Shinhan Investment Corp.'s Indonesian subsidiary Shinhan Sekuritas Indonesia commenced operations on Dec. 8, according to a news release.

The Shinhan Financial Group Co. Ltd. unit will focus on investment banking business such as IPOs, capital raising and M&A. The Indonesian subsidiary will also develop investment products related to Indonesian bonds.

In addition, Shinhan Financial signed a partnership agreement with Indonesian conglomerate Lippo Group to assist each other in various investment business.