Hanyonggu Resigns... Shinhan Bank President Successor Recommended as Early as the 8th

Resignation for Health Reasons... JaGyeongWi Restarted After About a Month

[Asia Economy Reporter Yu Je-hoon] Shinhan Financial Group has resumed the selection of the CEO for its main affiliate, Shinhan Bank, after about a month.

According to the financial sector on the 7th, Shinhan Financial Group is expected to consecutively hold the Subsidiary Management Committee (Ja-gyeong-wi) as early as the 8th to recommend the next president of Shinhan Bank. This is about 50 days since the last Ja-gyeong-wi was held on December 20 of last year.

This follows Han Yong-gu (57), the president of Shinhan Bank, expressing his intention to resign due to health reasons. Shinhan Financial Group plans to convene the Ja-gyeong-wi soon instead of operating under an acting management system to minimize the management gap and expedite the appointment of a successor.

Since Shinhan Financial Group is already managing the pool of candidates discussed at the Ja-gyeong-wi at the end of last year, the successor selection is expected to proceed swiftly. Prior to the Ja-gyeong-wi at the end of last year, deputy presidents such as Jeon Pil-hwan, Jeong Sang-hyeok, and Park Seong-hyun, as well as subsidiary CEOs like Jeong Un-jin, president of Shinhan Capital, were rumored as candidates for the bank president.

Deputy President Jeon is classified as a representative "Japan expert," having worked for about 15 years at Shinhan Bank’s Osaka and Tokyo branches and SBJ Bank (as vice president). He later served as head of the Digital Group and Open Innovation Group. He is also said to be close to Jin Ok-dong, the designated chairman and CEO of the holding company, who is also considered a Japan expert.

Deputy President Jeong, who joined the bank in 1990, is regarded as a strategist with high understanding of overall banking operations, having served as chief of staff, head of management planning group, and head of the funds market group. He is also considered a close aide, having served as chief of staff during the tenure of the designated president Jin.

Deputy President Park was directly recruited by the designated president Jin and is credited as a key figure in securing the Seoul city treasury for Shinhan Bank. Subsidiary CEO Jeong is regarded as an expert in the IB (Investment Banking) field. Based on outstanding performance, he successfully renewed his term in December last year. CEO Jeong also worked as deputy branch manager at the Tokyo branch, thus is also classified as a Japan expert.

Since subsidiary CEO and deputy president appointments were made at the end of last year, some additional personnel changes are inevitable regardless of who is appointed. In this regard, some weigh the possibility of internal promotion. A Shinhan Financial Group official said, "Since the board of directors has been continuously conducting verification and evaluation of candidates suitable for the next president, we believe the successor selection will not take a long time."

Meanwhile, President Han, since his inauguration on December 30 last year, was the first among commercial banks to waive transfer fees for mobile and internet banking transfers to other banks, and showed enthusiastic internal and external activities such as the New Year financial industry meeting and the 2022 national performance evaluation conference. However, it is reported that during a recent medical examination, a situation requiring long-term treatment arose, leading to his decision to retire.

President Han stated, "As my treatment is expected to be prolonged, I decided to resign to minimize the management gap," adding, "In a situation where uncertainty is increasing, I quickly made the decision to resign to ensure the bank’s stable growth and the establishment of an unwavering business strategy."

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