After expressing his deep condolences to the families of the victims of the Muan International Airport accident, Shinhan Bank President Jung Sang-hyuk delivered his New Year’s message on Jan. 2, expressing his gratitude to customers and encouraging employees by revealing the bank’s strategic goals for 2025.
Jung appreciated customers for their trust and employees for their passion and expressed his gratitude for the bank’s many accomplishments in 2024 despite tough business environments.
Jung announced the theme, “Value-up together! Shinhan Bank, a solid bank that grows toward the future through core business innovation!”
He emphasized the following as ways to reach strategic goals: value innovation in its core business; preparations for the future; and building a solid constitution.
“We need to change the way we work and pull out all the stops to find new markets and opportunities,“ Jung said, emphasizing value innovation in the bank’s core businesses to break the mold.
“We need to expand our business scope by creating connected solutions from a customer-centered perspective with all capabilities and know-how of all employees and finding opportunities for connection and expansion.”
“We need to create new customer value and enhance financial convenience by internalizing the latest digital technologies and integrating them into financial services,” he said, referring to ‘future readiness’ for a competitive advantage.
“Shinhan Bank needs to speed up the process of strengthening customer contacts and laying the foundation for future growth through the differentiation of platform solutions,” he said.
Jung also called for building a “solid company constitution” to support sustainable growth.
“As tight internal control is a key factor for sustainable growth, we should take this year as a year to improve our internal control system and all employees should strive to stick to the basics,” He said.
“Let’s overcome any difficulties by adhering to the basics and principles and responding flexibly to uncertain environments,” Jung stressed, referring to the phrase “Gangyu Gyeomjeon” which means “Hardness and softness go together to achieve harmony.”
“Let’s move toward Shinhan’s better future with a mindset not to fear changes.”
Various Consulting Services for Small Business Owners
Shinhan Bank announced on Jan. 20 that it held a ceremony in honor of beginning the 33rd class of an intermediate course of the Shinhan SOHO Academy at its headquarters in Jung-gu, Seoul on Jan. 17.
Shinhan SOHO Academy is Shinhan Bank’s win-win financial program that provides business success support, including marketing strategies and management know-how, to self-employed individuals and would-be business founders in various industries.
Since its beginning in 2017, the program has graduated approximately 960 students to date.
Starting this year, Shinhan Bank plans to divide the program into beginner, intermediate and advanced courses to provide customized consulting tailored to the growth stages of self-employed people.
The beginner course will introduce how to stabilize business operations in the early stages, the intermediate course will share branding and growth strategies, and the advanced course will provide in-depth training on establishing a franchise headquarters and overseas expansion strategies.
Lowering Interest Rates On Household Loans
Shinhan Bank announced on Jan. 13 that it will lower additional interest rates on household loans by 0.05 to 0.3 percentage points, depending on the specific products, starting from Jan. 14.
The bank plans to cut surcharges on mortgage loans for home purchases by 0.1 percentage points, and surcharges on Jeonse loans by 0.2 to 0.3 percentage points.
The lender will also reduce surcharges on mortgage loans for life-stabilization funds by 0.05 percentage points.
According to the Korea Federation of Banks, Shinhan Bank’s surcharge rate on a mortgage loan with an installment payment method was 2.22 percent in December 2024, 0.12 percentage points higher than 2.1 percent in June 2024. The bank aims to return it to the previous level.
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