SHG Shinhan Financial Group Co Ltd

This Amendment No. 3 supplements and amends the Schedule 13D originally filed on June 18, 2008 (the “ Original Schedule 13D ”), as amended by Amendment No. 1 filed on December 16, 2010 and Amendment No. 2 filed on October 30, 2013 (together, with the Original Schedule 13D, the “ Schedule 13D ”) by BNP Paribas with respect to shares of common stock, par value KRW 5,000 per share (the “ Common Stock ”) of Shinhan Financial Group Co., Ltd. (the “ Issuer ”). The principal executive offices of the Issuer are located at 20, Sejong-daero 9-gil, Jung-gu, Seoul 04513, Korea.

Item 2. Identity and Background

The response set forth in Item 2 of the Schedule 13D is hereby amended by deleting the previous response in its entirety and replacing it with the following:

This Statement is being filed by BNP Paribas (the “Reporting Person”), a société anonyme (or public limited company) licensed to conduct banking operations, on behalf of itself and its subsidiary, BNP Paribas Arbitrage S.N.C. (“BNPP Arbitrage”), a société en nom collectif (or partnership).

(a)-(c), (f): The Reporting Person is organized under the laws of the Republic of France. The address of its principal business and principal office is 16, boulevard des Italiens, 75009 Paris, France. The principal businesses of the Reporting Person are commercial and investment banking, retail banking, and asset management.

BNPP Arbitrage is organized under the laws of the Republic of France. The address of its principal business and principal office is 8, rue de Sofia, 75008 Paris, France. The principal business of BNPP Arbitrage is asset management and investment services activities. The Reporting Person owns, directly or indirectly, 99.99% of the share capital of BNPP Arbitrage.

(d): Except as described below, none of the Reporting Person and BNPP Arbitrage or to the knowledge of the Reporting Person, any of the persons listed on Schedules A-1 and A-2 attached hereto has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

On June 30, 2014, the Reporting Person entered into a series of agreements with, and was the subject of several orders issued by, the U.S. Attorney’s Office for the Southern District of New York, the New York County District Attorney’s Office, the Federal Reserve, the New York State Department of Financial Services and the Department of Treasury’s Office of Foreign Assets Control in settlement of investigations into violations of U.S. laws and regulations regarding economic sanctions. The fines and penalties imposed as part of this settlement include, among other things, the payment of monetary penalties amounting in the aggregate to $8.97 billion, the entry of guilty pleas by the Reporting Person with the Supreme Court of the State of New York, County of New York, on June 30, 2014 and with the District Court for the Southern District of New York on July 9, 2014 to charges of having violated U.S. federal criminal law (conspiracy to violate the Trading with the Enemy Act and the International Emergency Economic Powers Act) and New York State criminal law (conspiracy and falsifying business records), and the suspension of its New York branch for (a) a one-year period of USD direct clearing focused mainly on the Oil & Gas Energy and Commodity Finance business line in certain locations and (b) a two-year period of U.S. dollar clearing as a correspondent bank for unaffiliated third party banks in New York and London.

(e): None of the Reporting Person and BNPP Arbitrage or to the knowledge of the Reporting Person, any of the persons listed on Schedules A-1 and A-2 attached hereto has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

Item 4. Purpose of Transaction

The response set forth in Item 4 of the Schedule 13D is hereby amended by adding to the previous response the following:

“On January 5, 2017, BNP Paribas sold an aggregate of 8,530,000 shares of Issuer Common Stock, pursuant to an international institutional private placement at a price per share of KRW44,800 as part of its portfolio management. Settlement of the sale took place on January 9, 2017.”

Item 5. Interest in Securities of the Issuer

The response set forth in Item 5 of the Schedule 13D is hereby amended by deleting (a), (c) and (e) and replacing them with the following:

“(a) As of January 11, 2017, the Reporting Person may be deemed to beneficially own an aggregate of 17,959,504 shares of Common Stock. The Reporting Person directly owns 16,826,276 shares of Common Stock and is indirectly the beneficial owner of 1,133,228 shares of Common Stock as a result of its control over BNPP Arbitrage. BNPP Arbitrage directly owns 1,133,228 shares of Common Stock.

Accordingly, the Reporting Person may be deemed to beneficially own approximately 3.8% of the Common Stock, calculated with the total outstanding shares of Common Stock of 474,199,587 as disclosed in the Issuer’s Form 20-F filed on April 29, 2016.

To the knowledge of the Reporting Person, and except as described herein, none of the Reporting Person, BNPP Arbitrage or any of the persons listed on Schedules A-1 through A-2 beneficially owns any additional Common Stock.

SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: January 17, 2017

Schedule A-1

EXECUTIVE OFFICERS AND DIRECTORS OF BNP PARIBAS

The name and citizenship of each director and officer of BNP Paribas are set forth below. The business address of each person listed below is c/o BNP Paribas, 16, boulevard des Italiens, 75009 Paris, France. The present principal occupation or employment of each of the listed persons is set forth below.

Schedule A-2

EXECUTIVE OFFICERS AND DIRECTORS OF BNP PARIBAS ARBITRAGE S.N.C.

BNP Paribas Arbitrage S.N.C. is managed by BNP Paribas. The name and citizenship of BNP Paribas’ permanent representative at BNP Paribas Arbitrage S.N.C. are set forth below. The business address for such representative is c/o BNP Paribas Arbitrage S.N.C., 160/162, boulevard Macdonald, 75019 Paris, France.

Schedule B

The following table lists all trades effected by BNP Paribas Arbitrage S.N.C. in the Common Stock during the period beginning 60 days prior to January 12, 2017. All trades were effected in ordinary trading on the indicated exchange.