SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the Month of March 2009

SHINHAN FINANCIAL GROUP CO., LTD.

(Translation of registrant’s name into English)

120, 2-Ga, Taepyung-Ro, Jung-Gu, Seoul 100-102, Korea
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ     Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.

Yes o     No þ

If “Yes” is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-                    .

 

 

Partial Cancelation of Stock Options

On March 24, 2009 the executive officers of Shinhan Financial Group (the “Group”) and its subsidiaries have voluntarily decided to cancel 614,735 of stock options that were granted to them in 2009.

Following the cancellation, the total number of stock options outstanding decreased to 6,643,400 shares as of March 24, 2009.

The followings are the details of the cancelled stock options:

<Cancellation of granted stock options>

A. 377,665 shares of stock options granted to executives of Shinhan Financial Group and its subsidiaries

						No. of Stock
						Options
Company		Title		Name		Cancelled
Shinhan Financial Group		Chairman		Eng Chan Ra			35,000
		President & CEO		Sang Hoon Shin			31,500
		Deputy President		Buhmsoo Choi			9,000
		Deputy President		Sung Ho Wi			9,000
		Deputy President		Chan Hee Jin			9,000
Shinhan Bank		President & CEO		Baek Soon Lee			28,000
		Deputy President		Jeum Joo Gweon			9,000
		Deputy President		Joo Won Park			9,000
		Deputy President		Chan Park			9,000
		Deputy President		Jung Won Lee			9,000
		Deputy President		Hyung Jin Kim			9,000
		Deputy President		Young Hoon Lee			9,000
		Deputy President		Sung Rack Lee			9,000
		Executive Vice President		Dong Dae Lee			6,750
		Executive Vice President		Se Il Oh			6,750
		Executive Vice President		Yong Byoung Cho			6,750
		Executive Vice President		Jong Bok Moon			6,750
Shinhan Card		President & CEO		Jae Woo Lee			17,600
		Deputy CEO		Hong Kyu Kang			7,425
		Deputy CEO		Soo Ik Park			7,425
		Deputy CEO		Hee Geon Kim			7,425
		Deputy CEO		Chun Kuk Lee			6,750
		Deputy CEO		Jong Cheol Kim			6,750
GMSH Securities		President & CEO		Hyu Won Lee			16,000
		Vice President		Jin Kook Lee			6,750

						No. of Stock
						Options
Company		Title		Name		Cancelled
Shinhan Life Insurance		President & CEO		Jin Won Suh			16,000
		Vice President		Byung Chan Lee			6,750
		Vice President		Keun Jong Lee			6,750
		Vice President		Jeong Kun Lee			6,750
		Vice President		Ki Won Kim			6,750
		Pro Vice President		Jae Gun Bae			5,400
		Pro Vice President		Ho Kyung Bae			5,400
Shinhan Capital		President & CEO		Do-Heui Han			13,200
		Deputy President		Jun-Gi Eun			5,940
		Deputy President		Sun-Yeol Song			5,400
		Executive Vice President		Young-Sub Hwang			4,950
Shinhan Credit Info		President & CEO		Pan Am Lee			6,750
Total		Grantees : 37		No. of Shares			377,665

B. 237,070 shares of stock options granted to employees of Shinhan Financial Group and its subsidiaries

1) Grantees: Total of 70 employees of Shinhan Financial Group and its subsidiaries

2) Number of options cancelled : 237,070 shares in total

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date : March 24, 2009