Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Shinhan Financial chief to visit Europe in May
Shinhan Financial Group Chairman Cho Yong-byoung speaks during a regular shareholders' meeting at its headquarters in Seoul, March 24. Courtesy of Shinhan Financial Group
By Lee Min-hyung
By Lee Min-hyung
Shinhan Financial Group Chairman Cho Yong-byoung will visit Europe sometime in May to attract more capital from overseas investors and raise awareness of its group-wide efforts in environmental, social and corporate governance (ESG) management.
Cho is one of the top-ranking financial officials most actively participating in overseas investor relation activities. The last time Cho visited Europe was in November 2021 when traveled to the United States, the United Kingdom and France to explain the lender's future growth plans and latest ESG achievements.
The Shinhan chairman traveled abroad despite restrictions and lockdowns triggered by the coronavirus pandemic, reflecting his strong willingness to attract more foreign capital and help rev up the firm's stock price. Cho is also widely expected to share Shinhan's ESG vision during his trip to Europe.
“Nothing specific over his itinerary to Europe has been confirmed,” an official from Shinhan said. “But this is part of his efforts to enhance communication with overseas investors and share Shinhan's ESG initiatives.”
In early November, Cho made headlines by becoming the first leader among Asia's private financial firms who delivered a speech at the U.N. Climate Change Conference. He used the opportunity to speak about Shinhan's drive for low-carbon management during the Finance Day event of the COP26 in Glasgow, Scotland.
At that time, Shinhan introduced its flagship Zero Carbon Drive. Shinhan declared the drive to deal with looming fears of global climate change and join the international trend of embracing ESG management.
All eyes are on whether Cho's upcoming trip to Europe will help boost the lender's stock price at a time when Shinhan is placing top priority on enhancing its shareholder value by offering quarterly dividends starting last year, for the first time among major commercial banks here.
“Shinhan will push for a set of policies that meet the expectations of the market and shareholders by regularly offering quarterly dividends and buying back its shares,” Cho said during the regular shareholders' meeting in March.