Shinhan Bank gets nod to set up subsidiary in Japan

SEOUL, July 27 (Yonhap) -- Shinhan Bank, South Korea's third-largest lender, said
Monday it has received regulatory approval from Japan's financial regulator to
set up a wholly-owned subsidiary there in a move to expand its overseas network.
Shinhan Bank, the flagship unit of Shinhan Financial Group Co., said it plans to
launch the locally incorporated unit, Shinhan Bank Japan, in Tokyo on Sept. 14,
after incorporating its current three Japanese operations into the envisioned
body.
Shinhan became the second foreign lender in Japan to get the greenlight to create
a wholly-owned unit there, it added.
sooyeon@yna.co.kr
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