Shinhan Bank America is a wholly-owned subsidiary of Shinhan Financial Group, Seoul with operations dating back to 1897. Shinhan Bank America is the result of a 2006 merger between Chohung Bank and Shinhan Bank in Korea. The bank stands available as a source of funds for the local community and endeavors to provide competitive retail banking services to its corporate and individual customers. The bank has become the second largest in Korea with the total assets of over $165 billion based on their financial figures as of December 31, 2005. Shinhan Bank America maintains an office in Los Angeles.