Eun Seong-su Meets CEO Group, Jo Yong-byeong Orders "Expand Financial Support"

Shinhan Financial Group Holds 'Group CEO Emergency Video Conference' to Support Post-COVID Era
Chairman Cho Yong-byeong Shares Updates Following Breakfast Meeting with Financial Services Commission Chairman Eun Sung-soo
Discusses Expanding Financial Support and Supporting Korean New Deal Policies

Shinhan Financial Group (Chairman Jo Yong-byeong) held an "Emergency Group CEO Video Conference" on the 23rd, attended by Chairman Jo Yong-byeong (left in the photo) and CEOs of group companies, to discuss measures for overcoming the crisis caused by COVID-19 and proactively implementing the role of finance in the post-COVID era.

[Asia Economy Reporter Kim Hyo-jin] Cho Yong-byeong, Chairman of Shinhan Financial Group, discussed on the 23rd with the group’s chief executive officers (CEOs) ways to proactively implement the role of finance in overcoming the crisis caused by the novel coronavirus infection (COVID-19) and in the post-COVID-19 era.

Earlier that morning, the meeting was held urgently via video conference to share key points requested by Eun Sung-soo, Chairman of the Financial Services Commission, during a breakfast meeting with the heads of the five major financial holding companies, and to discuss matters that the group could actively support at the group level.

At the meeting, Chairman Cho stated that in response to Chairman Eun’s request for active support from financial companies to overcome COVID-19, the group decided after consultations with the CEOs to expand the scope of financial support by actively reflecting field opinions and difficulties. Furthermore, it was agreed to propose related policy support measures to financial authorities to ensure that financial support can be operated more effectively and practically.

Chairman Eun, during the breakfast meeting, listened to the opinions of the chairmen regarding the extension of maturity for loans related to COVID-19 until September and the issue of interest repayment deferral, and requested support.

The role of finance in actively supporting the government’s ‘Korean New Deal Policy’ was also reviewed. Chairman Cho urged the group companies to concentrate their capabilities to successfully promote the ‘Shinhan N.E.O. Project.’

In June, Shinhan Financial announced the Shinhan N.E.O. Project to proactively fulfill the role of finance in strengthening new growth engines in the post-COVID-19 era. Through this, the group is promoting various support policies including ▲ supplying 85 trillion KRW in related loans and investments over five years ▲ playing a leading role in revitalizing the data exchange ▲ creating a nationwide innovation growth platform through the ‘Shinhan Triple K Project.’

Chairman Cho explained plans to find a balance through the formation of a bilateral consultative body by financial authorities regarding the ‘tilted playing field’ issue between financial companies and big tech, which has recently become a hot topic. He ordered that the group’s top experts participate in the future consultative body to support finding the optimal solution not only representing the financial sector’s position but also from the perspective of the national economy as a whole and the development direction of the financial industry.

Chairman Cho said, “To ensure the national economy and financial industry grow together, let us faithfully fulfill our role as a leading financial group and have Shinhan Financial take the lead in the development of the financial industry.”

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