[Weekly Savings Bank] Who Is the Model Student That Received a Credit Rating of 'A' for 3 Consecutive Years?

Kim Young-pyo, CEO of Shinhan Savings Bank

[Asia Economy Reporter Kim Min-young] Four savings banks affiliated with financial holding companies, including Shinhan Savings Bank, have maintained their corporate credit rating at 'A grade.'

◆Shinhan Savings Bank Achieves A Grade Credit Rating for Three Consecutive Years

Shinhan Savings Bank announced that it received the industry's highest corporate credit rating of A grade (stable) in the regular evaluation conducted by Korea Credit Rating.

Shinhan Savings Bank previously obtained an investment-grade rating through corporate credit rating evaluation after savings bank deposits and savings were added to the scope of principal-guaranteed products for retirement pensions in 2018. It also received an A grade in last year's re-evaluation. This year's regular evaluation also resulted in an A grade, marking three consecutive years of achieving an A grade.

Korea Credit Rating cited key evaluation factors including ▲Shinhan Financial Group's excellent risk management policies ▲mid-to-high market position ▲diversified loan portfolio centered on retail ▲maintenance of sound asset quality ▲and profitability improvement.

According to Shinhan Savings Bank's management disclosure as of the end of March this year, it maintains stable financial soundness with a non-performing loan ratio of 3.5%, delinquency ratio of 2.9%, and a Basel III (BIS) capital adequacy ratio of 16.5%.

Kim Young-pyo, President of Shinhan Savings Bank, stated, “Having proven soundness and reliability through this evaluation, we will continue efforts to improve creditworthiness by expanding market share as a leading financial institution for ordinary citizens, enhancing business stability, and improving profitability and capital adequacy.”

KB Savings Bank, BNK Savings Bank, and IBK Savings Bank, which are also affiliated with the same financial holding companies, maintained their A grade ratings.

Kwangsoo Choi, Candidate for CEO of NH Savings Bank

◆Choi Kwang-soo, Former Executive Director of NongHyup Asset Management, Recommended as New CEO of NH Savings Bank

Choi Kwang-soo, former Executive Director of NongHyup Asset Management, has been recommended as the new CEO of NH Savings Bank.

According to the financial sector on the 20th, NH NongHyup Financial Group held an executive candidate recommendation committee meeting the day before and recommended former Executive Director Choi as the successor to Kim Gun-young, whose term as CEO of NH Savings Bank has expired. NH Savings Bank is a wholly owned subsidiary of NongHyup Financial.

The NongHyup Financial executive recommendation committee began the management succession process on the 14th of last month and conducted the recommendation procedure over the past month. On the same day, NongHyup Financial decided to renew the term of Seo Cheol-soo, the current CEO of NH NongHyup REITs Management.

Choi and others will be finally appointed after shareholder meetings of each company, with a term of two years.

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