Shinhan Bank to set up Japanese unit this year

SEOUL, April 28 (Yonhap) -- Shinhan Bank, South Korea's second-largest lender,
said Tuesday it is pushing to establish a banking subsidiary in Japan later this
year to serve Korean companies operating there.
The wholly-owned subsidiary will be set up sometime during the third quarter of
this year after obtaining final approval from the Japanese financial regulator,
Shinhan said, adding the bank had won provisional approval.
The envisioned subsidiary, tentatively named SBJ, will be capitalized at 20
billion yen (US$208.1 million) and will take over Shinhan's three Japanese
branches, the lender said.
Shinhan would become the second foreign lender after Citibank to set up a banking
unit in Japan, it said.
"The establishment of the new unit is expected to intensify Shinhan's presence in
Japan and help secure more stable funding sources," a bank official said.
Shinhan Bank is the flagship of Shinhan Financial Group Co., South Korea's
second-largest financial holding company.
pbr@yna.co.kr
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