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 December 2003
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 X Form 40-F
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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): _______
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): _______
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 No X
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If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-_______.
Debt to equity Swap for Ssangyong Cement Industrial by Chohung Bank
Since early 2001, creditors committees of Ssanyong Group has been participating
in the workout program of the Group in which Ssangyong Cement Industrial Co.,
Ltd. ("Ssangyong Cement Industrial") is one of the member companies. Chohung
Bank, our major banking subsidiary is the largest creditor of Ssangyong Cement
Industrial and, as such, is the lead creditor bank under the workout program
applicable to Ssangyong Group Companies.
Pursuant to the terms and schedule of workout program of Ssangyong Cement
Industrial, Chohung Bank decided to conduct debt-to-equity swap in December
2003. The followings are the details of debt-to-equity swap of Ssangyong Cement
Industrial executed by Chohung Bank.
1. Total Amount of Debt-to-Equity Swap : KRW 184,000,000,000
2. Total number of shares held by Chohung Bank
after Debt-to-Equity Swap : 36,800,000 shares
* Convertible bonds were converted to common shares
3. Equity ownership in Ssangyong Cement
after Debt-to-Equity Swap : 14.65%
4. Conversion Price: KRW 5,000 per share
5. Effective Date for the Debt-to-Equity Swap : December 30, 2003
6. Date of Approval : December 29, 2003
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.
SHINHAN FINANCIAL GROUP CO., LTD.
By /s/ Byung Jae Cho
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Name: Byung Jae Cho
Title: Chief Financial Officer
Date : December 31, 2003