Shinhan Financial Group to Cancel Treasury Shares Worth 150 Billion KRW... Dividends Starting from Q1

Jo Yong-byeong "Record Performance Since Holding Company Establishment Last Year... Will Reflect Shareholder Value"

[Asia Economy Reporter Yu Je-hoon] Shinhan Financial Group announced on the 24th that it will repurchase and cancel treasury shares worth approximately 150 billion KRW. Additionally, it will implement quarterly dividends starting from the first quarter.

On the same day, Shinhan Financial held the 21st regular shareholders' meeting and an extraordinary board meeting at its headquarters in Jung-gu, Seoul. Shin Yong-byeong, Chairman of Shinhan Financial, said in his greeting, "Last year, despite various difficulties, Shinhan Financial did not stop its challenges for the future, such as strengthening digital platforms and ESG (Environmental, Social, and Governance) management that meets global standards," adding, "All employees will do their best."

At the board meeting, all major agenda items, including the approval of financial statements and the appointment of directors, were approved. Accordingly, Professor Kim Jo-seol of the Department of Economics at Osaka University of Commerce was newly appointed as the second female outside director. Additionally, outside director Lee Yoon-jae was appointed as the chairman of the board this year.

Shinhan Financial also held an extraordinary board meeting to resolve the acquisition of treasury shares for cancellation purposes worth 150 billion KRW. Accordingly, Shinhan Financial plans to repurchase and cancel its treasury shares through on-market purchases from the 25th of this month until June 24th. Furthermore, it will implement quarterly dividends starting from the first quarter and proceed with equal dividends.

Chairman Cho said, "Last year, we recorded the highest net income since the establishment of the holding company, and we want to sufficiently reflect this in shareholder value. The board resolved the agenda to acquire treasury shares worth 150 billion KRW today," adding, "Following the banking sector's first quarterly dividend, we will regularize equal payments starting from the first quarter this year."

Meanwhile, the Financial Justice Solidarity and the Economic and Financial Center of the People's Solidarity for Participatory Democracy held a press conference in front of Shinhan Financial's headquarters on the morning of the regular shareholders' meeting day, expressing opposition to the reappointment of outside directors. They criticized, "Shinhan Financial's board is showing an unreasonable move by reappointing outside directors and audit committee members who have lost their monitoring function without holding Chairman Cho and the management accountable for the private equity fund and recruitment corruption scandals caused by poor internal controls."

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