Jin Ok-dong, president of Shinhan Bank, said at the 2022 Management Strategy Meeting on Jan. 21, “In order to be loved by customers, leaders must first make a lot of effort to help employees love their company.”
Jin called for the attainment of three key values — “right, fast, and different.” Jin emphasized the creation of a proper organizational culture, saying, “We have to objectively look back on ourselves.”
“Leaders should not abuse their authority and seniority and respond quickly and flexibly to changes so that all members can focus on their roles,” Jin emphasized. “Developing new solutions by using different perspectives creates stronger effects.”
Shinhan Bank, which will celebrate its 40th anniversary in 2022, proposed a “customer-centered reboot, banking that defies limitations” as its new year’s strategic goal.
“Let’s once again dream of creating unprecedented finance, making Shinhan Bank a bank which customers use on their own, which was the original intention of those who worked at Shinhan Bank when it was founded and work flexibly and agilely for our customers and the future through Shinhan Cultural Reboot,” Jin said.
Shinhan Bank also held a general performance evaluation competition to encourage employees. Special promotions were also made for six outstanding employees.
Forging Digital Partnership with KT
Shinhan Bank and KT exchanged shares and signed an information and communication technology (ICT)-finance cooperation agreement.
The two companies decided to acquire 437.5 billion won worth of each other’s shares and push for 23 future projects together.
The agreement was signed as KT needed to recruit new major shareholders, and Shinhan Bank sought momentum to boost its stock price in addition to cooperation in new digital businesses.
The two sides signed a “strategic partnership for future growth digital transformation (DX) business cooperation” on Jan. 17, according to industry sources.
The two companies decided to exchange their shares by investing 437.5 billion won each to maintain long-term cooperation and promote further business cooperation.
KT will purchase a stake in Shinhan Financial Group, considering that Shinhan Bank is an unlisted company.
Through a specific money trust contract, KT acquired 11,133,079 shares (2.08 percent) of Shinhan Financial Group. KT said the purpose of the stock acquisition is to “create a new platform business with Shinhan Financial Group and promote cooperation in the future financial DX business.”
Shinhan Bank, along with Shinhan Life Insurance and Shinhan Financial Investment, purchased a 5.46 percent stake in KT from Japan’s NTT DoCoMo.
Shinhan Bank added the newly purchased 5.46 percent stake to its existing 0.02 percent stake to become the second-largest shareholder of KT with a total stake of 5.48 percent.
The two companies are promoting full-fledged cooperation in the digital transformation business based on digital platform technologies such as artificial intelligence (AI), metaverses, non-fungible tokens (NFTs), big data, and robots.
Signing Agreement with GGC
Shinhan Bank announced on Feb. 3 that it has signed a business agreement with the Green Guarantee Company (GGC), an international guarantee agency, to implement the global environment, society, and governance (ESG) for the first time in the Korean financial sector.
The GGC is scheduled to be established in June this year is an international guarantee agency funded by the British government and the Green Climate Fund. It aims to give support to developing countries with regard to climate change.
Shinhan Bank plans to expand green financing such as giving ESG-related financial support to companies in developing countries, the discovery and management of green bonds in emerging markets and investment in ESG-related companies by using guarantees issued by the GGC.
In particular, Shinhan Bank established ESG Global Desk at its London branch in February to strengthen its organizational system for global ESG implementation.
Shinhan Bank explained that ESG Global Desk significantly contributed to the agreement between Shinhan Bank with the GGC.
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