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Bulletin: Ratings On Shinhan Bank Unaffected By Its Filing Of Complaint Against Shinhan Financial Group CEO Sep 10
Standard & Poors, Sep 2010
Abstract
TOKYO (Standard & Poor's) Sept. 3, 2010--Standard & Poor's Ratings Services said today that its ratings on Shinhan Bank (Shinhan; A-/Stable/A-2) would be unaffected by the bank's filing of a complaint with prosecutors against the CEO of its holding company, Shinhan Financial Group (SFG; NR). In the complaint, Shinhan accused the CEO, who was also the former head of Shinhan, of breach of trust and embezzlement. According to local media reports, SFG's board of directors will hold a meeting next week and remove the chief executive from his post. The CEO has denied the allegations, as investigations proceed. An estimated Korean won (KRW) 97 billion is under investigation. In our view, this is likely to have a limited impact on...
Companies mentioned in this report are: Shinhan Bank
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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