Exhibit 8.1 List of Subsidiaries of Shinhan Financial Group Co., Ltd. --------------------------------------------------------- Shinhan Bank SH&C Life Insurance Co., Ltd. Shinhan BNP Paribas Investment Trust Co., Ltd. Shinhan Capital Co., Ltd. e-Shinhan Shinhan Macquarie Financial Advisory Co., Ltd. Shinhan Card Co., Ltd. Shinhan Credit Information Co., Ltd. Shinhan Data System Shinhan Finance Ltd., Hong Kong Shinhan Private Equity Inc. Chohung Bank Chohung Finance Ltd., Hong Kong CHB America Bank Chohung Bank (Deutschland) GmbH Chohung Investment Trust Management Co., Ltd. Chohung Vina Bank Good Morning Shinhan Securities Co., Ltd. Good Morning Shinhan Securities Europe Ltd. Good Morning Shinhan Securities USA Inc. Jeju Bank