Chairman Han Dong-woo of Shinhan Financial Group stressed repeatedly the group’s new vision of being a global financial group in his speech at a ceremony celebrating the Shinhan Financial Holding Co.’s 15th anniversary.
The event was held on Sept. 1 at the head office of Shinhan Bank in central Seoul.
The chairman said the group becoming a global financial group may seem very far off, but the goal will be achieved faster if all of the group’s 25,000 officers are on the same page.
He went on to say that the group should speed up its management to continue to lead the financial industry in Korea amid a rapidly changing financial environment.
The group ought to focus on digitalization, global advancement and localization, proactive risk management culture, “One Shinhan” to create top value and a future with “compassionate finance,” altogether five directions that the group should go in.
The occasion was the last anniversary event for Chairman Han as he is due to retire in March next year when his term expires.
The group’s “advancement management” system took root by fighting off various crises, and at the same time, it also set up a new mission to grow together with society, he said in the way of explaining how he fended off the 2010 crisis.
That crisis rattled the organization, but it has fully overcome and now is a leading financial group in Korea.
Shinhan Financial Group has been leading other financial groups in generating profit since 2008 despite the low-interest rates that continue to plague the financial industry. The group was able to record above-average results in the first half of this year thanks to the banking sector and excellent results in the non-banking sector. Shinhan Bank had a notable performance.
The bank’s H1 net profit came to 1.287 trillion won, up 29.9 percent YoY, with interest earnings rising 6.1 percent YoY, with net interest margin rising 2 bp consecutively in the two quarters.
The bank celebrates its 10th anniversary of its merger with Chohung Bank on April 1, 2006. Since 2010, it has taken the top spot in net profit among all commercial banks.
President Cho Yong-byung took over the helm of the bank on Sept. 1, 2015.
In his speech during a ceremony for 10th anniversary of the bank’s merger, he said, “we should run faster with the past 10 years of record as the springboard to be a global bank.” He said he will put the bank on track to post 2 trillion won in profit by 2020 with its overseas operation sector sharing 20 percent of the profit.
Since March, last year, the president has been focusing on the global operation as a core sector for growth for the bank in the future. The bank expanded its overseas operation to Indonesia and Myanmar, in addition to China, Japan, Vietnam and Cambodia. Now it has operations in more countries in Asia than its rival banks in Korea especially in where the bank expanded to Indonesia to tap its 250-million population.
Shinhan Financial Group Co., Ltd. (SFG), incorporated on October 1, 2001, is a financial holding company.
The Company operates through five segments: commercial banking services, which are provided by Shinhan Bank Co., Ltd. (Shinhan Bank); credit card services, which are provided by Shinhan Card Co., Ltd. (Shinhan Card); securities brokerage services, which are provided by Shinhan Investment Corp. (Shinhan Investment); life insurance services, which are provided by Shinhan Life Insurance Co., Ltd. (Shinhan Life Insurance), and other.
The Company's other services include leasing and equipment financing, regional banking services, savings banking services, loan collection and credit reporting, collective investment administrative services and financial system development services, as well as engaging in private equity investments through formation of private equity funds on a private placement basis.
It also offers asset management services, including brokerage and trading of various securities, related margin lending, deposit and trust services, and other asset management services.
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