No. 7: Shinhan Financial Group

Current BW Magazine Table of Contents

October 24, 2005 BW Magazine Table of Contents

October 24, 2005 Asia BW 50 Table of Contents

Asia's BW50

2005 Rankings

1	PTT
2	PetroChina
3	Oil and Natural Gas
4	S-Oil
5	Tata Steel
6	POSCO
7	Shinhan Financial Group
8	LG Corp.
9	Samsung Electronics
10	MISC (Malaysia IntÕl. Shipping)
11	Taiwan Semiconductor Mfg.
12	Hon Hai Precision Industry
13	AU Optronics
14	Formosa Chemicals & Fibre
15	Mitsui OSK Lines
16	Reliance Industries
17	CNOOC
18	Tata Motors
19	Hyundai Mobis
20	Komatsu
21	LG Electronics
22	China Petroleum & Chemical
23	Philippine Long Distance Telephone
24	PT BUMI Resources
25	Shell Refining (Federation of Malaya)
26	Sumitomo Metal Industries
27	PT Astra International
28	Thai Petrochemical Industry
29	Kobe Steel
30	Aluminum Corporation of China
31	High Tech Computer
32	Toyota Tsusho
33	Nippon Mining Holdings
34	Formosa Plastics
35	Jilin Chemical Industrial
36	Larsen & Toubro
37	China Steel
38	Esprit Holdings
39	Infosys Technologies
40	LG.Philips LCD
41	China Mobile (Hong Kong)
42	Sinopec Zhenhai Refining & Chemical
43	ICICI Bank
44	Siam Cement Group
45	Sinopec Shanghai Petrochemical
46	Matsui Securities
47	Yamada-Denki
48	Kawasaki Kisen Kaisha
49	Orix
50	Nippon Steel

Data: Standard & Poor's Compustat

OCTOBER 24, 2005

STORY TOOLS

YOU SUNG-HO/REUTERS

Shinhan Financial Group Inc.'s (SHO ) creation epitomizes the sweeping changes in South Korea's financial industry. It emerged from a series of mergers of weak financial institutions -- a process of consolidation that has helped heal the wounds left by the near-collapse of the banking industry in the Asian financial crisis of 1998. When the group's banking divisions -- Shinhan Bank and Chohung Bank -- merge next spring, it will become the country's No. 2 lender after Kookmin Bank (KB ), with 930 branches and assets of $165 billion.

The quest to remake Shinhan was begun four years ago by Lee In Ho, who took over as CEO in May. With that goal achieved, Lee has his eyes on an even bigger prize. ``Our track record of growth will help us emerge as the No. 1 financial group by 2008,'' he says.

That's not idle bluster. It comes from the head of one of Asia's most profitable big banks. Shinhan Financial Group posted record three-month earnings of $458.5 million for the quarter ended June 30, up 45% from a year earlier. Shinhan's rapid growth stems largely from its buyout record. Analysts have praised each deal for expanding the group's business into areas such as credit cards, brokerage services, asset management, and insurance. Shinhan expects these services to contribute 25% of profits next year, up from less than 10% now. Lee wants Shinhan to become a financial supermarket. He seems to have all the elements in place.

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