"COVID-19 Checks Take Priority"... Financial Sector Sees Disappearance of Leadership Inauguration Ceremonies (Comprehensive)

Financial Holding and Bank Heads Recently Reappointed or Inaugurated
Ceremonies Like Inaugurations Disappear Amid COVID-19 Emergency

[Asia Economy Reporter Kim Hyo-jin] Ceremonies such as inauguration and commemorative events marking leadership changes or the start of new terms have disappeared among major financial holding companies and banks.

Amid the impact of the novel coronavirus infection (COVID-19), which has put the financial market and the overall economy on high alert, there is a noticeable atmosphere of restraint. Instead, there is an immediate focus on practical tasks such as on-site inspections related to COVID-19 damage support.

According to the financial sector on the 26th, Cho Yong-byeong, Chairman of Shinhan Financial Group, who begins a new three-year term through the general shareholders' meeting on the same day, plans to concentrate on inspecting the currently operating COVID-19 emergency response system without holding a separate commemorative event.

Since the 12th, Chairman Cho has been presiding daily over emergency meetings related to COVID-19 response, attended by 'C-level' executives of the group companies, including CEOs, CFOs, CSOs, and CROs.

A Shinhan Financial Group official said, "Given the extremely urgent situation and the all-out response from both government and private sectors, it is difficult to consider any actions that might hinder concentration," adding, "Financial holding companies, which have a unique economic role, should actively keep pace with this trend."

Tae-seung Son (second from left), Chairman of Woori Financial Group, and Kwang-seok Kwon (third from left), the newly appointed President of Woori Bank, visited the Namdaemun Market branch on the 25th to listen to the stories of small business owners at Namdaemun Market who are struggling due to the COVID-19 pandemic.

Son Tae-seung, Chairman of Woori Financial Group, who entered his 'second term' after being confirmed for a three-year reappointment at the previous day's shareholders' meeting, also ordered the complete omission of any inauguration-related events. Chairman Son stated, "The shareholders' support for reappointment at the general meeting is sufficient in form." Instead, immediately after the shareholders' meeting, he visited the Woori Bank Namdaemun Market branch in Seoul with newly appointed Woori Bank President Kwon Kwang-seok.

This move considered the urgent situation, as nearly 300 small business owners applied for emergency loans totaling around 10 billion won related to COVID-19 damage at this location alone. Chairman Son then held an emergency video conference of the group's emergency management committee in response to the COVID-19 situation.

President Kwon, who took office on the 24th, also replaced the inauguration ceremony by focusing all efforts on supporting small business owners affected by COVID-19 and spreading management messages to employees emphasizing ▲restoring customer trust ▲organizational stability ▲and innovation of sales culture.

Son Byung-hwan, the newly appointed President of NH Nonghyup Bank, who also starts his term today, decided to skip the inauguration ceremony. Instead, President Son plans to focus on understanding operations through meetings with executives and managers from each business area and soon embark on on-site visits to check the status of COVID-19 damage support.

In his inauguration greeting sent to employees, President Son said, "Overcoming the crisis caused by COVID-19 and contributing to the support of agriculture and rural areas and the development of the national economy is the mission given to Nonghyup Bank," and urged, "Until COVID-19 ends and the economy returns to normal, we must be like an umbrella for customers in difficulty when it rains."

Jin Ok-dong, President of Shinhan Bank, and Ji Sung-gyu, President of Hana Bank, who both mark their first year in office this month, are also focusing on their work without holding separate events.

A financial sector official explained, "Holding large or small commemorative events at meaningful points such as inauguration, reappointment, or during the term is important for a financial company leader to show the management blueprint to the market and foster organizational cohesion," adding, "The complete disappearance of such events means that the current internal and external circumstances are that precarious."

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