Chairman Jo Yong-byeong Confirmed for Reappointment at Today's General Meeting... Accelerating 'Ilryu Shinhan'

[Asia Economy Reporter Haeyoung Kwon] The second term of the Cho Yong-byeong administration at Shinhan Financial Group is launching. Chairman Cho Yong-byeong, who diversified the holding company's portfolio through non-bank and global mergers and acquisitions (M&A) during his first term, confirmed his reappointment on the 26th and is expected to accelerate the 'First-Class Shinhan' initiative in his second term.

Shinhan Financial Group held its regular shareholders' meeting on the morning of the same day to confirm Chairman Cho's reappointment.

Since his inauguration in 2017, Chairman Cho has been credited with significantly strengthening Shinhan Financial's non-bank sector and increasing the proportion of global business through major M&As. When KB Financial Group took the leading financial position in 2017 by acquiring LIG Insurance and Hyundai Securities, Shinhan regained the top spot within a year through an aggressive management strategy.

In particular, just one year after his inauguration in 2018, the acquisition of Orange Life is regarded as having awakened Shinhan Financial's dormant ambition, which had seen no M&A activity for ten years. Overseas M&As were also actively conducted, including the retail division of the Australian ANZ Bank in Vietnam, Vietnam Prudential Consumer Finance Company (PVFC), and Indonesia's Archipelago Asset Management.

Shinhan Financial's performance has also been favorable since Chairman Cho took office. In 2019, Shinhan Financial posted a net profit of 3.4035 trillion won, surpassing KB Financial's 3.3118 trillion won to maintain the top position. The global division's net profit was 322.8 billion won, a 23% increase from the previous year, accounting for 11.7% of the group's total profit.

The main tasks for the second term of the Cho Yong-byeong administration at Shinhan Financial are the successful completion of the 2020 Smart Project proposed in the first term and the challenge toward becoming a first-class Shinhan. In his New Year's address this year, Chairman Cho emphasized, "2020 is the year to complete the '2020 Smart Project' that we have been pursuing for the past three years and the inaugural year to leap forward as a 'First-Class Shinhan,' a financial group recognized worldwide in Shinhan's unique way. We must advance to First-Class Shinhan through the three financial virtues of trust, openness, and innovation."

This content was produced with the assistance of AI translation services.