It is part of the Shinhan Financial Group, along with Jeju Bank.[2] With capital provided by Korean businessmen residing in Japan,[3]: 60 Lee Hee-gun founded Shinhan Bank on 7 July 1982 as a small venture with a capital stock of KRW 25.0 billion, 279 employees, and three branches; Kim Se-chang became its first president.[4] In August 2003, Shinhan Financial Group acquired more than 80 percent of shares in Chohung Bank, the successor entity of Hanseong Bank founded in 1897, and raised its stake to 100 percent in June 2004.[18][19] In early 2020, Shinhan Vietnam Bank was rated BBB (stable) in the long term by international credit rating agency Standard & Poor's (S&P).[24][25][26] At the same time, in November 2020, Shinhan Vietnam Bank officially announced the implementation of Basel II Pillar 2 on capital adequacy assessment processes.