The South Korean government asserted a North Korean link in the March cyberattacks, which has been denied by Pyongyang. In March 2013, the Financial Services Commission of South Korea said that Shinhan Bank reported that its Internet banking servers had been temporarily blocked. ![]() The bank staff were challenged to feed and care for their collateral as the loan was out. In an anecdotal story the bank's first property to use as collateral on a loan happened to be a donkey. The Bank was successful because despite lending out money at twice the rate it borrowed it at, the bank's interest rates were still far lower than what could be obtained elsewhere in Korea at that time. The bank operated by borrowing money from Japanese banks at low interest rates and then loaning it out for twice the rate to the Korean market. One room was for the president, Yi Jae-Won, and the other room was for the staff. It was originally located in a small house with only two rooms. ![]() It was established by Kim Jong-Han in 1897, but began operating around 1900. Shinhan Bank is the descendant of Hanseong Bank, the first modern bank in Korea. Shinhan Bank is the main subsidiary of Shinhan Financial Group (SFG). As of June 30, 2016, Shinhan Bank had total assets of ₩298.945 trillion (equivalent to ₩304.658 trillion or US$269.507 billion in 2017), total deposits of ₩221.047 trillion (equivalent to ₩225.271 trillion or US$199.28 billion in 2017) and loans of ₩212.228 trillion (equivalent to ₩216.283 trillion or US$191.329 billion in 2017). ![]() Today, it has transformed itself into a large bank, boasting total assets of KRW 176.9 trillion, equity capital of KRW 9.7 trillion, 10,741 employees, and 1,026 branches as of 2006. Shinhan Bank started as a small enterprise with a capital stock of KRW 25.0 billion, 279 employees, and three branches on July 7, 1982. Chohung Bank merged with Shinhan Bank on April 1, 2006. It is part of the Shinhan Financial Group, along with Jeju Bank. Historically it was the first bank in Korea, established under the name Hanseong Bank in 1897. ( Korean: 주식회사 신한은행 RR: Jusik Hoesa Sinan Eunaeng) is a bank headquartered in Seoul, South Korea.
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