A financial accident of about 2.9 billion won occurred at Shinhan Bank.

Shinhan Bank disclosed on Dec. 26 that a financial accident totaling 2.9644 billion won occurred on the 23rd. The incident involved "loan fraud through a scam by an outsider."

Shinhan Bank's headquarters in Taepyeong-ro, Seoul. /Courtesy of Shinhan Bank

The financial accident occurred from Aug. 29 to Oct. 16 last year. Shinhan Bank said it detected the financial accident after investigative authorities began a probe. After conducting its own investigation, Shinhan Bank decided to pursue legal action. The final loss from the incident has not yet been determined.

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