Shinhan Bank Canada

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Shinhan Bank Canada is a subsidiary bank in Canada federally regulated by the Office of the Superintendent of Financial Institutions Canada (OSFI). Shinhan Bank Canada as a retail bank began its business operation on March 9, 2009. Its head office and main branch are located in Toronto, Ontario. [1]

Bank financial institution

A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.

Canada Country in North America

Canada is a country in the northern part of North America. Its ten provinces and three territories extend from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres, making it the world's second-largest country by total area. Its southern border with the United States, stretching some 8,891 kilometres (5,525 mi), is the world's longest bi-national land border. Canada's capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver.

The Office of the Superintendent of Financial Institutions is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in the Canadian financial system". It is the sole regulator of banks, and the primary regulator of insurance companies, trust companies, loan companies and pension plans in Canada.

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Ownership

Shinhan Bank Canada is fully owned by Shinhan Bank (NYSE: SHG, KRX: A055550) in South Korea. The parent bank’s total assets at the end of 2008 was KRW 213,569 (billions). According to “The Banker” it is ranked 89th in the world by the total asset size. The Parent Bank is part of Shinhan Financial Group, a financial holding company. Shinhan Financial Group has 9 subsidiaries and 2 joint ventures. The lists are as follows: Shinhan Bank, Shinhan Card, Shinhan Investment Corp, Shinhan Life Insurance, Shinhan Capital, Jeju Bank, Shinhan Credit Information, Shinhan Private Equity, Shinhan Macquarie Financial Advisory, Shinhan BNP Paribas Asset Management (Joint venture with BNP Paribas), SH&C Life Insurance (Partnership with BNP).

Shinhan Bank South Korean bank

Shinhan Bank, is a bank headquartered in Seoul, South Korea. Historically it was the first bank in Korea, established under the name Hanseong Bank in 1897. The bank was reestablished in 1982. It is part of the Shinhan Financial Group, along with Jeju Bank. Chohung Bank merged with Shinhan Bank on April 1, 2006.

South Korea Republic in East Asia

South Korea is a country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea. The name Korea is derived from Goguryeo which was one of the great powers in East Asia during its time, ruling most of the Korean Peninsula, Manchuria, parts of the Russian Far East and Inner Mongolia under Gwanggaeto the Great. Its capital, Seoul, is a major global city and half of South Korea's over 51 million people live in the Seoul Capital Area, the fourth largest metropolitan economy in the world.

South Korean won Official currency of the Republic of Korea

The South Korean won or Korean Republic won is the official currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates. The won is issued by the Bank of Korea, based in the capital city of Seoul.

Shinhan Bank Canada is a registered member of the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all Canada’s chartered banks. Shinhan Bank Canada sponsors a MasterCard issued by MBNA Canada Bank.

Canada Deposit Insurance Corporation

The Canada Deposit Insurance Corporation is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.

MBNA

MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2006. In December 2016, UK-based Lloyds Banking Group purchased MBNA from Bank of America for £1.9 billion. It was the world's largest independent credit card issuer, specializing in affinity cards.

See also

Economy of South Korea National economy

The economy of South Korea is the 4th largest in Asia and the 11th largest in the world. It is a mixed economy dominated by family-owned conglomerates called chaebols; however, the dominance of the chaebol is unlikely to last and engenders risk of slowing down the transformation of Korean economy for the benefit of future generations. South Korea is known for its spectacular rise from one of the poorest countries in the world to a developed, high-income country in just a few generations. This economic growth is called by some a miracle, and described as the Miracle on the Han River, which has brought South Korea to the ranks of elite countries in the OECD and the G-20. South Korea still remains one of the fastest growing developed countries in the world following the Great Recession. It is included in the group of Next Eleven countries that will dominate the global economy in the middle of the 21st century.

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References

  1. "Government Notices - Office of the Superintendent of Financial Institutions - Bank Act - Shinhan Bank Canada - Order to commence and carry on business". Canada Gazette . 143 (9). Ottawa. February 28, 2009. Retrieved 4 January 2010.