Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Shinhan may undergo generational shift under incoming chairman
Jin Ok-dong, Shinhan Bank CEO and chairman candidate for Shinhan Financial Group / Courtesy of Shinhan Bank
By Anna J. Park
By Anna J. Park
As incumbent Shinhan Bank CEO Jin Ok-dong was tapped early this month to take office as its next chairman in March, markets are focusing now on what changes he will bring to the group's management strategies.
If Jin, who is currently the only nominee for the position, is officially approved as the next chairman at the group's shareholders meeting slated for March, he will begin his three-year chairmanship term.
Considering that he could be re-elected for consecutive terms following the completion of his first term in March 2026, Jin's chairmanship could be a watershed for Shinhan Financial Group's long-term future growth, leaving huge repercussions for the next decade.
Jin's management decisions will immediately impact the group at the end of this year, as a total of 10 heads of Shinhan's diverse subsidiaries, including brokerage, card, capital, venture investment and asset management units, are set to see their terms end this month.
Ostensibly, incumbent Chairman Cho Yong-byoung will lead the group board's five-member subsidiary management committee, which appoints the affiliates' head positions. But Cho made it clear that the personnel decisions on the subsidiaries' presidencies should be made by Jin.
“Even if I have the authority (to appoint the subsidiaries' head positions), the decisions should be made by the incoming chairman,” Cho told reporters. “The appointment decisions will be done, after having a full discussion with Jin, in order to pursue the organization's stable growth.”
As the 10 subsidiaries represent many of the financial group's key businesses, the appointment decisions set to be announced later this month will show the incoming chairman's blueprints for Shinhan's future growth strategies.
Shinhan Bank CEO Jin Ok-dong, center, is surrounded by reporters, as he enters Shinhan Financial Group headquarters in Seoul to attend the group's appointment committee meeting, Dec. 8. Newsis
Consumer protection and ESG values
Since Jin is known for his flexible, horizontal and resilient personality and leadership style, he is expected to carry out any restructuring necessary to the financial group in increased external uncertainties.
Jin began his decades-long banking career in the 1980, after graduating from a commercial high school. He joined Shinhan Bank in 1986, later working at the bank's overseas branch in Osaka, Japan. After returning to Korea in 2002, he also led SH Capital from 2004 to 2008 until he was reassigned to Osaka to launch Shinhan Bank Japan. He became the vice president of Shinhan Bank Japan in 2016. After successfully serving in the position, he was tapped to be CEO of Shinhan Bank in 2019.
Shinhan Bank CEO Jin Ok-dong speaks during a press conference on March 26, 2019. Newsis
Throughout his career, Jin has been evaluated to be equipped with an ethical management style, market insights and leadership, based on a vast amount of accumulated expertise. In particular, his successful leadership over the past four years to drive Shinhan Bank's sustainable and stable growth during the pandemic has been highly evaluated by the group.
With Jin at the helm, Shinhan Bank posted its highest-ever annual earnings and solidified its status as the country's top bank, while expanding overseas aggressively. Shinhan Bank has the largest overseas business out of Korea's major financial groups, as it operates global branches in 10 countries, including the U.S., Japan, Vietnam, Cambodia, Canada and Mexico.
He is also evaluated to turn the pandemic crisis into an opportunity, revamping the bank's internal organizational structures and customer-oriented performance assessment system.
If appointed as chairman, Jin said one of his top priorities will be to devise business strategies aligned with environmental, social and corporate governance (ESG) values, as well as consumer protection.
“I will focus on building a foundation for Shinhan's next 100 years, as I do my utmost efforts to make the group socially responsible to customers, employees and society through sustainable management,” Jin pledged.