Wi Sung-ho and Lim Young-jin began their duties as the new chief executives of Shinhan Bank and Shinhan Card, respectively, upon confirmation by shareholders on the same day. Lim, vice president at Shinhan Financial Group, was nominated on March 6 to succeed Wi as CEO of Shinhan Card after Wi was named to lead Shinhan Bank. Both Lim and Kim’s term will last two years.
Their inauguration was advanced about a week to ensure business continuity after a simultaneous leadership change in several other affiliates and Shinhan Financial Group, the holding company that has 38 subsidiaries under its wing.
Shinhan Financial Group nominated Cho Yong-byoung, president and CEO of Shinhan Bank, as its new chairman early in February, and he is subject to confirmation at a shareholders meeting due on March 23.
Other than Lim and Kim, Kim Hyung-jin, vice president of Shinhan Financial Group, was named to lead Shinhan Investment on March 13. Kim served as chief of HR and customer service affairs before becoming vice president responsible for planning and corporate financing. In addition, Yoon Seung-wook, a former vice president at Shinhan Bank, was tapped to lead Shinhan Credit Information.
Meanwhile, the tenures of Shinhan BNP Paribas Asset Management CEO Min Jeong-ki, Jeju Bank CEO Lee Dong-dae and Shinhan Savings Bank CEO Kim Young-pyo were extended for one more year.
New CEO Lim said e will completely digitalize Shinhan Card’s operations, calling the Internet Bank that is slated to emerge in July as a tough competitor.
At a brief inaugural ceremony held at the company’s Myeong-dong head office, Lim said he will make sure the company digitalizes everything related to the customer service environment, “digitalizing every bone in the body,” he said, so that the company provides new customer services that are completely segregated from those provided until now in terms of customer value and experience.
He took over as CEO of the credit card firm a day after he was named to head Shinhan Card by Shinhan Financial Group’s Management Committee for Affiliates. The shareholders’ meeting approved his appointment just before his inauguration.
Lim also said he would have to look for new growth engines for the company overseas and create new businesses for the company’s survival, considering the slowdown in the economy and that the credit card market has reached a saturation point.
He noted that the company would have to cut fees charged on membership firms and diversify its financial operation to develop its platform. The company will continue to work on finding new financial businesses.
Lim also said he and President Wi Sung-ho of Shinhan Bank will form an excellent team, as he is the former CEO of the credit card firm. UnionPay International and South Korea’s biggest issuer Shinhan Card Co., Ltd. jointly announced in Shanghai the issuance of the first UnionPay signature-based debit card and UnionPay platinum credit card in South Korea in hope of further diversifying the UnionPay cards products in South Korea and providing more choices of payment tools to local residents.
China UnionPay Chairman Su Ning, UnionPay International CEO Cai Jianbo, and Shinhan Card President Lee Jae Woo jointly attend the signing ceremony.
As a premium credit card, UnionPay platinum card provides a variety of card-using rights and interests and fully upgraded services to Korean cardholders. UnionPay signature-based debit card has been designed in compliance with the international practices and based on the broad network coverage, safety and affordable service and other advantages of UnionPay debit card. The card can be used on both the signature-based acceptance network and the PIN-based network, making it possible for cardholders to better enjoy the service offered via the UnionPay global acceptance network.
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