Shinhan Bank, one of the largest commercial banks in Korea, is a wholly owned bank of SHINHAN Financial Group. Shinhan Bank originated as Hanseong Bank in February 1897; in October 1943, Hanseong Bank and Dongil Bank merged to become CHOHUNG Bank (Chaoheung Bank, the first bank in Korea with a history of over 100 years); in April 2006, it was renamed to its current name.