EXHIBIT 4.3

                                  AGREED TERMS

WHEREAS approval of execution of the agreement pursuant to which Shinhan
Financial Group will purchase the equity stake in Chohung Bank was provided at
the 38th Meeting of the Public Funds Oversight Committee held on June 19, 2003,

WHEREAS it was decided that Shinhan Financial Group will finalize, the
management plans including employment issues following the acquisition after
consultation with the relevant parties, and Korea Deposit Insurance Corporation
("KDIC") will report the above results to the Public Funds Oversight Committee
on a post facto basis,

With respect to the employment terms following the acquisition, KDIC, Shinhan
Financial Group, Chohung Bank, National Financial Industry Labor Union and its
Chohung Bank Chapter have agreed as follows.

It is noted that future labor-related issues of Chohung Bank will be dealt with
autonomously through consultation between the management and the labor union, as
principals.

1.       Chohung Bank (including its IT division) shall remain as an independent
         legal entity within the holding company for three years.

2.       During the period of remaining as an independent legal entity,
         independent management shall be guaranteed to the best extent possible.

3.       During the period of remaining as an independent legal entity, the CEO
         shall be from Chohung Bank background.

4.       During the period of remaining as an independent legal entity, the
         name of Chohung Bank shall be used in its present form.

5.       The issue of integration shall be discussed and implemented by the
         Integration Committee after two years have lapsed, and shall be
         completed within one year therefrom.

6.       The Integration Committee shall comprise of an equal number of
         representatives from Chohung Bank and Shinhan Bank and the chairperson
         shall be a third party mutually agreed upon by both banks.

7.       Employment of Chohung Bank's employees shall be guaranteed and no
         intentional employee reduction shall occur.

8.       The wage level of Chohung Bank's employees shall be increased in three
         steps to match the wage level of Shinhan Bank. (1st year: 30%, 2nd
         year: 30% and 3rd year: 40%)



         --  Such increase shall occur from 2003, except the percentage of
             increase may be adjusted based on management results.

9.       The number of officers from Chohung Bank background (at the level of
         executive officer ) of the holding company shall be equal to the number
         of Shinhan Bank's representatives.

10.      Integration, if decided by the Integration Committee, shall be carried
         out according to the following:

         A.       Integration shall be on equal terms in principal;

         B.       Employment shall be guaranteed and no intentional employee
                  reduction shall occur;

         C.       The surviving legal entity from the merger shall be Chohung
                  Bank and "Chohung" shall be used in the name of the newly
                  integrated entity, which shall be decided by the Integration
                  Committee;

         D.       Adjustments to job classification shall be discussed at the
                  Integration Committee following assessment of the present
                  situation; and

         E.       Abstain, to the best of its ability, from closing down
                  branches, which if necessary, shall be discussed at the
                  Integration Committee.

Chohung Bank shall use best efforts to minimize legal actions relating to the
labor strike and shall not claim for any civil or criminal liability in
connection therewith.

The labor union shall provide immediate and full cooperation in order to
normalize Chohung Bank's operations from its current difficulties resulting from
the labor strike.

June 22, 2003

President of Korea Deposit Insurance Corporation                In-Won Lee

CEO of Shinhan Financial Group                                  Young-Hwui Choi

CEO of Chohung Bank                                             Suk-Joo Hong

Chairman of the National Financial Industry Labor Union         Yong-Deuk Lee

Head of the Chohung Bank Chapter of                             Heung-Jin Huh
  the National Financial Industry Labor Union