Former Shinhan Financial Group Chairman Jo Yong-byeong Elected as 15th Chairman of the Korea Federation of Banks

Former Shinhan Financial Group Chairman Cho Yong-byeong has been officially elected as the 15th Chairman of the Korea Federation of Banks.

The Federation of Banks announced on the 27th that it held a general meeting with representatives of member institutions and unanimously elected former Chairman Cho as the next chairman. Earlier, the Federation's board had unanimously recommended Cho as the sole candidate for the next chairman.

Born in Haman, Gyeongnam, and a graduate of Daejeon High School and Korea University’s Department of Law, former Chairman Cho joined Shinhan Bank in 1984. He is a seasoned "Shinhan man," having served as head of the New York branch, vice president, CEO of Shinhan BNP Paribas Asset Management (now Shinhan Asset Management), and bank president, before becoming chairman of Shinhan Financial Group in 2017.

At the end of last year, he surprised many by announcing his sudden retirement, overturning expectations that he would seek a third term as chairman of Shinhan Financial Group. Cho’s retirement marked the beginning of a shake-up among financial holding company CEOs. At the time, Lee Bok-hyun, Governor of the Financial Supervisory Service, expressed personal respect for Cho as a leader regarding his retirement.

In the recent selection for the next chairman of the Federation of Banks, Cho was recommended as the final candidate, surpassing former KB Financial Group Chairman Lim Young-rok, former NH Nonghyup Financial Group Chairman Son Byung-hwan, former Industrial Bank of Korea President Cho Joon-hee, and former Citibank Korea Chairman Park Jin-hoe.

The new chairman is scheduled to begin a three-year term starting December 1.

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