Shinhan becomes 1st Korean financial group to establish holding company in Indonesia

Shinhan Financial Group has become the first Korean financial conglomerate to establish a holding company in Indonesia, the company announced on Tuesday. The launch event took place in Jakarta on Monday, with Shinhan Financial Group Chairman Jin Ok-dong and local financial officials in attendance. The new corporate structure positions Shinhan Indonesia Bank as the focal point of the group's activities in the Indonesian market, elevating the bank's status to that of a holding company responsible for overseeing the company's local credit card and securities divisions.

This restructuring aligns with a directive from the Indonesian government, which mandated that financial groups establish holding companies by December 2024. In response to this regulatory change, Shinhan initiated a comprehensive overhaul of its local business framework, which was granted official approval from Indonesian financial regulators in September 2025.

The transformation was finalized on September 16, following the redistribution of shares in the company's Indonesian subsidiaries, as reported by Shinhan Financial Group.