Moody's: Shinhan feel effects

Moody's Investors Service said that claims of impropriety against the president and chief executive officer and chairman of Shinhan Financial Group have already meaningfully undermined the reputation of Shinhan Bank, which has an A1 ratings with a C- bank financial strength rating and Baa1 baseline credit assessment.

While this situation is unlikely to harm Shinhan Bank's franchise or its profitability, the damage to its otherwise unblemished reputation has already been significant and will linger, the agency said.

Shinhan Bank had, until now, managed to avoid any such incidents, allowing it to build a reputation for being one of Korea's best managed banks, Moody's added.

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