.3 |
3.81 |
266,195.4 |
64.3 |
9,681.4 |
3.64 |
252,132.2 |
65.2 |
9,244.0 |
3.67 |
|
|
Loans in KRW |
217,067.3 |
50.5 |
1,837.8 |
3.43 |
207,439.9 |
50.1 |
6,828.2 |
3.29 |
197,841.4 |
51.2 |
6,541.9 |
3.31 |
|
|
Loans in Foreign Currency |
18,125.4 |
4.2 |
172.2 |
3.85 |
16,841.6 |
4.1 |
583.2 |
3.46 |
14,936.7 |
3.9 |
482.2 |
3.23 |
|
|
Credit Card Accounts |
20,768.8 |
4.8 |
428.9 |
8.37 |
19,952.8 |
4.8 |
1,680.9 |
8.42 |
18,804.3 |
4.9 |
1,708.5 |
9.09 |
|
|
Others |
20,940.2 |
5.0 |
165.5 |
3.21 |
21,961.1 |
5.3 |
589.1 |
2.68 |
20,549.8 |
5.3 |
511.4 |
2.49 |
|
|
AFS Financial Assets |
36,089.5 |
8.4 |
175.9 |
1.98 |
34,272.9 |
8.3 |
645.3 |
1.88 |
30,308.9 |
7.8 |
612.1 |
2.02 |
|
|
HTM Financial Assets |
24,645.0 |
5.7 |
171.5 |
2.82 |
22,199.6 |
5.4 |
651.1 |
2.93 |
17,409.7 |
4.5 |
561.8 |
3.23 |
|
|
Other Assets |
71,056.5 |
16.5 |
- |
- |
69,859.8 |
16.8 |
- |
- |
66,025.3 |
17.1 |
- |
- |
|
|
Total Assets |
429,569.3 |
100.0 |
- |
- |
414,137.1 |
100.0 |
- |
- |
386,809.3 |
100.0 |
- |
- |
|
1) The “Average Balance” is the arithmetic mean of the ending balance of each quarter.
7
※ The main serial financial figures and indices for Mar. 31, 2018 listed herein may be subject to change.
1) Capital Adequacy
Consolidated BIS Ratio (Shinhan Financial Group) (KRW billion)
|
|
Mar. 31, 2018(e) |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Aggregate Amount of Equity Capital (A) |
31,261.3 |
30,713.5 |
29,786.5 |
|
Risk-Weighted Assets (B) |
210,816.7 |
207,768.6 |
198,642.6 |
|
BIS Ratio (A/B) |
14.83% |
14.78% |
15.00% |
Note) based on Basel III
Capital Adequacy Ratios (Subsidiaries) (%)
|
Subsidiary |
Capital Adequacy Ratio |
Mar. 31, 2018(e) |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Shinhan Bank |
BIS Capital Adequacy Ratio |
16.3 |
15.6 |
15.7 |
|
Shinhan Card |
Adjusted Equity Capital Ratio |
22.6 |
24.5 |
26.2 |
|
Shinhan Investment Corp. |
Net Capital Ratio |
518.6 |
706.4 |
892.0 |
|
Shinhan Life Insurance |
Risk Based Capital Ratio |
173.7 |
175.4 |
178.3 |
|
Shinhan BNP Paribas Asset Management |
Equity Capital (KRW billion) |
145.4 |
156.0 |
148.6 |
|
Minimum Capital Requirement (KRW billion) |
25.2 |
23.5 |
24.0 |
|
|
Shinhan Capital |
Adjusted Equity Capital Ratio |
13.3 |
14.0 |
14.9 |
|
Jeju Bank |
BIS Capital Adequacy Ratio |
14.6 |
14.7 |
12.8 |
|
Shinhan Savings Bank |
BIS Capital Adequacy Ratio |
14.6 |
14.3 |
14.9 |
Notes :
|
|
▪ |
The BIS Capital Adequacy Ratio is computed in accordance with the guidelines issued by the FSS for commercial banks. Under these guidelines, commercial banks are required to maintain a minimum capital adequacy ratio of 8%. |
|
|
▪ |
Basel III FIRB was applied in calculating Shinhan Bank’s BIS Capital Adequacy Ratio. |
|
|
▪ |
Basel III TSA was applied in calculating Jeju Bank’s BIS Capital Adequacy Ratio. |
|
|
▪ |
Basel I was applied in calculating Shinhan Savings Bank’s BIS Capital Adequacy Ratio. |
|
|
▪ |
The Adjusted Equity Capital Ratio represents the ratio of total adjusted shareholder’s equity to total adjusted assets and is computed in accordance with the guidelines issued by FSS. Under these guidelines, Shinhan Card and Shinhan Capital are required to maintain a minimum adjusted equity capital ratio of 8%. |
|
|
▪ |
Net Capital Ratio is computed in accordance with the guidelines issued by the FSS. Under these guidelines, Shinhan Investment Corporation is required to maintain a minimum net capital ratio of 100%. |
|
|
▪ |
Under the guidelines issued by the FSS, Shinhan Life Insurance is required to maintain a minimum RBC ratio of 100%. |
|
|
▪ |
Under the guidelines issued by the FSS, Shinhan BNP Paribas Asset Management is required to hold Equity Capital that exceeds the Minimum Capital Requirement. |
8
Won Liquidity Ratio (KRW billion, %)
|
Company |
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
|
Won Assets |
Won Liabilities |
Won Liquidity Ratio(%) |
Won Assets |
Won Liabilities |
Won Liquidity Ratio(%) |
Won Assets |
Won Liabilities |
Won Liquidity Ratio(%) |
|
|
Shinhan Financial Group |
1,886.0 |
940.4 |
200.5 |
309.8 |
131.6 |
235.3 |
198.8 |
134.8 |
147.5 |
|
Shinhan Card |
15,363.5 |
4,530.0 |
339.0 |
15,768.6 |
4,236.0 |
372.3 |
14,722.9 |
4,069.1 |
361.8 |
|
Shinhan Investment Corp. |
12,672.8 |
8,040.4 |
157.6 |
12,873.9 |
9,320.8 |
138.1 |
12,472.3 |
8,227.4 |
151.6 |
|
Shinhan Life Insurance |
931.1 |
581.5 |
160.1 |
917.5 |
553.3 |
165.8 |
915.8 |
502.0 |
182.4 |
|
Shinhan Capital |
913.9 |
574.1 |
159.2 |
768.9 |
560.4 |
137.2 |
684.5 |
521.2 |
131.3 |
|
Shinhan Savings Bank |
349.2 |
194.0 |
180.0 |
308.0 |
213.3 |
144.4 |
169.8 |
138.7 |
122.4 |
Notes :
|
|
▪ |
Shinhan Financial Group: Due within 1 month |
|
|
▪ |
Shinhan Life Insurance: (Won assets due within 3 months /3 months average of Claim payments )*100 |
|
|
▪ |
Shinhan Card, Shinhan Investment Corp., Shinhan Capital, and Shinhan Savings Bank : Due within 3 months |
|
|
▪ |
Liquidity Ratio for Shinhan Bank and Jeju Bank have been replaced by Liquidity Coverage Ratio from Mar 31, 2015 |
to reflect the recent amendments to detailed regulations on supervision of banking business.
Liquidity Coverage Ratio (KRW billion, %)
|
Company |
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
|
High Quality Liquid Assets |
Net Cash Outflows |
Liquidity Coverage Ratio(%)* |
High Quality Liquid Assets |
Net Cash Outflows |
Liquidity Coverage Ratio(%) |
High Quality Liquid Assets |
Net Cash Outflows |
Liquidity Coverage Ratio(%) |
|
|
Shinhan Bank |
47,657.7 |
46,321.9 |
102.9 |
46,813.9 |
49,493.3 |
94.7 |
35,961.9 |
37,257.5 |
96.7 |
|
Jeju Bank |
557.0 |
453.3 |
123.3 |
560.3 |
476.0 |
117.9 |
563.2 |
401.9 |
142.6 |
* The “High quality liquid assets” and “Net cash outflows” are the arithmetic mean of the ending balance of every day.
9
Foreign Currency (FC) Liquidity Ratio (USD millions, %)
|
Company |
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
|
FC Assets |
FC Liabilities |
FC Liquidity Ratio(%) |
FC Assets |
FC Liabilities |
FC Liquidity Ratio(%) |
FC Assets |
FC Liabilities |
FC Liquidity Ratio(%) |
|
|
Shinhan Financial Group |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Shinhan Bank |
- |
- |
- |
49,850.7 |
46,790.4 |
106.5 |
39,631.1 |
35,968.5 |
110.2 |
|
Shinhan Investment Corp. |
6,831.3 |
6,125.1 |
111.5 |
7,577.9 |
7,913.3 |
95.8 |
5,635.3 |
5,073.4 |
111.1 |
|
Shinhan Capital |
110.5 |
0.4 |
28,206.0 |
99.8 |
0.3 |
29,325.2 |
80.3 |
1.1 |
7,333.0 |
|
Jeju Bank |
51.6 |
43.5 |
118.5 |
43.2 |
37.9 |
114.1 |
13.3 |
10.7 |
124.7 |
Notes :
|
|
▪ |
Foreign currency liquidity ratios are computed with assets and liabilities due within 3 months. |
|
|
▪ |
Shinhan Bank’s foreign currency liquidity ratio reflected securitization weight with the guidelines issued by the FSS. |
|
|
▪ |
Shinhan Financial Group figures are based on the separate basis. |
Foreign Currency (FC) Liquidity Coverage Ratio (USD millions, %)
|
Company |
2018 1Q |
2017 4Q |
2017 3Q |
2017 2Q |
2017 1Q |
|
Jan. 1 ~ Mar. 31 |
Oct. 1 ~ Dec. 31 |
Jul. 1 ~ Sep. 30 |
Apr. 1 ~ Jun. 30 |
Jan. 1 ~ Mar. 31 |
|
|
Shinhan Bank |
107.3 |
107.3 |
89.0 |
115.7 |
111.0 |
Notes :
|
|
▪ |
Under the guidelines issued by the FSS, Shinhan Bank is required to hold a minimum requirement of foreign exchange debt in high-quality liquidity assets to withstand a 30-day net cash outflow in systemic risks. The minimum requirement of the foreign currency liquidity coverage ratio was set at 60% in 2017, 70% in 2018 and will be increased gradually to 80% in 2019. |
10
SFG Consolidated Basis (KRW billion)
|
|
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Total Loans |
277,785.5 |
274,719.1 |
259,772.6 |
|
Substandard & Below |
1,804.8 |
1,734.1 |
1,927.6 |
|
Substandard & Below Ratio |
0.65% |
0.63% |
0.74% |
|
Non-Performing Loans |
1,554.5 |
1,467.1 |
1,595.8 |
|
NPL Ratio |
0.56% |
0.53% |
0.61% |
|
Substandard & Below Coverage Ratio |
163.60% |
135.15% |
125.99% |
|
Loan Loss Allowance |
2,952.5 |
2,343.6 |
2,428.7 |
|
Substandard & Below Loans |
1,804.8 |
1,734.1 |
1,927.6 |
Separate Basis (%)
|
|
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||
|
Substandard & Below Ratio |
NPL Ratio |
Substandard & Below Coverage Ratio |
Substandard & Below Ratio |
NPL Ratio |
Substandard & Below Coverage Ratio |
Substandard & Below Ratio |
NPL Ratio |
Substandard & Below Coverage Ratio 1) |
|
|
Shinhan Financial Group |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Shinhan Bank |
0.57 |
0.52 |
140 |
0.55 |
0.49 |
114 |
0.65 |
0.56 |
96 |
|
Shinhan Card |
1.16 |
0.68 |
272 |
1.06 |
0.61 |
238 |
1.16 |
0.76 |
271 |
|
Shinhan Investment Corp. |
0.08 |
0.08 |
769 |
0.08 |
0.08 |
497 |
0.10 |
0.10 |
413 |
|
Shinhan Life Insurance |
0.09 |
0.09 |
399 |
0.09 |
0.07 |
274 |
0.09 |
0.08 |
335 |
|
Shinhan Capital |
1.25 |
1.55 |
161 |
1.33 |
1.60 |
129 |
2.61 |
2.93 |
94 |
|
Jeju Bank |
0.98 |
0.98 |
56 |
1.09 |
0.80 |
41 |
1.24 |
0.93 |
35 |
|
Shinhan Savings Bank |
3.68 |
3.17 |
79 |
3.86 |
2.98 |
62 |
5.42 |
3.45 |
53 |
4) Debt to Equity Ratios
Shinhan Financial Group (Separate Basis) (KRW billion)
|
|
Mar. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Debt |
8,385.6 |
7,447.7 |
6,977.7 |
|
Equity |
20,864.9 |
20,192.1 |
20,217.9 |
|
Debt to Equity Ratio |
40.19% |
36.88% |
34.51% |
11
Twenty Largest Exposures by Borrower
(KRW billion)
|
As of Mar. 31, 2018 Consolidated basis |
Loans in Won |
Loans in Foreign Currency |
Securities |
Guarantees and Acceptances |
Others |
Total Exposures |
|
Ministry of Strategy & Finance |
0.0 |
- |
15,080.3 |
- |
- |
15,080.3 |
|
Bank of Korea |
1,200.0 |
- |
6,729.9 |
0.1 |
- |
7,929.9 |
|
Korea Housing Finance Corporation |
0.0 |
- |
5,787.4 |
- |
- |
5,787.4 |
|
Korea Development Bank |
13.4 |
- |
5,028.1 |
- |
- |
5,041.5 |
|
Industrial Bank of Korea |
647.2 |
117.3 |
2,323.7 |
- |
- |
3,088.3 |
|
Export-Import Bank of Korea |
- |
- |
2,366.1 |
53.3 |
- |
2,419.4 |
|
Korea Securities Finance Corporation |
355.8 |
- |
1,091.0 |
- |
- |
1,446.7 |
|
Korea Deposit Insurance Corporation |
- |
- |
1,373.6 |
- |
- |
1,373.6 |
|
Kookmin Bank |
520.5 |
74.7 |
719.3 |
0.1 |
- |
1,314.6 |
|
Korea Investment & Securities Co.,Ltd. |
1,245.3 |
- |
40.0 |
- |
- |
1,285.3 |
|
Korea Land & Housing Corporation |
0.0 |
- |
1,199.0 |
- |
- |
1,199.0 |
|
NongHyup Bank |
526.3 |
10.3 |
636.0 |
17.9 |
- |
1,190.5 |
|
KEB Hana Bank |
127.8 |
237.1 |
579.5 |
1.8 |
- |
946.2 |
|
Small & medium Business Corporation |
0.0 |
- |
921.4 |
- |
- |
921.4 |
|
Woori Bank |
59.9 |
13.6 |
843.6 |
- |
- |
917.1 |
|
Samsung Electronics Co., Ltd. |
- |
869.4 |
18.9 |
- |
0.0 |
888.3 |
|
KB Securities Co., Ltd. |
750.0 |
- |
129.7 |
- |
- |
879.7 |
|
LG Electronics Inc. |
89.9 |
62.6 |
223.4 |
420.1 |
- |
796.0 |
|
Samsung Asset Management |
- |
- |
633.4 |
- |
- |
633.4 |
|
Korea Electric Power Corporation |
0.4 |
- |
616.9 |
6.5 |
- |
623.8 |
|
Total |
5,536.6 |
1,384.9 |
46,341.1 |
499.7 |
0.0 |
53,762.3 |
Note) Some of the totals may not sum due to rounding
12
Exposure to ten Main Debtor Groups
(KRW billion)
|
As of Mar. 31, 2018 Consolidated basis |
Loans in Won |
Loans in Foreign Currency |
Securities |
Guarantees and Acceptances |
Others |
Total Exposures |
|
Samsung |
624.6 |
1,369.3 |
1,300.0 |
835.0 |
0.0 |
4,128.9 |
|
Hyundai Motors |
981.8 |
1,637.1 |
850.8 |
340.6 |
0.2 |
3,810.5 |
|
Lotte |
182.8 |
726.9 |
965.1 |
410.2 |
0.1 |
2,285.1 |
|
LG |
455.3 |
162.3 |
455.9 |
629.8 |
0.0 |
1,703.3 |
|
SK |
334.0 |
300.5 |
515.4 |
403.2 |
0.0 |
1,553.2 |
|
Hyundai Heavy Industries |
192.5 |
118.5 |
124.0 |
1,035.0 |
- |
1,470.1 |
|
Hanwha |
405.7 |
227.1 |
386.6 |
325.2 |
0.1 |
1,344.7 |
|
LS |
110.7 |
422.1 |
167.6 |
476.7 |
- |
1,177.0 |
|
GS |
345.9 |
128.3 |
278.4 |
198.0 |
0.0 |
950.6 |
|
Hyosung |
155.1 |
391.5 |
79.6 |
150.0 |
0.0 |
776.1 |
|
Total |
3,788.4 |
5,483.6 |
5,123.4 |
4,803.8 |
0.4 |
19,199.7 |
Note) Some of the totals may not sum due to rounding
Loans, Due from banks and Securities Concentration by Industry
(KRW billion)
|
As of Mar. 31, 2018 Consolidated basis |
Total Exposures |
|
|
Amount |
Weight (%) |
|
|
Finance and Insurance |
83,922.6 |
21.4% |
|
Manufacturing |
45,876.4 |
11.7% |
|
Retail and Wholesale |
18,522.9 |
4.7% |
|
Real Estate, Leasing and Service |
26,703.1 |
6.8% |
|
Construction |
4,306.0 |
1.1% |
|
Hotel and Restaurant |
5,625.1 |
1.4% |
|
Others |
80,631.0 |
20.5% |
|
Retail customers |
126,970.4 |
32.3% |
|
Total |
392,557.6 |
100.0% |
Note) Some of the totals may not sum due to rounding
13
Top Twenty Non-Performing Loans
(KRW billion)
|
Borrower |
Industry |
Gross Principal Outstanding |
Substandard & Below |
Allowance for Loan Losses |
|
A |
Manufacture of Cold Rolled, Drawn and Extruded Iron or Steel Products |
109.0 |
109.0 |
94.7 |
|
B |
Manufacture of Distilling Machinery, Heat exchange unit and Gas Generators |
81.0 |
81.0 |
54.3 |
|
C |
Manufacture of Plastic Products for Fabricating of Machine |
49.0 |
49.0 |
36.0 |
|
D |
Manufacture of Sections for Ships |
42.0 |
39.7 |
26.6 |
|
E |
Other Civil Engineering Construction |
29.4 |
29.4 |
18.6 |
|
F |
Building of Steel Ships |
25.6 |
25.6 |
21.8 |
|
G |
Building of Steel Ships |
23.4 |
23.4 |
5.8 |
|
H |
Manufacture of Sections for Ships |
24.5 |
23.0 |
1.4 |
|
I |
Building of Steel Ships |
21.3 |
21.3 |
0.7 |
|
J |
Construction of Highways, Streets and Roads |
17.2 |
17.2 |
14.3 |
|
K |
Apartment Building Construction |
17.1 |
17.1 |
1.4 |
|
L |
Apartment Building Construction |
16.8 |
15.9 |
14.5 |
|
M |
Manufacture of Tires and Tubes |
15.7 |
15.7 |
15.6 |
|
N |
Golf Course Operation |
14.0 |
14.0 |
8.3 |
|
O |
Wholesale of Non-Specialized Goods |
12.4 |
12.4 |
12.4 |
|
P |
Manufacture of Sections for Ships |
11.4 |
11.4 |
5.7 |
|
Q |
Golf Course Operation |
11.4 |
11.4 |
0.0 |
|
R |
Knitted and Crocheted Apparel |
15.0 |
11.3 |
10.7 |
|
S |
Development and Subdividing of Other Real Estate |
8.2 |
8.2 |
0.0 |
|
T |
Manufacture of Other Smelting, Refining and Alloys of Non-ferrous Metals |
7.8 |
7.8 |
4.5 |
|
Total |
552.4 |
543.9 |
347.3 |
|
Notes :
|
|
▪ |
Consolidated basis as of Mar. 31, 2018. |
|
|
▪ |
Some of the totals may not sum due to rounding. |
14
Audit Opinion for the last 3 years
|
|
2018 1Q |
FY2017 |
FY2016 |
|
Audit Opinion |
- |
Unqualified |
Unqualified |
* For the first quarter of 2018, the independent accountant conducted a review for our financial statements instead of auditing them.
Compensation to the Independent Auditor for Audit and Review Services
The following is a description of the fees for audit and review services performed by our independent auditor for the last three years in connection with our financial statements preparation.
|
Year |
Auditor |
Payment 1) |
Details |
Working hours |
||||||
|
FY2018 |
KPMG Samjong Accounting Corp. |
715 (annualized basis) |
Review/Audit of Financial Statements |
1,251 Hours |
||||||
|
KPMG Samjong Accounting Corp. |
94 (annualized basis) |
K-IFRS Report Package Audit for Shinhan Savings Bank |
160 Hours |
|||||||
|
FY2017 |
KPMG Samjong Accounting Corp. |
626 (annualized basis) |
Review/Audit of Financial Statements |
7,641 Hours |
||||||
|
KPMG Samjong Accounting Corp. |
78 (annualized basis) |
K-IFRS Report Package Audit for Shinhan Savings Bank |
896 Hours |
|||||||
|
KPMG Samjong Accounting Corp. |
261 (annualized basis) |
Non-statutory audit for IFRS 9 adoption |
2,896 Hours |
|||||||
|
FY2016 |
KPMG Samjong Accounting Corp. |
581 (annualized basis) |
Review/Audit of Financial Statements |
7,512 Hours |
||||||
|
KPMG Samjong Accounting Corp. |
73 (annualized basis) |
K-IFRS Report Package Audit for Shinhan Savings Bank |
807 Hours |
|||||||
|
|
1) |
Excluding value-added taxes. |
* In addition to above mentioned description of fees for audit and review services, KPMG Samjong Accounting Corp. also provided services related to US listing and ICOFR audit in accordance with the standards of the PCAOB which we agreed to pay KRW1,582 million(excluding value-added taxes) for FY2018.
15
4. Major Shareholder and Market Price Information of our Common Shares and ADRs
Major Shareholders1) of Shinhan Financial Group as of Mar. 31, 2018
|
Name |
No. of Common Shares owned2) |
Ownership% |
|
National Pension Service |
45,285,762 |
9.55% |
|
BlackRock Fund Advisors3) |
24,320,723 |
5.13% |
|
1) |
Shareholders who own beneficial ownership of 5% or more(common share basis). |
|
2) |
Based on the results of shareholder registry closing as of December 31, 2017 |
|
3) |
Based on the large equity ownership discloser by BlackRock Fund Advisors with the Financial Supervisory Service on Oct. 20, 2016. |
Share ownership of Employee Stock Ownership Association (Number of shares, %)
|
Share ownership |
Beginning Balance |
Increase |
Decrease |
Ending Balance (Mar. 31, 2018) |
Ownership% (Mar. 31, 2018) |
|
Employee Stock Ownership |
22,211,786 |
1,696,509 |
2,067,756 |
21,840,539 |
- |
|
ESOA account |
112,241 |
9,531 |
- |
121,772 |
- |
|
Total |
22,324,027 |
1,706,040 |
2,067,756 |
21,962,311 |
4.63% |
Common Share Traded on the Korea Exchange (KRW, number of shares)
|
|
Oct. 2017 |
Nov. 2017 |
Dec. 2017 |
Jan. 2018 |
Feb. 2018 |
Mar. 2018 |
|
|
Price per share |
High |
51,700 |
51,000 |
50,900 |
53,400 |
52,800 |
46,450 |
|
Low |
49,400 |
47,000 |
47,100 |
49,400 |
46,950 |
44,550 |
|
|
Avg. |
50,528 |
48,627 |
49,216 |
51,975 |
48,961 |
45,240 |
|
|
Trading Volume |
13,809,751 |
25,517,108 |
20,070,809 |
20,854,613 |
19,046,534 |
22,990,451 |
|
|
Highest Daily Trading Volume |
1,912,102 |
4,601,509 |
2,608,925 |
1,482,202 |
1,810,742 |
1,676,704 |
|
|
Lowest Daily Trading Volume |
436,899 |
490,260 |
662,896 |
517,193 |
699,030 |
509,055 |
|
American Depositary Receipts traded on the New York Stock Exchange (USD, number of shares)
|
|
Oct. 2017 |
Nov. 2017 |
Dec. 2017 |
Jan. 2018 |
Feb. 2018 |
Mar. 2018 |
|
|
Price per share |
High |
45.98 |
45.64 |
46.80 |
50.35 |
48.90 |
43.14 |
|
Low |
43.60 |
43.12 |
43.58 |
46.80 |
42.79 |
40.55 |
|
|
Avg. |
44.83 |
44.40 |
45.33 |
48.81 |
45.22 |
42.11 |
|
|
Trading Volume |
1,586,103 |
1,915,151 |
1,320,204 |
2,156,133 |
1,768,605 |
2,057,739 |
|
|
Highest Daily Trading Volume |
170,509 |
152,899 |
123,973 |
335,202 |
171,647 |
189,031 |
|
|
Lowest Daily Trading Volume |
35,925 |
29,466 |
25,062 |
36,361 |
55,428 |
45,247 |
|
Note) 1 ADR = 1 Common Shares
16
5. Directors, Executive Officers and Employees
Directors and Executive Officers
1) Executive Director (As of Mar. 31, 2018)
|
Name |
Month and Year of Birth |
Position |
Service Term |
|
Cho Yong-byoung |
June 1957 |
- Chairman of Shinhan Financial Group - Board Steering Committee Chair - Corporate Governance & CEO Recommendation Committee member - Outside Director Recommendation Committee member - Corporate Social Responsibility Committee member |
3 years starting from March 23, 2017 |
17
Currently, 11 non-executive directors are in office, 10 of which outside directors who are nominated by our Outside Director Recommendation Committee and appointed pursuant to the approval of general shareholders’ meeting.
8 outside directors were appointed as board of directors at the 17th Annual General Meeting of Shareholders on March 22, 2018, of which 5 directors renewed their terms and 3 directors were newly appointed.
Our non-executive directors are as follows: (As of Mar. 31, 2018)
|
Name |
Month and Year of Birth |
Outside Director |
Sub-Committees |
Service Term |
|
Park Cheul |
April 1946 |
O |
Chairman of Board of Directors Outside Director Recommendation Committee Chair Corporate Governance & CEO Recommendation Committee member Remuneration Committee member Risk Management Committee member |
4 years starting from March 25, 2015 |
|
Lee Manwoo |
November 1954 |
O |
Audit Committee Chair Corporate Social Responsibility Committee member Board Steering Committee member |
5 years starting from March 26, 2014 |
|
Yuki Hirakawa |
October 1960 |
O |
Corporate Governance & CEO Recommendation Committee member Corporate Social Responsibility Committee member |
4 years starting from March 25, 2015 |
|
Philippe Avril |
April 1960 |
O |
Risk Management Committee member Corporate Governance & CEO Recommendation Committee member |
4 years starting from March 25, 2015 |
|
Lee Steven Sung-ryang |
August 1955 |
O |
Corporate Social Responsibility Committee Chair Audit Committee member Board Steering Committee member |
3 years starting from March 24, 2016 |
|
Park Ansoon |
January 1945 |
O |
Outside Director Recommendation Committee member Corporate Social Responsibility Committee member Board Steering Committee member |
2 years starting from March 23, 2017 |
|
Joo Jaeseong |
January 1956 |
O |
Risk Management Committee Chair Audit Committee member Remuneration Committee member |
2 years starting from March 23, 2017 |
|
Kim Hwa-nam |
December 1945 |
O |
Corporate Governance & CEO Recommendation Committee member |
2 years starting from March 22, 2018 |
|
Park Byoung-dae |
September 1957 |
O |
Corporate Governance & CEO Recommendation Committee Chair Remuneration Committee Chair Outside Director Recommendation Committee member Audit Committee member |
2 years starting from March 22, 2018 |
|
Choi Kyong-rok |
May 1966 |
O |
Outside Director Recommendation Committee member Risk Management Committee member Board Steering Committee member |
2 years starting from March 22, 2018 |
|
Wi Sung-ho |
June 1958 |
X |
- |
2 years starting from March 23, 2017 |
* Audit Committee Member Recommendation Committee consists of all the outside directors.
18
In addition to the executive directors, we currently have the following executive officers:
(As of Mar 31, 2018)
|
Name |
Month and Year of Birth |
Position |
In charge of |
|
Lee Dong-hwan |
September 1959 |
Deputy President |
- Group & Global Investment Banking Business |
|
Woo Young-woong |
March 1960 |
Deputy President & Chief Strategy Officer |
- Strategic Planning Team - Investor Relations Team - Future Strategy Research Institute - Digital Strategy Team - One Shinhan Strategy Team - Platform Marketing Team |
|
Jin Okdong |
February 1961 |
Deputy President |
- Brand Strategy Team - Management Support Team - Human Resource Team - Shinhan Culture & Leadership Center - CSR Team |
|
Kim Byeong-cheol |
January 1962 |
Deputy President |
- Global Markets & Securities Planning Office |
|
Heo Young-taeg |
August 1961 |
Deputy President |
- Global Business Planning Office |
|
Lee Chang-goo |
January 1961 |
Deputy President |
- Wealth Management Planning Office |
|
Jang Dong-ki |
January 1964 |
Executive Vice President |
- Finance Management Team - Accounting Team - Global Business & Capital Market Team |
|
Kim Im-geun |
July 1963 |
Executive Director & Chief Risk Officer |
- Risk Management Team - Risk Model Validation Team - Credit Review Team |
|
Lee Soonwoo |
October 1962 |
Executive Director & Compliance Officer |
- Compliance Team |
Compensation to Directors
|
|
1) |
Total Amount Approved at the Meeting of Shareholders |
(As of Mar. 31, 2018)
|
|
Total number of persons |
Total amount approved at shareholders’ meeting (KRW millions) |
Notes |
|
Directors (Outside directors) |
12(10) |
3,500 |
- |
Note) Represents the aggregate amount for all directors(including outside directors). Excludes long-term incentives.
19
(As of Mar. 31, 2018)
|
|
Total number of Persons |
Total Compensation (KRW millions) |
Average Compensation per person (KRW millions) |
Notes |
|
Registered Directors |
2 |
548 |
274 |
Excluding outside directors |
|
Outside Directors |
6 |
123 |
18 |
Excluding Audit committee members |
|
Audit committee members or internal auditor |
4 |
65 |
21 |
|
|
Total |
12 |
736 |
61 |
|
Notes :
|
▪ |
Represents the total number of applicable persons as of Mar. 31, 2018. |
|
▪ |
Under the Financial Supervisory Service’s standards for preparing corporate disclosure forms, which standards were amended in November 2013, we are required to disclose in our Business Report the individual annual compensation paid by us to our directors and auditors if such individual annual compensation is W500 million or greater. |
Stock Options
(As of Mar. 31, 2018)
|
|
No. of Granted Options (A) |
No. of Exercised Options |
No. of Cancelled Options |
No. of Exercisable Options |
Exercise Price |
|
Granted in 2005 |
102,389 |
99,889 |
- |
2,500 |
28,006 |
|
Granted in 2006 |
108,356 |
105,856 |
- |
2,500 |
38,829 |
|
Granted in 2007 |
58,764 |
- |
- |
58,764 |
54,560 |
|
Granted in 2008 |
60,753 |
- |
15,125 |
45,628 |
49,053 |
|
Total |
330,262 |
205,745 |
15,125 |
109,392 |
- |
Notes :
|
|
▪ |
The weighted-average exercise price of outstanding exercisable options as of Mar. 31, 2018 is KRW 51,297. |
|
|
▪ |
The closing price of our common stock was KRW 45,700 on Mar. 31, 2018. |
|
|
▪ |
As of Mar. 31, 2018, the exercise of 9,466 options granted in 2008 is temporarily suspended. |
Employees (As of Mar. 31, 2018)
|
Gender |
Number of Employees |
Average length of Service |
Total Salaries and wages paid in 2018 (KRW million) |
Average Payment per person (KRW million) |
|
Male |
123 |
2 yrs 4 mths (13 yrs 3 mths) 1) |
5,132 |
41 |
|
Female |
26 |
4 yrs 4 mths (10 yrs 5 mths) 1) |
644 |
24 |
|
Total |
149 |
2 yrs 8 mths (13 yrs 2 mths) 1) |
5,777 |
38 |
1) Average length of service including service within group subsidiaries
20
Loans to Subsidiaries (KRW billion)
|
Subsidiary |
Loan Type |
Origination Date |
Maturity Date |
Lending Rate |
Beginning Balance (Jan. 1, 2018) |
Decrease |
Increase |
Ending Balance (Mar. 31, 2018) |
|
Shinhan Card |
Loans in KRW |
2016-01-26 |
2021-01-26 |
1.98% |
150 |
- |
- |
150 |
|
Loans in KRW |
2016-02-24 |
2021-02-24 |
1.84% |
150 |
- |
- |
150 |
|
|
Loans in KRW |
2017-03-22 |
2022-03-22 |
2.22% |
150 |
- |
- |
150 |
|
|
Loans in KRW |
2017-04-20 |
2022-04-20 |
2.21% |
100 |
- |
- |
100 |
|
|
Loans in KRW |
2017-05-12 |
2022-05-12 |
2.35% |
50 |
- |
- |
50 |
|
|
Loans in KRW |
2018-02-22 |
2023-02-22 |
2.90% |
- |
- |
100 |
100 |
|
|
Shinhan Capital |
Loans in KRW |
2013-01-18 |
2018-01-18 |
3.18% |
50 |
50 |
- |
- |
|
Loans in KRW |
2013-09-05 |
2018-09-05 |
3.61% |
80 |
- |
- |
80 |
|
|
Loans in KRW |
2014-01-27 |
2019-01-27 |
3.60% |
50 |
- |
- |
50 |
|
|
Loans in KRW |
2016-03-16 |
2021-03-16 |
1.90% |
50 |
- |
- |
50 |
|
|
Loans in KRW |
2016-04-27 |
2019-04-27 |
1.63% |
100 |
- |
- |
100 |
|
|
Loans in KRW |
2017-03-22 |
2022-03-22 |
2.22% |
50 |
- |
- |
50 |
|
|
Loans in KRW |
2017-04-20 |
2022-04-20 |
2.21% |
50 |
- |
- |
50 |
|
|
Loans in KRW |
2017-05-12 |
2022-05-12 |
2.35% |
50 |
- |
- |
50 |
|
|
Loans in KRW |
2017-08-24 |
2022-08-24 |
2.37% |
50 |
- |
- |
50 |
|
|
Loans in KRW |
2018-01-22 |
2023-01-22 |
2.75% |
- |
- |
50 |
50 |
|
|
Shinhan Alternative Investment Management |
Loans in KRW |
2017-11-22 |
2018-11-21 |
2.24% |
5 |
- |
- |
5 |
|
Shinhan Savings Bank |
Loans in KRW |
2016-06-17 |
2021-06-17 |
1.61% |
50 |
- |
- |
50 |
|
Loans in KRW |
2017-06-23 |
2022-06-23 |
2.27% |
50 |
- |
- |
50 |
|
|
Total |
1,235 |
50 |
150 |
1,335 |
||||
21
EXHIBIT INDEX
|
Exhibit No. |
|
Description |
|
99.1 |
|
Independent Auditors’ Review Report (Separate Financial Statements) of Shinhan Financial Group as of March 31, 2018 |
|
99.2 |
|
Independent Auditors’ Review Report (Consolidated Financial Statements) of Shinhan Financial Group as of March 31, 2018 |
|
|
|
|
22
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SHINHAN FINANCIAL GROUP CO., LTD.
Date: May 15, 2018
By: /s/ Woo Young-woong
Name: Woo Young-woong
Title: Chief Strategy Officer
23