Shinhan Financial Group Launches Financial Holding Company in Indonesia

Shinhan Indonesia Bank transitions into a business holding company
“Shinhan Indonesia Financial Group” launch ceremony held on the 12th
Signs MOU with Sinar Mas, Indonesia’s fourth-largest business group

Shinhan Financial Group has established a local financial holding company structure in Indonesia.

Shinhan Financial Group Chairman Jin Okdong (right) and Sinar Mas Group Chairman of Financial and Energy Businesses Fukantho Wijaya pose for a commemorative photo at the signing ceremony for a business agreement between Shinhan Financial Group and Sinar Mas Group in Jakarta, Indonesia, on the 12th. Shinhan Financial Group

Shinhan Financial Group said on October 13 that it had launched the Shinhan Indonesia Financial Group after Shinhan Indonesia Bank became a business holding company that also serves as a financial holding company.

The transition was made in response to Indonesian financial authorities' December 2024 requirement that financial holding companies be established. After receiving approval from local financial authorities in September 2025, the group completed the transition on September 16, 2026, following procedures including the transfer of shares.

As part of the restructuring, Shinhan Indonesia Bank acquired some of the stakes in the local subsidiaries Shinhan Indo Finance and Shinhan Investment & Securities Indonesia that had been held by Shinhan Card and Shinhan Investment & Securities, respectively. Shinhan Indonesia Bank now holds 50% plus one share in each of the two companies.

The Shinhan Indonesia Financial Group launch ceremony was held in Jakarta, Indonesia, on October 12. Shinhan Financial Group Chairman Jin Ok-dong and key officials from Indonesian financial authorities attended.

Shinhan Financial Group also plans to diversify its businesses in line with the launch of the financial holding company structure. On the day of the ceremony, it signed a memorandum of understanding with Sinar Mas Group, Indonesia's fourth-largest business group. The plan is to identify new growth opportunities by combining Sinar Mas's local industrial network with Shinhan Financial Group's financial capabilities.

Chairman Jin said, "With the launch of the financial holding company, we now have the foundation to operate our local businesses in Indonesia under a single structure. This memorandum of understanding is a new initiative to expand our local business. We will use this as an opportunity to work with Sinar Mas Group to provide differentiated financial value to local customers and contribute to the economic development of both countries."

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