EXHIBIT 8.1 LIST OF SUBSIDIARIES OF SHINHAN FINANCIAL GROUP CO., LTD. Shinhan Bank SH&C Life Insurance Co., Ltd. Shinhan BNP Paribas Investment Trust Co., Ltd. Shinhan Capital Co., Ltd. Shinhan Macquarie Financial Advisory Co., Ltd. Shinhan Card Co., Ltd. Shinhan Credit Information Co., Ltd. Shinhan Data System Shinhan Finance Ltd., Hong Kong Shinhan Life Insurance Co., Ltd. Shinhan Private Equity Inc. Shinhan Asia Limited Shinhan Bank America Shinhan Bank (Deutschland) GmbH SH Asset Management Co., Ltd. Shinhan Vina Bank Good Morning Shinhan Securities Co., Ltd. Good Morning Shinhan Securities Europe Ltd. Good Morning Shinhan Securities USA Inc. Jeju Bank E-2