By Kim Bo-eun
Attention is focusing on whether the chiefs of Shinhan, KB and Woori's card units and BC Card will serve further terms, as their current ones come to an end in December.
Given Shinhan, KB and Woori managed to keep up earnings amid the COVID-19 pandemic, their CEOs are seen as likely to secure another term.
Shinhan Card recorded 302.5 billion won in net profit in the first half of the year, up 11.5 percent from the same period last year.
Shinhan Card's Lim Young-jin, who has served as CEO since March 2017, has been recognized for his achievements in bringing up earnings from auto installment financing and overseas subsidiaries.
The company launched Shinhan Vietnam Finance in the Southeast Asian country in July last year, after taking over the Prudential Vietnam Finance Company in 2018.
It has also been acknowledged for its digital services including facial recognition payment service.
KB Kookmin Card's net profit came to 163.8 billion won in the first half, a 12.1 percent jump.
Under the leadership of CEO Lee Dong-cheol, Kookmin Card has also engaged in global expansion efforts. Lee has served as CEO since January 2018.
The card firm is in the process of acquiring J Fintech, a credit and auto loan business in Thailand.
It is also set to launch a subsidiary in Indonesia this year, as it has signed a deal to acquire local credit finance company, PT Financial Multi Finance.
Kookmin's subsidiary in Cambodia began posting a surplus last year and earnings have grown this year.
Woori Card, under CEO Jung Won-jae, also saw its net profit grow 19.8 percent year-on-year to 76.7 billion won. Jung has led the card firm since January 2018.
BC Card, meanwhile, saw its earnings deteriorate in the first half.
BC Card's net profit came to 53.8 billion won, a 31.6 percent fall, year-on-year.
This is seen as being due to BC Card's portfolio that is less diversified compared to other card firms.
BC Card also attributed the poor earnings to expenses incurred in setting up a next-generation IT system, after the card firm relocated its headquarters to central Seoul in September last year.
Yet considering BC Card's Lee Dong-myun only took his position in March, he may serve another term, amid the tendency of financial firms to keep their leadership unchanged amid the uncertainties posed by COVID-19.
Lee may also remain for a second term, but he has yet to exhibit his capabilities in IT and big data. He previously served as the head of telecommunications giant KT's convergence technology institute, and led the development of big data businesses there.
Conventionally, a financial firm CEOs' first term consists of two years. If they prove their capabilities, their terms are extended on a one-year basis from thereafter.
"In the past, CEOs of financial groups' affiliated units served three-year terms which could be renewed. Now the system has changed to one-year terms up for renewal annually," an official of a major card firm said.
"Despite the change, considering the continuity of new projects and stability of the company, CEOs tend to serve for several years. Three years is considered too short for a CEO to exhibit their capabilities and frequent changes in leadership pose internal instability," he said.
 |
| Shinhan Card CEO Lim Young-jin |
Given Shinhan, KB and Woori managed to keep up earnings amid the COVID-19 pandemic, their CEOs are seen as likely to secure another term.
Shinhan Card recorded 302.5 billion won in net profit in the first half of the year, up 11.5 percent from the same period last year.
Shinhan Card's Lim Young-jin, who has served as CEO since March 2017, has been recognized for his achievements in bringing up earnings from auto installment financing and overseas subsidiaries.
 |
| KB Kookmin Card CEO Lee Dong-cheol |
It has also been acknowledged for its digital services including facial recognition payment service.
KB Kookmin Card's net profit came to 163.8 billion won in the first half, a 12.1 percent jump.
Under the leadership of CEO Lee Dong-cheol, Kookmin Card has also engaged in global expansion efforts. Lee has served as CEO since January 2018.
 |
| Woori Card CEO Jung Won-jae |
It is also set to launch a subsidiary in Indonesia this year, as it has signed a deal to acquire local credit finance company, PT Financial Multi Finance.
Kookmin's subsidiary in Cambodia began posting a surplus last year and earnings have grown this year.
Woori Card, under CEO Jung Won-jae, also saw its net profit grow 19.8 percent year-on-year to 76.7 billion won. Jung has led the card firm since January 2018.
BC Card, meanwhile, saw its earnings deteriorate in the first half.
 |
| BC Card CEO Lee Dong-myun |
This is seen as being due to BC Card's portfolio that is less diversified compared to other card firms.
BC Card also attributed the poor earnings to expenses incurred in setting up a next-generation IT system, after the card firm relocated its headquarters to central Seoul in September last year.
Yet considering BC Card's Lee Dong-myun only took his position in March, he may serve another term, amid the tendency of financial firms to keep their leadership unchanged amid the uncertainties posed by COVID-19.
Lee may also remain for a second term, but he has yet to exhibit his capabilities in IT and big data. He previously served as the head of telecommunications giant KT's convergence technology institute, and led the development of big data businesses there.
Conventionally, a financial firm CEOs' first term consists of two years. If they prove their capabilities, their terms are extended on a one-year basis from thereafter.
"In the past, CEOs of financial groups' affiliated units served three-year terms which could be renewed. Now the system has changed to one-year terms up for renewal annually," an official of a major card firm said.
"Despite the change, considering the continuity of new projects and stability of the company, CEOs tend to serve for several years. Three years is considered too short for a CEO to exhibit their capabilities and frequent changes in leadership pose internal instability," he said.
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