Jin Ok-dong, Next Shinhan Financial Group Chairman Candidate, Focuses on Internal Control and Consumer Protection

Chairman Cho Yong-byeong Decides to Step Down, Surprising Expectations of President Jin, Recommended as Chairman Candidate
"Restoring Customer Trust is the Top Priority"

[Image source=Yonhap News]

[Asia Economy Reporter Yu Je-hoon] Jin Ok-dong, CEO of Shinhan Bank and a candidate for the next chairman of Shinhan Financial Group, stated on the 8th, "In sustainable management, the most important aspect is not the size of financial profit but that the company must have a necessary reason to exist in society to endure over time." He added, "In that sense, we will focus on internal control and consumer protection, which are currently demanded by the times."

Originally, Cho Yong-byeong, chairman of Shinhan Financial Group, was expected to serve a third term, but he decided to step down. On the same day, the Shinhan Financial Group Chairman Candidate Recommendation Committee unexpectedly recommended CEO Jin as the candidate for chairman of Shinhan Financial Group.

Regarding the top priority, keeping in mind the Lime Asset Management private equity fund redemption suspension incident, CEO Jin said, "It is a painful matter, and we caused significant harm to customers who trusted and transacted with us. I believe restoring that trust is the priority," adding, "I intend to consider how to address this issue."

On the establishment of the vice chairman position, he said, "I have not had specific discussions with Chairman Cho Yong-byeong about this, so I will consult with him on his thoughts and how to manage the organization." He continued, "As a director of the holding company, I have been continuously discussing organizational restructuring, so there is no disagreement on that part. The restructuring will proceed, and subsequent personnel matters will be coordinated with Chairman Cho."

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