Shinhan Bank



Financial Services




20, Sejong-Daero 9-Gil,
Jung-Gu 100-724
Seoul, South Korea

Tel: +82-2-3449-8380
Fax: +82-2-3449-8380



Forbes Lists




The company does not disclose this information.



  • “Best Global CSR Company” by Korea Government
  • Medal for “Vietnamese banking career” awarded by the State Bank of Vietnam to recognize Shinhan Bank’s dedication to the course of building and developing the banking industry in Vietnam.
  •  “Excellent labor collective” awarded by the Governor of the State Bank of Vietnam 
  • Emulation flag awarded by the State Bank of Vietnam 
  • Merit certificate of the Prime Minister: recognition for Shinhan Bank’s excellent business achievements, contribution to the growth of Vietnam’s economy and the Bank’s efforts to strengthen the sustainable friendship and cooperation between Vietnam and Korea.
  • “Best place to work in Asia” by HR Asia publication
  • The “Global quality service 2018” award of Visa International
  •  “Leadership in payment volume growth 2019” by Visa International
  • “Leadership in payment transaction volume 2019” by Visa International 
  • “Leadership in debit card activation rate 2019” by Visa International



Report created by Kavita Kripalani

Shinhan Bank

SECTIONS :  Sustainability •  Targets    Evaluation  •  Key Points  •  Overview

Company Activity

Shinhan Financial Group Co., Ltd. engages in the provision of management and financial support services to its subsidiaries. The company was founded on September 1, 2001 and is headquartered in Seoul, South Korea.

Company Sustainability Activity

Shinhan Financial Group pursues ESG management; for instance,  by adopting “FINANCE for IMPACT as the principle of their ESG management.


  • Announced Zero Carbon Drive 
  • Became the first financial group in North Asia to declare to be carbon neutral including its asset portfolio 
  • Shinhan Bank became the first commercial bank in Korea to adopt The Equator Principles 
  • The Group became the first in Korea to join Partnership for Carbon Accounting Financials (PCAF)


  • Reduce CO2 emissions of the Group’s asset portfolio: Set a plan to achieve carbon neutrality by 2050 aligned with the 2℃ scenario in accordance with the Sectoral Decarbonization Approach (SDA) set by SBTi.
  • Reduce CO2 emissions within the Group: Set a plan to achieve a linear annual reduction rate of 4.2% per year aligned with the 1.5℃ scenario set by SBTi.
  • “0•10•100” coordinates for the destination of Shinhan’s ESG Way – Each coordinate signifies the goal Shinhan seeks for different groups of interest throughFINANCE for IMPACT”, sustainable finance. “0” refers to carbon zero for society and future generations, “10” means 10 unicorn companies leading the economic growth of Korea through innovation, and “100” percent satisfaction for all Shinhan stakeholders.
  • Making the Group asset portfolio’s carbon emissions “zero” by 2050. 
  • Zero Carbon Drive goal for 2030: 
    • Reduce carbon emissions of the Group and the Group asset portfolio by 46.2% and 38.6%, respectively (compared to the figures in 2019). 
    • Expand green finance performance to reach KRW 30 trillion (cumulative figure from 2020 to 2030).


  • Shinhan Financial Group developed the “Shinhan Social Value Measurement Framework (SVMF)”, in collaboration with the Center for Global Business Ethics and Responsibility of Yonsei University, in November 2019, and thus became the first financial company in Korea to develop a social value measurement model.
  • In 2020, on its second implementation of Shinhan SVMF, Shinhan newly added “finance for green growth” and “financial consumer protection” areas. The bank consequently expanded the scope of its measured projects from 93 to 192 projects. Measurement results indicated that financial consumer protection, financial education, and job creation projects have high social value.


UN Sustainable Development Goals

UN SDGs Compliance

SDG 1: No Poverty

Support for the vulnerable

  • Support for people with low credit to bounce back (Youth Debt Care, education allowance) 
  • Support programs for women whose career was interrupted and small business owners

SDG 4: Quality Education

Customer Protection

  • Financial consumer protection system 
    • Creation of the Consumer Protection Group, a system of financial product ESG examination, ombudsman system 
  • Establishment of an information security system 
    • Designation of a Chief Information Security Officer (CISO) for each Group subsidiary
    • Customer, personal information processing policy
    • Integrated Security Control Center

SDG 5: Gender Equality

Diversity Programs

  • Establishment of a Group female leader training system 
  • Maternity protection and childcare support (Group daycare centers, reduced working hours, etc.) 
  • Inclusion in the Bloomberg Gender Equality Index

SDG 10: Reduced Inequalities

BOD differentiation

  • Strengthening of BOD expertise: Mandatory appointment of outside directors with expertise – Reinforcement of sub-committee expertise 
  • BOD diversity: Establishment of the principle of diversity in terms of nationality, gender, and age.

Stability in leadership

  • Creation of a fair management succession system 
    • Selection and fostering of CEO candidates 
  • Distribution of the authority to make director recommendations

ESG Governance

  • Establishment of ESG governance at the Group level
  • ESG Strategy Committee (formerly Corporate Social Responsibility Committee) 
  • ESG Implementation Committee (CEOs of Group subsidiaries) 
  • Group ESG CSSO/Working Group 
  • Development of Shinhan Social Value Measurement Framework (SVMF) 

Adoption of the Stewardship Code

  • Development of Shinhan Social Value Measurement Framework (SVMF) 
  • Adoption of the Stewardship Code 
  • Group Compliance Officer Council, Internal Control Committee 
    • Code of Ethics, Standards of Conduct, Internal Reporting System 
    • Fair Trade Compliance Rules: Promotion of ethics/compliance education 
  • Anti-money laundering system

Human rights

  • Principles for shared development with partner companies and their Code of Conduct 
  • Establishment of a smart working environment 
    • Expansion of the smart and flexible working hours system 
    • Introduction of a PC shutdown system 
    • Protection of employees’ human rights 
    • Mental health checkups for employees, human rights declaration, etc.

SDG 8: Decent Work and Economic Growth

Support for Growth

  • Job creation programs 
  • Support for youth’s overseas employment, vocational school, and youth/senior job placement 
  • Investment in social enterprise fund 
  • Education support program 
  • Financial education, Hope School software class, Shinhan Music Awards, scholarship programs, etc.

SDG 9: Industry, Innovation and Infrastructure

Innovative Finance

  • Launch of the Innovative Finance Promotion Committee 
  • Execution of Triple K Project: Establishment of an ecosystem through S2 Bridge 
  • Shinhan Future’s Lab: A venture-nurturing program 
  • Inno-talk: A venture platform

SDG 11: Sustainable Cities and Communities

Inclusive Finance

  • Leading mid-interest rate loans for low-income households
  • Success Do Dream Program (SOHO)
  • All That Shopping: An exclusive platform for SMEs and small business owners

SDG 12: Responsible Consumption and Production

Human Resources Development

  • Fostering of specialized experts 
  • Nurturing of digital talent 
  • Operation of a mobile in-house education platform 
  • Implementation of an in-house startup system

SDG 7: Affordable and Clean Energy

Green Finance

  • Green finance exclusive and guaranteed loans, expansion of infrastructure PF 
  • Investment in energy and eco-friendly means 
  • Issuance of green bonds 
  • Promotion of eco-friendly consumption (Shinhan Card)

SDG 13: Climate Action

Environmental Risk System

  • Establishment and operation of an environmental/ social risk management system 
  • Analysis of climate change-related impacts of the Group’s asset portfolio 
  • Adoption of the Equator Principles (Shinhan Bank)

Green Policies

  • Declaration of Zero Carbon Drive: Transition from the previous ECO Transformation 20•20 
  • Establishment of the Group’s principles for climate change response

SDG 16: Peace, Justice and Strong Institutions

Environmental Management

  • Development/operation of a green management system 
  • Acquisition of the ISO 14001 certification (Shinhan Bank, Shinhan Card, Shinhan Investment, Shinhan Life Insurance, Shinhan Capital) 
  • Creation of a paperless environment

SDG 17: Partnerships for the Goals

Eco-friendliness Leadership

Disclosure of Environmental Information

  • Financial information disclosure following declaration of support for the TCFD and commitment to its recommendations 
  • CDP Leadership: “A” grade for seven consecutive years


Shinhan Bank is dedicated to incorporating sustainability throughout their business model. The company has adopted several sustainability strategies, such as The Climate Pledge, issuing green bonds, and the Drive Sustainability initiative. 

In addition, Shinhan Bank uses the following frameworks for reporting: Global Reporting Initiative standards, Science-Based Targets Initiative, and the CDP.

Despite having few certificates, awards and listings, the bank produces a comprehensive report with specific targets and goals for reducing their CO2 emissions, implementing an environmental risk system, green policies and finance, ESG governance, and human rights in alignment with the UN Sustainable Development Goals.

Shinhan Bank’s transparency is noteworthy. Shinhan Bank has made strides to promote sustainability

Despite its commitment to sustainability, the bank has invested a total of $1.096 B, increasing its investments from 2018 to 2020.

Therefore, the Shinhan Bank has been rated a C.

Analyst Outlook: Negative

Shinhan Bank is pursuing sustainability. However, the bank will receive a lower rating should it continue to increase its investments in the fossil fuel industry. In addition, the lack of certifications and listings do not support the company’s initiatives and strategies.

Key Points

  • MSCI – Received AA grade for 5 consecutive years
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