Chairman Cho Yong-byoung of Shinhan Financial Group. (Photos: Shinhan Financial Group)

(from left) Shinhan Bank President Jin Ok-dong, Shinhan Card President Lim Young-jin.

Shinhan Life President Sung Dae-kyu.

Shinhan Financial Group reshuffle its executives ranks, with CEOs of the financial group’s major subsidiaries, including Shinhan Bank President Jin Ok-dong and Shinhan Card President Lim Young-jin, being retailed.

The financial group extended the duration of their term from one to two years.

The financial group inaugurated a group business management division at its holding company, and President Heo Young-taeg of Shinhan Capital has been appointed to head it up.

Shinhan Financial Group held a subsidiaries’ business management committee meeting and an extraordinary board meeting at Shinhan Financial Group headquarters in Saejongdaero, Seoul, on Dec. 17 and approved the recommending of CEO candidates and the reshuffle.

The latest reshuffle may be construed as the financial group’s opting for stability rather than change.

Shinhan Card President Lim Young-jin’s future position had become the focal point of the latest reshuffle.

A possibility Shinhan Card President Lim, four years in office, might be transferred to another position in the financial group was raised, but he was retained.

Lim, assured of an additional two-year term, will become the longest-ever serving CEO of Shinhan Card.

Lim has been credited with shoring up its position as the No. 1 credit card company by achieving stable business performance by reducing commissions and fees and entering the big tech market despite the hard business conditions.

Shinhan Bank President Jin was assured of an additional two-year term as planned.

President Jin has been praised for implementing growth strategies focusing on blue-chip assets, contributing to boosting the business performance of the whole of the financial group despite the stark business conditions such as COVID-19 pandemic and low interest rate.

He has been lauded for introducing a “shared growth evaluation system” in which sustainable growth can be attained together with customers.

That is based on his customer-oriented management tenet.

President Sung Dae-kyu of Shinhan Life Insurance has been retailed. President Sung will be the first president of Shinhan Life Insurance, which will be merged with Orange Life in July.

Senior Executive Vice President Lee Young-jong of Orange Life will be appointed to take the helm of the insurance company until the merger. No great changes were made in the latest reshuffle.

There were few newly inaugurated vice presidents and managing directors, and some incumbent executives were transferred to other positions.

Eyes were on President Heo, appointed to head the newly inaugurated division of Shinhan Financial Group Co. Shinhan Financial Group inaugurated the division to better brace for outside and inside uncertainties and ramp up fundamentals.

The newly created division will integrate functions such as strategy and financing, which had been scattered to teams of the holding company.

Before taking off as president of Shinhan Capital, Heo had been lauded for catapulting the financial group to the No. 1 position in Korea in terms of global revenues while overseeing the financial group’s global business and successfully performing management of overseas entities and their business consulting services.

Shinhan Financial Group plans to inaugurate a big data division charged with the group’s big data sector in order to secure an upper hand in competition for big data and minimize each subsidiary’s inefficiencies.

Shinhan Bank Managing Director Kim Hae-joo, which was hired from outside, will be appointed to head the big data division.

He will be charged with establishing big data strategies and exploring joint businesses related to both the holding company and Shinhan Bank.